"Thailand Targets New Crypto Taxes..."

[JimmyJ]

"Thai taxes take shape

Thailand is on the cusp of implementing a 7 percent value-added tax (VAT) and a 15 percent capital gains tax on cryptocurrency transactions – a move that is coupled with new regulations on exchanges that handle the trade of such assets."

 

https://altcointoday.com/thailand-targets-new-crypto-taxes-while-others-move-to-ease-burdens/

 

https://twitter.com/coindesk/status/988871668532695040

[ThailandLOS]

https://bitcoin-addict.com/2018/05/13/decree-tax-crypto-thailand/

 

From what I can read out of this the new regulations are effective already from tomorrow (May 14th).

 

It's clear that any profits taken out as cash will be taxed 15%. If all crypto trading transactions are taxed with 7% VAT then BX.in.th and others can take down the sign and move.

[JohnnyBKK]

It's the end of crypto in Thailand, the 7% VAT is ridiculous. Nobody will trade. Everybody is liquidating their positions today.

The 15% on profit was ok and enough.

[greg71]

i think the 7% tax on trades is for institutional buyers and not individuals .

[parryhandy]

oh and just for good measure a 15% withholding tax as well

 

http://www.nationmultimedia.com/detail/Economy/30343865

[ThailandLOS]

https://www.bangkokpost.com/business/news/1464522/digital-asset-law-takes-effect

 

Here's more to add to the confusion. Says it came in force today (the doc I previously posted says Monday May 14th), and that "sellers need to register with SEC" or face fine/jail.

 

Feels like something is lost in translation here.

[ThailandLOS]

12 hours ago, greg71 said:

i think the 7% tax on trades is for institutional buyers and not individuals .

From what I'm hearing now from a Thai bank contact, this will apply to merchants that accept crypto payments, i.e. same VAT level as if you pay with cash, which is fair enough.

 

So agree with you that it will most likely not apply to exchanges/traders, but let's see when the fog clears a bit. For now my assumption is that the 15% only applies to the cap gain on crypto trading/appreciation and the 7% will be on top of any crypto payment to a Thai merchant that accepts it for goods/services (not that many).

[pepi2005]

On 5/13/2018 at 5:54 PM, ThailandLOS said:

Here's more to add to the confusion. Says it came in force today (the doc I previously posted says Monday May 14th), and that "sellers need to register with SEC" or face fine/jail.

 

Feels like something is lost in translation here.

this particularly interests me … does anyone know who is affected (also private citizens), and how this 'registration' is supposed to work?

 

[ThailandLOS]

6 hours ago, pepi2005 said:

this particularly interests me … does anyone know who is affected (also private citizens), and how this 'registration' is supposed to work?

 

Probably of no concern for retail investors, but let's once the fog clears.