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Thailand’s Crypto Traders to Be Subject to 15% Capital Gains Tax: Report
The report quotes a person in the Finance Ministry who also said cryptocurrency traders should prepare for increased surveillance.
Taxpayers in Thailand who profit from cryptocurrencies will be subject to a 15% capital gains tax this year, according to the Bangkok Post.
- Exchanges will be exempt, but not retail investors or mining operators, according to the newspaper, which cited an unidentified person at the Finance Ministry.
- The Revenue Department plans to strengthen its surveillance of cryptocurrency trading after the market experienced significant growth in size and value in 2021, according to the report.
- According to Section 40 of the Royal Decree amending Revenue Code No.19, the department can consider profits from cryptocurrency trading as taxable income. The report carried a ministry recommendation that investors should identify their income from cryptocurrencies when filing taxes this year to avoid penalties.
- A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.
See also: The UK’s Tax Collector Is Sending Crypto Investors ‘Nudge’ Letters: Report
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Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
