Crypto trades in Thailand now reportedly subject to 15 percentage capital gains tax

The government of Thailand is progressing in regulating the local cryptocurrency ecosystem by reportedly enacting new tax rules for the business.

Crypto trades in Thailand now reportedly subject to 15 percentage capital gains tax

While that crypto investor and miners are required to pay the tax in 2022. Exchanges are reportedly exempt from the new duty.

Profits from crypto trading in Thailand are right now dependent upon a 15% capital gains tax. the Bangkok News agency declared on Thursday.

The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market the year before. The department has the authority to collect taxes from crypto trades as profits from such activity are considered assessable income under Section 40 of the Royal Decree amending Revenue Code No 19, The report expressed.

The finance ministry recommended investors calculate and report their income from cryptocurrencies in tax declarations in 2022 to avoid legal penalties. The new tax will be collected from all taxpayers who gained from all taxpayers who gained profits from crypto including trading and mining operations.

Cryptocurrency exchanges are reportedly excluded from new tax requirements.

Akalarp Yimwilal, co-Founder and CEO at major local exchange Zipmex Thailand, raised concerns regarding the crypto tax reporting process and how to calculate profits.

"Tax methods and calculations should be more concise, clear, and easy to understand Many people I know want to pay taxes, but don't how to calculate them," as Akalarp said.

The updated report comes in line with the Thai government's plans to define "red lines" for crypto in early 2022. Bank of Thailand governor sethaput Sutjiwartnarueput formally declared in Mid December that the central bank was decided to launch new rules and regulations specific to the crypto business early this year.

Financial authorities in Thailand have been considering regulation to collect a 15 % capital gains tax on crypto since at least March 2018.

Read: Indian crypto exchange WazirX paid $6.62M for evading tax on commission