Crypto tax will hurt country, political parties say

[webfact]

 

By Erich Parpart

 

Political parties from both sides of the political divide are coming out against the government’s proposed cryptocurrency tax.

 

The Revenue Department said on Monday that they will be able to finalise the details of the tax on profits from cryptocurrency and digital asset trading within January.

 

If passed into law, the government will be able to introduce a 15 per cent withholding tax on cryptocurrency profits which will affect miners, dealers and investors. Sellers will have to record all profitable transactions to find out which ones require withholding tax.

 

Full story: https://www.thaienquirer.com/36440/crypto-tax-will-hurt-country-opposition-parties-say/

 

-- © Copyright Thai Enquirer 2022-01-13

 

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[Kenneth White]

In my opinion, any profit drawn out in any countries currency is considered income and should be taxed accordingly. 

[worgeordie]

Yes they should have to pay tax, all the massive gains the pushers

of crypto say they make , why should they be different .

regards Worgeordie

[arithai12]

10 minutes ago, Kenneth White said:

In my opinion, any profit drawn out in any countries currency is considered income and should be taxed accordingly. 

Sure, but please define "taxed accordingly".

As you know, Thailand has a law that, for expats spending more than 180 days/year in Thailand, their income should be taxed here only if brought in during the same year in which it is earned. And then, taxation is at a rather low level.

 

Now they are talking about 15% for crypto, but whether it's on profit made the same year, or when it is paid, or who is responsible for withholding it... it's all clear as mud. It sounds like an idea to extract money to support an economy decimated by Covid (and their choices of lockdown), but without a serious thoughts about all the implications and consequences. I suspect many will simply transfer their Crypto assets (without selling them hence no tax) to other brokers outside the country.

[Whale]

I am against the with-holding tax but the capital gains tax on an individual's profit seems more acceptable. I would also think a minimum allowance would be beneficial as well, i.e. the first 60,000 baht you make is tax free. Let them deal with it in whatever way stock trading profit is dealt with.

 

Wait till the masses figure out what DeFi offers, the banks will be in serious trouble then if they don't keep price with staking on reputable DeFi.

[Monkeyrobot]

So if they can tax the profits, can you also claim the losses? Can you also claim your time spent doing your research on a particular coin and studying charts etc. 

[hank2800]

Thailand had/has the opportunity to approach this from an entirely different angle much like El Salvador. Taxing profits on the sale of an investors crypto will simply

A-drive that investor to trade offshore(easily done) and then just transfer the final asset into their local bank account via  their Thai exchange(easily done),,, or just use it to pay for travel, rooms etc thru sites like Travala.com , lightning etc  

B- Thai exchanges are about to loose large transaction fees (I am one of them) because anybody with moderate crypto abilities will know to go around trading the Thai Exchanges, the options are becoming infinite 

You can argue all you want about how it's proper to report earnings on assets, cap gains etc, but facts on the ground will dictate people will move out of trading in Thailand,,, period ,,,,to the detriment of the Thai population

However if they would approach this with BTC and crypto  being more as a legal tender currency , method of payment  to pay for services etc, capital gains are not required.

one BTC is one BTC,, stop comparing  it to a currency all the time,,,This would make Thailand a crypto friendly jurisdiction and drive business towards the kingdom rather than pushing it elsewhere,,,, the answer is hardly debatable and as obvious as the sun rising,, but  the choice is Thailand's to make,,, you name it BTC Cafe, ETH enviro tours, Crypto delivery,,, Thailand can be a Tourism leader in the BTC marketplace  with the proper choice made right now. If they are going to start taxing they might just as well tear out the BTC Atm's while they're at it.

The tax on any crypto gains/losses  based in Baht  should be Zero percent, Crypto free trade zone. Money will flow into Thailand like water. All local businesses will benefit... think outside the box Thailand

[Kenneth White]

On 1/13/2022 at 9:37 AM, arithai12 said:

Sure, but please define "taxed accordingly".

As you know, Thailand has a law that, for expats spending more than 180 days/year in Thailand, their income should be taxed here only if brought in during the same year in which it is earned. And then, taxation is at a rather low level.

 

Now they are talking about 15% for crypto, but whether it's on profit made the same year, or when it is paid, or who is responsible for withholding it... it's all clear as mud. It sounds like an idea to extract money to support an economy decimated by Covid (and their choices of lockdown), but without a serious thoughts about all the implications and consequences. I suspect many will simply transfer their Crypto assets (without selling them hence no tax) to other brokers outside the country.

Crypto wallets play a big part of where you keep your crypto assets.