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Thailand to remove 15% capital gains tax on cryptocurrency after public response

Thailand has decided to suspend the implementation of the 15% capital gains tax on cryptocurrency for the time being. The proposal, presented earlier this year, sparked a lot of opposition, but it looks like some sort of crypto tax will still be introduced. Thailand is reportedly not going to proceed with its 15% cryptocurrency tax plan after traders in the country expressed strong opposition, according to The Financial Times. As for income taxes, tax officials said profits earned from cryptocurrency trading or mining are taxable as capital gains. The Thai tax authorities planned to tighten oversight of cryptocurrency trading after seeing a substantial increase in the size and value of the market in 2021. suffocate the nascent sector. The Thai Ministry of Finance first announced its intention to tax the crypto market in January, but it was deemed difficult in practice. For example, it wasn’t clear whether the taxes would be levied on annual reports or whether the government will force exchanges to withhold them at source. Related: Thailand sets ‘red lines’ for crypto in early 2022. Thailand, the Ministry of Finance and the Securities and Exchange Commission have announced that they will provide regulation for certain digital assets that do not endanger the financial system. In terms of cryptocurrency regulation, governments are focused on taxation, investor protection and anti-money laundering. . Due to DeFi and NFTs, the asset class has seen significant expansion in terms of adoption in recent years. Several countries, especially South Korea, have been considering how to tax the cryptocurrency market. After much resistance, South Korea has postponed its crypto tax plan until 2023.
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