PM asks Revenue Dept to clarify its cryptocurrency tax policy

[snoop1130]

 

BANGKOK (NNT) - Thailand’s Prime Minister has ordered the Revenue Department to provide a clear explanation on the new tax scheme for cryptocurrencies and digital assets, following complaints from investors and public members.

 

Deputy Government Spokesperson Traisuree Taisaranakul said the government has no intentions of blocking new developments in any industries, including the financial tech sector, however, the government needs to exercise caution before supporting any new technology with a small user base, but involving investments from the general public.

 

According to Ms. Traisuree, the government is sharing the same concern that the taxation scheme proposed by the department on gained profits from digital asset transactions lacks clarity, prompting Prime Minister Gen Prayut Chan-o-cha to order the RD and the Ministry of Finance to offer clarification.

 

The deputy government spokesperson added the government has been monitoring the development of digital assets, however, it needs to make an all-around consideration before fully backing this sector, in order to avoid potential damages from a cryptocurrency crisis.

 

-- © Copyright NNT 2022-01-11

 

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[ukrules]

If they tax it then people will just use another country to do their business in, it's really as simple as that.

 

If you want to kill the industry in Thailand then taxation is the way to go.

 

I note that they're doing something similar with the stock exchange which I also expect to go to <deleted>.

[MadMac]

Exactly, Malaysia and Singapore do not have capital gains tax on crypto. Farewell.