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15% Capital Gains Tax to Be Paid by Crypto Traders in Thailand: Details

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Thu, 6/01/2022 - 10:56
15% Capital Gains Tax to Be Paid by Crypto Traders in Thailand: Details
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Bangkok Post has reported that the Finance Ministry of Thailand is now imposing a 15% capital gains tax on everyone who trades crypto and profits from it: traders, investors and cryptocurrency miners.

Tax imposed on everyone but crypto exchanges

A source from Thailand's Finance Ministry has spread the word that now everyone who profits from crypto trading—that includes traders, miners and just investors—will have to pay a 15% gains tax on their profits from selling digital currencies.

Thus, the recommendation from the ministry is that crypto market participants must mark their income from crypto separately when they file taxes in 2022 so as to avoid fines and legal penalties.

Crypto exchanges will not have to do it, however, according to the anonymous source.

Surveillance of crypto trading getting stronger

The Revenue Department of Thailand intends to increase surveillance of crypto trading this year since the market grew significantly last year in the size and value of its cryptocurrencies.

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Difficulties with calculating crypto taxes

The CEO of Zimpex crypto exchange in Thaland, Akalarp Yimwilai, believes that calculating profits from crypto trading can be difficult. One of the reasons for this, for instance, is whether a rise in the coin's price as USD soars against the local currency can be considered a gain.

He stated that, in Thailand, a lot of people who trade crypto do want to pay taxes; however, they have no idea how to calculate them for the authorities.

According to the legal system of Thailand, crypto profits can be considered taxable income.

Akalarp Yimwilai also stated that Zimpex has been busy building a system to help clients calculate their profits and losses from crypto trading; however, they have faced certain difficulties. The exchange's CEO added that the Revenue Department should share its own mechanism for calculating profits and losses from digital assets within the crypto space if it has one.

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