Bitcoin Forum

Thailand's Ministry of Finance issues tax rules on cryptocurrency.
On March 27, after a cabinet meeting, the Finance Minister of Thailand, Apisak Tantivorawong, announced a move to legislate to regulate cryptocurrency.
With this new law comes a regulation in which investors pay 7% value-added tax on all crypto trades, and 15% of capital gains on returns. This is after approving the draft rules.

So does that equate to a total of 22 percent tax ? Isn't it a bit high 15 percent for capital gain? How much are the normal capital gain taxes in Thailand ? I hope it's much higher. :)

I thought it was just a FUD news came from an article but it seems it was been implemented already by Thailand. We all know that as part of government, we are expected to pay our taxes whenever and whatever our monthly salary comes from. Though it is in form of decentralized coin and digital currency.  Government imposed taxes in cryptocurrency because I think a lot of whales and richest investor who wanted to become a tax exempted. I think it is just good in order to avoid tax evasion of either government and non-government people but I think it burdens the citizen a lot. So, I hope that the tax imposed was not too high for the crypto hodlers.
Reference: https://www.ccn.com/thailand-cryptocurrency-tax-rates/ (https://www.ccn.com/thailand-cryptocurrency-tax-rates/)

It's not FUD, but in fact, it's final framework for tax regulation to be implemented to the cryptocurrency.

It looks like up to 22% in total must be paid by investors to complete the tax regulation from Thailand's government. As long as this will be opening the broad adoption of crypto in Thailand and it looks beautiful.

I hope it will not promulgate for the mean time in my country. A lot of people whom my fellowmen who wanted to earn in cryptocurrency because it does not have any taxes to be paid. But as what our constitution stated, every investment or any form of income resources must not be exempted in tax. That's why there is a law for tax evasion.

the positive side with the legality of the law means showing recognition of the cryptocurrency in the country, but high taxes are enough to weaken the investor, a difficult reality, I hope the future of state policy should be more supportive of the future of cryptocurrency

i think good information and good news
but is double tax and is big 7% and 15%

That is very high if they are doing it in every single trades. I would basically stop trading or just move out to other country to keep my business going. Not understandable for me I am really sorry about it. Korea's tax was better.

how can they take taxes. i mean how can they follow those anonymous transactions and trades in crypto market. they can not do anything on blockchain. all they can do is they will follow bank accounts that are related with the exchange platforms based in thailand.

7% + 15% = 22% I think this is the highest tax I have ever heard, and this can certainly be strangling capital and income all investors and traders in Thailand inflamed, for me this is a disaster for users of crypto in Thailand.

Its good thing for cryptomarket but yeah the tax are quiet high maybe because Thai government are trying to collect good money from a good market. Hope that every country will have their own regulations about cryptocurrency so this market will stay for good.

Time is coming, when people will finally move to decentralized exchanges with no identity verification things, 2018 will be the year of DEX. Mark my words.

That is not the highest tax, see the list.

https://en.wikipedia.org/wiki/Capital_gains_tax

Maybe for Thailand, but this is a still good offer for start. It is a very positive news for crypto when a country adopts it. I hope we can see more examples like this one.

[That's not bad at all, at least they got regulation for crypto, which is not banning.

This is good news for South East. If Thailand do that, usually other SEA country will follow. I am waiting for Indonesia to do the same. Currently, crypto is not welcome by the government, they don't make any ban or law to prevent crypto, but they keep spreading FUD and discourage people to use crypto, and they using mainstream media, that make the FUD spread so fast.


I think they will tax people for converting crypto to local fiat, they can track the bank transfer from the exchange tho.

I agree with you, how they take a tax on the owner of the crypto currency, and we all know that the crypto wallet can not be known who the owner

I have already said that for the sake of such measures we must sacrifice something. This is still a tax when converting, not the most pleasant, but we will be a little protected. Although this is also far from the ideal.

the taxes taken by the Thailand government are very high and I think it is very burdensome for its citizens. imagine if its users to millions, then how much revenue from this tax.

It's not bad to get a tax. But the rates should be a little low.

I have no issue with capital gains tax but 7% is a lot of VAT. I think people will be initially pissed, but later on they will find a way to either hide the costs. Or simply pass it on to consumers. You can bet that exchanges will absorb some of this, but force people who buy Bitcoin and crypto to pay up to 10% more. Then you will see people just buy from outside Thailand. Stupid move by the government, but what else could we expect?

I think that these taxes are way too big for people from Thailand, where the average is lessthan 500$ per month.
These kind of taxes will cause people to just not declare their crypto tradings and earnings- so no one will benefit from this law.
They should reduce the taxes to under 10% and only for the earnings in order for people to actually go and pay the taxes and not hide the winnings.

the right decision of the Thai government, there is no point in prohibiting. Now investors and traders will be able to work within the law

There can be tax on a reasonable and plausible level. Like 10%. But the higher the legal theft.

Yes, it not a FUD.

Capital gain tax is payed now in almost all counties when you convert to FIAT.
But to get it even worst,  this is the first official case to add VAT to crypto trades. It's wrong on so many levels.

So small investors are afraid of paying taxes on the Crypto market that they will give up, the Crypto market is less and less attractive to investors. The prosperity of the Crypto market is gone. In the future, many countries will apply the tax on Crypto.

there are two side of the coin in this launching of tax in thailand, good news that crypto is already being welcome in the country and starting to show that cryptocurrency and crypto exchanges are legit, drowning the fake news about it being scam. but the bad news is that i think the tax is too high.

I think this rate is normal. because people in some countries need that money. and the tax rates in their countries are very high.
a few other countries will have to do this in other countries.  8) ::)

i'm sorry i don't understand about tax on traders.
the traders must pay tax, but how if traders are lose? do they still pay tax?

How will they control transactions?Are there any Thailand exchanges? as far as I know there are a lot of crypto community hanging out in their country, but this fee is extremely high. We should add fee for transaction,for withdrawal and other comissions, but where is profit?

i think its a good news,,when something have tax  rules thats mean its a legal think and valuable right?

Really crazy to see the countries like Thailand are launching tax rules for Cryptocurrencies.  I think more countries will follow soon once they realize how many money is into this market. Everbody want to have a piece of the great crypto cake ;D

very good information, good luck however the results of the Thai government regulation for me is very good for the development of altcoin crypto that is there, the legality of the government is needed for the existence of the current crypto, resulting in trust and create comfort in doing business in the world crypto, and hopefully more successful friends

I guess crypto companies will not invest in Thailand! They will simply go next door to the Philippines which is more open to bitcoin technologies. This is a bad move for Thailand where travellers and tourists could have enjoyed paying in bitcoin and boosting their local economy

Major Cineplex Theater from Thailand is all set to begin new crypto payment (https://coinpedia.org/news/thailand-major-cineplex-accept-cryptocurrency-payments/) to its services and products which includes movie tickets & popcorn.