Thailand’s regulatory authority has decided to levy a 15 percent capital gains tax on all cryptocurrency profits, following the considerable growth in the size and value of the country’s digital asset market in 2021.
With this latest development, all taxpayers who benefit from cryptocurrencies, including investors and mining operators, will be liable to a 15% withholding tax, citing an anonymous source within the Finance Ministry, Bangkok Post reported. However, crypto exchanges have been exempted from the capital gains tax.
Strengthening supervision on the crypto market
The Revenue Department seeks to strengthen its supervision over the growing local cryptocurrency trading. Notably, the Thai Revenue Department can consider profits from cryptocurrency traders as taxable income under Section 40 of the Royal Decree modifying Revenue Code No.19. A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.
Although, it is not clear if the capital gains will
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