Thailand plans to impose a tax on cryptocurrency gains. Amid this, two political parties of Thailand have raised objections about the government’s present proposal. Several political personalities have stated that essential details must be explained in order to avoid double taxation of cryptocurrency revenue.
Politicians in Thailand have issued a warning about the negative consequences of a cryptocurrency tax
Representatives of Thai political parties from all sides of the political spectrum have expressed their opposition to the government’s intention to tax cryptocurrency earnings. The remarks follow recent rumours that the Thai Finance Ministry planned to impose a 15 per cent tax on revenues from cryptocurrency investments and trading.
The Revenue Department said on Monday that the tax’s specifics will be finalised by the end of January. If the plan is approved into law, cryptocurrency miners, traders, and investors would be harmed, according to a story published by the Thai Enquirer on Wednesday. Traders will need to keep track of all their transactions in order to determine which ones trigger tax withholding.
