Listen to the view, collect a 15% tax on cryptocurrencies
It is very popular among investors.digital currency (cryptocurrency) After the IRS explains the taxation of trading when taking profits. Withholding tax of 15% will be deducted immediately.
shock investors State taxation of this nature is unfair. when it comes to especially the criticism on social media Sommai Siriudomset spokesperson for the Revenue Department Came out to clarify that the Royal Decree (According to the Royal Decree) Amending the Revenue Code (No. 19) B.E. 2561 only in the part where the appraised value is more than the investment considered as assessable income under Section 40 (4) (i) of the Revenue Code. At the same time, it also determines “Payers” Such assessable income tax is subject to withholding tax at the rate of 15% of income under Section 50 (2) (f) of the Revenue Code.
Therefore, when there is a law, it is everyone’s duty to obey. For example, Mr. A bought a coin at a price of 1 hundred thousand baht, later sold it for 1.5 hundred thousand baht. It must be considered a profit of 50,000 baht, even if later invested 1.5 hundred thousand baht in other coins and lost. You still have to add the profit of 50,000 baht to the profit from other transactions and file taxes.
In this regard, the reason for not including the loss money to be included in the income tax filing is Since the law states that earners are liable to tax, profits from trading cryptocurrencies are considered income. But this income will be counted only following the money has been transferred back into the account. which if the money is still on the trading platform will not be considered income
By the Digital Asset Business Act B.E. 2561 (2018), the tax on profits from the sale of digital assets is specified. But in the past, the form of online tax filing was unclear. Therefore, the new format has been adjusted to see more clearly. Due to the fact that many taxpayers today have more income and profits from the sale of such digital assets.
following the clarification of Revenue Department Criticism from investors As well as crypto platform operators, politicians and many other sectors, it will create obstacles to the development of modern financial markets. including creating an environment that is not conducive to fintech startups to invest in Thailand
a few days later General Prayut Chan-o-cha, Prime Minister was aware of the concerns of many parties. thus confirming that the government has no policy to block new developments in any industry including fintech groups but which part is new technology There is a group of people who understand in a limited circle and will be related to the investment of people’s assets. The government must exercise caution. Consider carefully before giving support, for example, in the past, there have been a lot of startups in computer technology to raise funds in Thailand. The government also issued a tax exemption policy for venture capital funds. Incentives to make real investments in the country As for crypto trading, the focus is on trading coins for profit only. while the understanding of investors is still limited
In addition, officials such as Ekani Nitithanpraphas, Director-General of the Revenue Department It also said that the Prime Minister has tasked the Revenue Department to speed up clarity on rules for calculating tax on profits from sales or investments in crypto. to investors and the general public Currently, the Revenue Department is accelerating discussions with all parties involved. in order to consider the guidelines on the criteria for calculating such tax to be appropriate and up-to-date It is expected to be completed by January.
The Revenue Department is discussing with The Bank of Thailand (BOT), Office of the Securities and Exchange Commission (SEC) is open to hearing opinions from the private sector working on digital assets. As a guideline for tax collection of digital assets to suit the current investment style and context by adhering to the best interests of the people and all parties as important After the meeting to discuss and listen to such opinions.
latest President of the Thai Digital Asset Association “Supakrit Boonsart” Provide information that what was initially presented to the Revenue Department was open for public hearings. and set up a working group between the Revenue Department Thai Digital Asset Association and Thai digital asset operators trade association Gather opinions from stakeholders. which is a closed-ended questionnaire in order to be able to use it in real life which will collect opinions before the general meeting on January 20, hosted by the SEC
The goal is to be clear by the end of January. The proposed grand plan has 3 steps: 1. Make it clear whereby the Revenue Department has to organize the process clearly. Along with listening to opinions. 2. Respite when receiving information from the Revenue Department. and comments Let’s see where the relief can be. There may be some amendments to the rules. 3. Looking to the future by giving everyone the peace of mind that the team works together between the public and private sectors. for the mutual benefit of all parties
“The meeting with the government is a good atmosphere. The government listens to the opinions of people in the industry. This is considered an important point in determining the direction of the industry. Many things are unacceptable. But it must be taken as it should be. It will make Thailand’s digital asset industry go the way it should be,” concluded Supakrit.
side Methinee Thitichai, 26, a crypto investor. comment for the state to collect taxes viewed as acceptable is normal When we generate income, we can pay taxes to help the country. But the issue will be tricky. which looks that the system is not good But need to manage the system better. Regarding withholding tax, it doesn’t work. You have to make the system really good. As for the inclusion of personal income tax At least there should be an explanation of how to educate first. and then tell me how to Let’s clear things up first. because it just arrived at the beginning of the year I think that the system is not ready to pay this year.
However, when looking at 15% is secretly strong, while the stock tax rate is 0.1% if a share is sold worth 1 million baht, but why does crypto keep 15%? It doesn’t seem fair. But the matter of compounding with annual income, this is okay, not bad at all, but just that everything should be explained to investors first. Not suddenly, will come to collect at all. Should let investors have knowledge first. When there is a tax coming in here, it may affect the upcoming product distribution as well. Users may be less. Developers may be less as well.
When paying taxes here is not worth it, in the end, the user is not born. Developer products were not born. For people with large sums of money, it may not be much affected. But if it is a smallholder, it will create inequality for society. There will be another matter of status in society. It creates even more inequality, for example, some small people are starting to study investments, invest a little bit, get some at first. It still doesn’t answer this question. Currently, the system does not support tax collection here either.
“Methinee” also concluded that Whether it’s tax or investment matters. Everything requires research and planning. like tax when we know that we have to pay We need to plan a good backyard system. The information we trade must be recorded and prepared. Everything requires study and planning. by taking only the current
What will the conclusion of the crypto tax extortion be? At the end of January, you know!!
