Thailand Launches Tax Rules For CryptoCurrency

[waiki]

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.

[Crypto_lion]

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.

[Wallflower28]

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.

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/

[chanc3r]

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.

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/

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.

[Wallflower28]

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.

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/

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.

[zoro katana]

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

[xeqoRameshAxueamExaqana]

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.

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

[xiaoyum]

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.

[Mihaylovic]

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.

[WUUEX79]

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.

[Johnyz]

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.

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

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.

[SerenW]

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.

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.

[Iggor]

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.

[icalical]

[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.

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.

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

[demenBTC]

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.

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

[JJriver]

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.

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.

[AlexaSonda]

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.

[prjcoin]

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

[leea-1334]

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?

[caisa88]

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.