Citing an unnamed source from the Finance Ministry, the Bangkok Post reports that Thai taxpayers with realized profits from their cryptocurrency activities will need to comply with a 15% capital gains tax in 2022. While crypto exchanges, will be exempt from the tax, retail investors and mining operators are not.
The source said that Thailand’s Revenue Department intends to strengthen its surveillance of cryptocurrency trading after the digital market experienced significant growth in 2021, both in size and volume.
As stated in the existing Section 40 of the Royal Decree amending Revenue Code No.19, the Revenue Department considers profits from cryptocurrency trading as taxable income.
It is therefore now advised that investors identify their income from cryptocurrencies when filing taxes this year to avoid any penalties or legal consequences.
Akalarp Yimwilai, co-founder and chief executive of Zipmex Thailand, told the Bangkok Post that while the message is clear, how to calculate profits still remains ambiguous:
“Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don’t know how to calculate them.”
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