Bit of Bitcoin: Thailand’s plan to tax cryptocurrencies

By Coconuts Bangkok

 

 

Taxation is no joke in Thailand, with imported goods carrying a 30 percent import duty and packages regularly stopped at the border to pay tariffs as well.

 

According to Nikkei Asian Review, the military-led government has seen another way to build up their coffers as well — by taxing cryptocurrencies.

 

The government announced plans to tax crypto-investors on March 27 after the weekly cabinet meeting. Finance Minister Apisak Tantivorawong said that the proposed plan is meant to keep the new financial system from being harnessed by those laundering money, trying to avoid taxes, or taking part in other criminal activities.

 

Full Story: https://coconuts.co/bangkok/news/bit-bitcoin-thailands-plan-tax-cryptocurrencies/

 

-- © Copyright Coconuts Bangkok 2018-4-3

This is not new. There are plenty of jurisdictions who tax cryptocurrencies, mainly through capital gains tax. Why this should be news in Thailand surprises me.

This is not new. There are plenty of jurisdictions who tax cryptocurrencies, mainly through capital gains tax. Why this should be news in Thailand surprises me.

"No taxation without representation"

... was a long time ago but is still a valid claim to make