Previously, several governments devised crypto taxes for transactions involving bitcoin assets within their jurisdiction. Thailand is one of the countries proposing tax schemes.
As the new year begins, Thailand’s revenue agency is preparing to enforce its tax plans on cryptocurrency merchants in January. The move is intended to offer more information on the taxation of crypto-related activity.
According to the revenue department’s director-general, the criteria for tax computations on crypto trading income would be finalised this month. The announcement was issued one week after its government revealed intentions to charge a 15 per cent capital taxes gain on crypto miners and merchants.
On Sunday, the Thai Digital Asset Association contacted the revenue department in order to obtain clarity.
According to local media, the group wants to learn more about withholding taxes and capital gains. The Association’s President, Suppakrit Boonsat, indicated that many bitcoin investors accept the taxation. However, they are concerned about actions that may violate the Revenue Code.
Some traders are concerned that they may be taxed or penalised for trades and profits made in past years.
