The Thailand government will do more work on its crypto-related tax rules to bring clarity for the businesses in the country.
Thailand is a crypto and blockchain-friendly country. Not only retail traders surging in Thailand but also big institutions and banks showed huge interest to adopt the innovative technology of blockchain and crypto. In 2021, Thailand sees a huge rapid inflow in the traffic of users in crypto.
Because of the increasing demand of crypto-related Investments and services in Thailand, businesses are also increasing and the increase in business in this sector is further putting new pressure on the government authorities to bring better rules so that people and the companies should be taken into limits to avoid any risk.
The director-general of the Thai Revenue Department confirmed that rules of the tax system on the crypto trading profit or related services will be explained soon after the month. And that rule will bring more clarity to calculate the tax.
It is worth noting that such crypto-related tax rules planned by the Thai government is coming just after a week of the crypto gain 15% Tax rule by the South East Asian country.
According to a published report on 11 January by Bangkok Post, Prayut Chan-o-cha, the prime minister ordered the revenue department to bring new crypto tax rules to provide clarity for all, whether they are public company investors or individuals in crypto.
The Prime minister said:
“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code,”
It is interesting to know that crypto exchanges will not go through this new rule. Only crypto traders and related crypto trading companies will go through it. However huge strict rules and regulations will be made for those who will not pay their corresponding applicable tax.