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With the rapidly growing crypto market, tax authorities worldwide have started taxing the industry to boost their revenues. The latest to join the trend is Thailand, which will start imposing taxes on crypto earnings this year.
Thailand will start imposing a 15 percent capital gains tax on profits from crypto trading in 2022, according to Bangkok Post citing an anonymous source from the Finance Ministry. To avoid penalties, the ministry is recommending that investors properly identify their income from crypto when filing taxes this year.
Under the new taxation scheme for 2022, investors, as well as mining operators will all be subject to a 15 percent withholding tax. However, crypto exchanges are exempt from such duties, the source added.
With the significant growth of the crypto market last year, the Revenue Department is planning to strengthen its surveillance of crypto trading this year, according to the source. Under Section 40 of the Royal Decree amending Revenue Code No. 19, the department can collect taxes from crypto trading as profits from the activity are considered taxable income.
However, players in the country’s crypto industry said that there are still questions on how to calculate profits from crypto trading. “Tax methods and calculations should be more concise, clear, and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them,” said Akalarp Yimwilai, co-founder and CEO of the crypto exchange Zipmex Thailand.
He added that it would be immensely helpful to investors if the government can provide advanced tools to calculate crypto gains. “As an exchange provider, Zipmex has been working to develop a system to help our customers calculate profits and losses, but it's very difficult,” he added. “If the Revenue Department really has such an advanced data analytics system that it can precisely calculate gains from cryptocurrencies, it would be a great benefit to share it with the industry.”
