Thailand hits crypto traders with income tax
The government has advised traders to “accurately” report their income when filing their tax returns
06.01.2022 - 11:25
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What’s new? According to the Bangkok Post report, Thailand's Ministry of Finance has introduced an income tax for digital asset traders. The cryptocurrency trading will now be subject to a 15% tax, but it is not reported whether it will be applied to unrealized profits.
Who will the tax apply to? The Revenue Department of Thailand plans to strengthen its supervision of the crypto industry this year following a surge in trading volumes in 2021. The new tax will be applied to the traders, investors, and miners. However, the law does not apply to exchanges.
How is Thailand struggling with the economic crisis? The country's economy is in dire straits after the pandemic. The Kingdom's Ministry of Tourism is trying to stimulate the nascent crypto industry to rebuild the affected industry. The situation is complicated by the central bank and the government, who clearly intend to continue to fight crypto assets.
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