Thailand are set to impose tax on cryptos

Thailand will impose tax on cryptocurrency

According to report by Nikkei Asian Review on Friday investors will face a 7% value added tax(VAT) for

all transaction as well as 15% tax on capital gains.

The move marks the latest effort to regulate cryptocurrencies, Following the royal decree drafts that

were passed lately by the cabinet of Thailand, the executive branch of the country’s government.

One of the two decree drafts specifically eyed regulation on cryptocurrency taxation to prevent money

laundering and tax avoidance.

According to local media in Thailand it was reported that after the initial passage, the daft was further

looked into by the council of state, an advisory body reporting to the prime minister of Thailand on

legislative matters,before the last approved by the cabinet again last week Tuesday.

Investors will have to deal with liability if there are no capital gains from crypto currency trading, even

though they may be eligible to waive the value added tax if they are trading via a cryptocurrency

exchange after passing the law, according to the post.

It was also reported that the draft law is now withholding publication by the royal gazette, after it will be

formally approved.

Following  public discussion a call was made to the Thailand ministry and securities exchange to

develop a law that would demand cryptocurrency exchanges,dealers and brokers to register with

relevant authorities.

Author: MoonMerchant

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