Political parties in Thailand opposed the implementation of tax on crypto gains

If the bill is passed, the miners, dealers, and investors may suffer

13.01.2022 - 14:10

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1 min

What’s new? The representatives of various political parties in Thailand have expressed their opposition to the government's plan to tax gains from cryptocurrencies. The reaction follows the recent reports that the Ministry of Finance in Bangkok intends to impose a 15% tax on profits from crypto investment and trading. This is reported by the Thai Enquirer newspaper.

Information on the Thai Enquirer website

How did events develop? The Revenue Department has announced this week that the details of a bill will be drafted by the end of January. Korn Chatikavanij, a former investment banker and the current leader of the Kla Party, noted that the traders will have to keep the records of all the transactions to determine which ones require withholding tax. The cryptocurrency miners, dealers, and investors may be affected if the bill passes.

What does Chatikavanij say? He stated that if the bill is passed, the cryptocurrency sellers will have to pay VAT without issuing a cheque, as coins are often traded on platforms where the buyers are not identified. The former investment banker posted on social media: