Thailand has demonstrated a new crypto tax regime that would see players in the space pay 15% of crypto tax gains.
The Republic of Thailand has broken the news that crypto traders in the country will now have to pay a capital appreciation tax of 15% on all of their crypto trades.
Also, the country’s Revenue Department is closely watching the industry. They want to make more revenues from the crypto sector, which recorded an impressive trading volume in 2021.
Surprisingly, the new tax law pardoned crypto-asset exchanges. This translates to the fact that crypto exchanges would not pay the 15% crypto tax gain.
Notably, several of these exchanges have affiliations with big banks and wealthy business individuals in Thailand.
For example, the central bank in Thailand recently acquired the largest exchange in the country, Bitkub. They have acquired this in November by buying a 51% stake in the exchange. Equally, the country’s most giant food monopoly CP Group owns Upbit Thailand, one of the country’s notable exchanges.
According to the new crypto law company Zipmex, co-founder and CEO Akalarp Yimwilai noted that traders are interested in paying crypto tax. However, tax methods and calculations are too complex for ordinary people to understand.
Moreover, he added that calculations and tax methods should be more concise, clear and easy to understand. Despite the government’s methodology to remove the tax being unclear, it already gives different signals. Thailand is famous as a world tourism center that attracts millions of tourists yearly.
