Cryptocurrency investors in Thailand will soon have a well-laid out taxation policy starting this month, the Asian country’s taxman has revealed. The Thai Revenue Department said it’s working on clear criteria for calculating withholding tax on profits from cryptocurrency trading, which it expects to finalize before the end of January. More and more lawmakers are now introducing cryptocurrency laws in their countries.
Thai tax agency to brainstorm with all the relevant government agencies before laying out crypto tax law.
Thai Prime Minister Prayut Chan-o-cha had instructed the Thai tax agency to brainstorm with all the relevant government agencies and then lay out clear guidelines for the digital asset industry. As Ekniti Nitithanprapas, the director-general of the tax agency, revealed, it had held discussions with the country’s Securities and Exchange Commission, the Stock Exchange of Thailand, and the Bank of Thailand. It now plans to discuss with stakeholders from the private sector before drafting guidelines for cryptocurrency investors. The Asian country had earlier expressed the desire to become the crypto industry’s hotspot.
The tax agency has settled on a 15% withholding tax for all digital currency profits.
According to Ekniti, though the taxman has yet to draft all the guidelines, it has settled on a 15% withholding tax for all digital currency profits, be it from block reward mining or interest gained from trading the crypto assets. Cryptocurrency investing in Thailand has boomed in recent years, the taxman noted. However, the sector was still relatively young, and it was all new to the tax department. Still, the department had been keeping a keen eye on the developments in the sector as it sought to find the balance between regulations and exponential growth.