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Thailand government wants to clarify quickly against confusion over crypto tax

Thailand government wants to clarify quickly against confusion over crypto tax

Thailand is accelerating its crypto tax plans. Earlier this month, it was announced that crypto-related transactions would be subject to taxes. Since then, however, there has been a lot of uncertainty about the how and what. The government of Thailand wants to do something about this.

Drawing up clear criteria

For example, it was announced last week that a 15% wealth tax will be levied on crypto traders and miners. However, there are still some uncertainties about how exactly this works. For this reason, Thailand’s Prime Minister Prayut Chan-o-cha has asked the Thai tax authorities to brainstorm on the issue and provide clarification to investors and the public.

This has reportedly already been picked up, because the department of the tax authorities is already in talks with the Thai Central Bank, the Securities & Exchange Commission (SEC) and the Stock Exchange of Thailand. A representative of the ‘Thai Digital Asset Association’ has contacted the tax authorities and said the following:

“The vast majority of cryptocurrency investors are willing to pay some form of tax, but are concerned that their move will violate the Revenue Code.”

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Investor concerns

Some traders in Thailand are concerned that back taxes or penalties could be applied to profits and transactions made in recent years.

However, according to a government spokeswoman, it is not the intention to hinder innovation and development in any sector. However, she did warn:

“If we rush to fully support crypto trading without a thorough understanding, there could be a crypto crisis, similar to a financial crisis.”

The new tax would specifically apply to traders and miners’ profits, not Thai digital asset exchanges, the largest of which are affiliated with commercial banks and billionaires. Severe penalties can reportedly be imposed on those who fail to meet the new filing requirements. Having said this, it goes without saying that the laws need to be drafted more clearly. It is not yet known when exactly this will be the case, but the Thai government is expected to provide clarity in the coming weeks.

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