15% tax on Thai crypto traders: Reports
Thailand is going to bring tight rules on the crypto traders and also aim to impose high tax rules.
Thailand is a crypto-friendly country in the world. This country is known to support blockchain-based technology and innovations. In 2021, many blockchains and crypto Companies showed their new works and initiatives to bring advancement in payment options with the use of crypto-based payment methods.
As per new rules, all the crypto trading companies and individuals will have to pay a total of 15% of their profit. This rule applies to all crypto traders and crypto trading services. This list excluded all the crypto services provider companies. So there are no new tax rules on the crypto exchanges.
On 6 January, Bangkok published a report on this matter and claimed that they got this information from an anonymous internal source in the Finance Ministry.
According to this report, The Revenue Department wants to bring high strict rules on the crypto traders, and also they will tighten the rules of taxation. And the taxes on crypto trading profit will be counted based on the annual income of the crypto traders.
Penalties on crypto tax evasion
The report also claims that people who will not pay their crypto taxes, will face huge penalties and fines, but how much is not confirmed, for this we have to wait for the official announcement of the introduction of this new rule.
The report claimed, on the basis of the information, that all the Thailand crypto traders will be ordered to keep this rule in their mind, that they will pay under the allotted time interval, to remain away from penalties.
Akalarp Yimwilai, Zipmex co-founder and CEO, shared his point of view on this report. Akalarp said that there are many types of uncertainties with the existing rules because these are not enough to bring clarity that how a person can pay tax for his crypto-related activities like trading.
“Tax methods and calculations should be more concise, clear, and easy to understand. Many people I know want to pay taxes, but don’t know how to calculate them,” said Akalarp.
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