Thailand Reveals Tax Rates Proposals for Cryptocurrency Investments

Thailand Reveals Tax Rates Proposals for Cryptocurrency Investments

Cryptocurrency
April 2, 2018 by Bitzamp
273
Thailand Reveals Tax Rates Proposals for Cryptocurrency Investments Thailand’s Ministry of Finance has sent its tax rate proposals for cryptocurrency trading and investments amid the ongoing legislative process to regulate and tax the sector. Also Read: Thailand Develops New Regulatory Framework for Cryptocurrency Trading According to the Nikkei Asian Review, after a cabinet meeting, it
Bitzamp

Thailand Reveals Tax Rates Proposals for Cryptocurrency Investments
Thailand’s Ministry of Finance has sent its tax rate proposals for cryptocurrency trading and investments amid the ongoing legislative process to regulate and tax the sector.

Also Read: Thailand Develops New Regulatory Framework for Cryptocurrency Trading

According to the Nikkei Asian Review, after a cabinet meeting, it was suggested that crypto traders could be charged with up to 7% value-added tax and up to 15% tax on capital gains.
It’s a pretty interesting development, even if everyone will not agree with that. Taxing cryptocurrencies is a double-edged sword because it automatically gives more legitimacy to this emerging form of money. There is no turning back once the decision is made.

The Asian nation has a military regime that has talked a lot about cryptocurrencies in the past. At one point, it almost seemed that the use of Bitcoin became illegal in the country, although things never got to that point. Instead, it seems that the regime is suddenly looking at the cryptocurrency in a completely different way.

The taxation of cryptocurrency is a way for the government to prevent money laundering and other activities associated with crypto-trading.
The announcement that authorities are approaching these tax laws was obtained after a cabinet meeting with Finance Minister Apisak Tantivorawong on Friday.


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