Thailand to accelerate the implementation of tax criteria for cryptocurrency

The country's Revenue Department is already in talks with the Central Bank, the Securities and Exchange Commission, and the Stock Exchange of Thailand

11.01.2022 - 10:55

546

1 min

What’s new? The head of Thailand's Revenue Department, Ekniti Nitithanprapas, said that the clear criteria for calculating taxes on the cryptocurrency trading profits will be finalized in January. The department is already in talks with the Central Bank, the Securities and Exchange Commission, and the Stock Exchange of Thailand, the Bangkok Post reports.

The Bangkok Post material

Why is Thailand accelerating the implementation of the tax? Earlier, the country's government unveiled plans to introduce an income tax for cryptocurrency traders. Following this, Suppakrit Boonsat, President of the Thai Digital Asset Association, said:

“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”

Some traders are concerned that tax arrears or penalties may be applied to transactions made in previous years.

How do the Thai authorities comment on the situation? An unnamed government representative said that the authorities do not intend to hinder innovation and development in any industry, including financial technologies.