According to the news of Thailand’s daily news newspaper, the Bangkok Post, those who trade cryptocurrencies in Thailand will be subject to a 15% capital gains tax.
Thailand’s Ministry of Finance has announced that a 15% tax will be levied on anyone who currently trades cryptocurrencies and profits from it (regardless of trader, investor miner).
The Ministry of Finance has advised those who engage in cryptocurrency trading to indicate separately their income from crypto when taxing in 2022 to avoid fines.
According to the news in the Bangkok Post, Thailand’s Revenue Service will monitor the local cryptocurrency market more comprehensively during the year, given the growth of the crypto market in 2021.
The report on the tax to be taken from crypto currency trading also stated that crypto exchanges will be exempted from the crypto tax.
Akalarp Yimwilai, CEO of Zipmex, a local cryptocurrency exchange in Thailand, stated that he believes it can be difficult to calculate profits from crypto trading.
“Tax methods and calculations should be shorter, clearer and easier to understand. A lot of people I know want to pay taxes but don’t know how to calculate it.”
Yimwilai also said that Zimpex is working on a system that customers can use to calculate profits and losses from crypto trading, but they encountered some problems.
In this context, the CEO of Zimpex added that they have asked the Thailand Revenue Department to share with them if they have a calculation mechanism to calculate profits and losses from crypto trading.