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Author Topic: [2018-04-01] Thai Finance Ministry Releases Final Version Of Cryptocurrency Tax  (Read 20 times)
Sony.UK
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April 01, 2018, 03:23:24 PM
 #1

https://cointelegraph.com/news/thai-finance-ministry-releases-final-version-of-cryptocurrency-tax-framework

Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30.

Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax. The first draft of the digital asset regulations, released March 14, showed that the expected tax ceiling for the digital gains crypto tax in Thailand was 15 percent.

The previous uncertainty in Thailand surrounding crypto regulations, particularly in regards to Initial Coin Offerings (ICO), had caused the Thai Digital Asset Exchange (TDAX) to pause ICOs in February in order to wait for the Thailand’s Securities and Exchange Commission’s (Thai SEC) release of a regulatory framework.

How this would impact bitcoin value?

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April 01, 2018, 03:30:38 PM
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I guessed its a win for cryptocurrency traders as other countries goes way more than that when it comes to taxing trades. Usually Value-Added Tax is around 12-15% and Capital Gains Tax is around 20% more not to mention that it is way lower compared to classifying it as an income tax. Let us see on what kind of framework Thailand's SEC is currently working on as I think it is much more important in order to control and prevent certain abuses in the upcoming taxes for the cryptocurrency trading.

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April 01, 2018, 03:38:18 PM
 #3

For me, it doesn't matter what percentage of taxes will be applied to cryptocurrency earnings. For me, there is no doubt that this will lead to a decrease in the popularity of all cryptocurrencies. The flight of major bitcoin owners can significantly reduce the capitalization and popularity of cryptocurrencies. Any intervention by the state is a negative signal.
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April 01, 2018, 03:44:22 PM
 #4

I suspect this will be a model for other countries when and if they come out friendly to cryptocurrencies. Thailand is more supportive of crypto than almost any other country afaik. As long as cryptos operate independently of the government and remain decentralized, these taxes might be tolerable although they will no doubt decrease depress demand. But it should be concerning because the government's power of tax can be used as a threat to give new cryptos reason to cater to government's demands with regard to privacy, supply/mining, etc.

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April 01, 2018, 09:56:50 PM
 #5

For me, it doesn't matter what percentage of taxes will be applied to cryptocurrency earnings. For me, there is no doubt that this will lead to a decrease in the popularity of all cryptocurrencies. The flight of major bitcoin owners can significantly reduce the capitalization and popularity of cryptocurrencies. Any intervention by the state is a negative signal.
It will just add another confusion to the popularity of bitcoin until all countries accepting bitcoin tradings will have implemented taxation on crypto related earnings. Although its a sign of good market of security but investor will decrease our market cap because of this and it will be impossible for bitcoin to reach its altime high again.

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