webfact Posted January 16, 2022 Share Posted January 16, 2022 According to tax officials, those who engage in coin mining also will be subject to taxation on the sale of coins. (Photo by Quantitatives.io) The digital assets industry is up in arms over the Revenue Department’s plan to levy tax on capital gains or benefits derived from cryptocurrencies and other digital asset transactions. With the two parties being at loggerheads, consultations have begun between tax officials and concerned parties to resolve the conflict. The department has promised to conclude the matter only by the end of January even as a hot debate rages on whether the government should collect taxes on digital assets, or how such tax can be levied fairly. Full story: https://www.thaipbsworld.com/taxing-cryptocurrency-trading-an-uncharted-course/ -- © Copyright Thai PBS 2022-01-17 - Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. - Follow ASEAN NOW on LINE for breaking COVID-19 updates 2 Link to comment Share on other sites More sharing options...
NicholasTH Posted January 16, 2022 Share Posted January 16, 2022 Seems like this government gone into desperation mode maybe it isn’t a good idea to buy new flighter plane’s .. 1 Link to comment Share on other sites More sharing options...
Gottfrid Posted January 17, 2022 Share Posted January 17, 2022 Yeah, it´s amazing! Outrageous! Who would ever have thought they would have to pay tax on economical profit? Ooh! Wait.....isn´t that how it works between traders and state regarding the financial sector? 2 Link to comment Share on other sites More sharing options...
Enzian Posted January 17, 2022 Share Posted January 17, 2022 I know nothing, so can someone explain some of the real world complications of all this? The future is arriving it seems. Link to comment Share on other sites More sharing options...
Peterphuket Posted January 17, 2022 Share Posted January 17, 2022 3 minutes ago, Enzian said: I know nothing, so can someone explain some of the real world complications of all this? The future is arriving it seems. I have the same experience....nothing but once I bought 0.5 ETH by a vendor machine, it is now 10 times more in value. But I try to buy with cash money some more, but it looks like Thai people are not willing to sell it cash. Last week I try to buy at "LocalCryptos" but nobody, first they response but when you indicate to buy it in cash they no longer respond. 1 Link to comment Share on other sites More sharing options...
Pravda Posted January 17, 2022 Share Posted January 17, 2022 Taxed only if you were dumb enough to open the account on a Thai exchange. Oh...I really need bitkub, how do I sign up for bitkub???! Suffer suckers!!!! Link to comment Share on other sites More sharing options...
userabcd Posted January 17, 2022 Share Posted January 17, 2022 (edited) Never has there been a time in history like now that tax does not enter almost every article and discussion and comment. Edited January 17, 2022 by userabcd Link to comment Share on other sites More sharing options...
IamNoone88 Posted January 17, 2022 Share Posted January 17, 2022 Good luck with finders the holders of crypto ... that is the point. Link to comment Share on other sites More sharing options...
Pedrogaz Posted January 17, 2022 Share Posted January 17, 2022 Why on earth shouldn't crypto be taxed for capital gains like another financial asset? 2 Link to comment Share on other sites More sharing options...
rwill Posted January 17, 2022 Share Posted January 17, 2022 1 hour ago, IamNoone88 said: Good luck with finders the holders of crypto ... that is the point. It's very easy when you keep your crypto on an exchange. 2 Link to comment Share on other sites More sharing options...
billsmart Posted January 17, 2022 Share Posted January 17, 2022 Can you pay tax on cryptocurrency trading with cryptocurrency? ???? Link to comment Share on other sites More sharing options...
ukrules Posted January 17, 2022 Share Posted January 17, 2022 (edited) 6 hours ago, Pravda said: Taxed only if you were dumb enough to open the account on a Thai exchange. Oh...I really need bitkub, how do I sign up for bitkub???! Suffer suckers!!!! You can use a Thai exchange for the convenience of easy buying, you don't need to ever sell anything on the Thai exchange....it's a big world. Prediction : literally everybody will do the above. Edited January 17, 2022 by ukrules 1 Link to comment Share on other sites More sharing options...
Pravda Posted January 17, 2022 Share Posted January 17, 2022 5 minutes ago, ukrules said: You can use a Thai exchange for the convenience of easy buying, you don't need to ever sell anything on the Thai exchange....it's a big world. Prediction : literally everybody will do the above. I bet you they'll charge you tax to transfer to another wallet. 1 Link to comment Share on other sites More sharing options...
Sametboy2019 Posted January 17, 2022 Share Posted January 17, 2022 Almost every country has crypto tax. Believe it's been reduced to 15% here. That's cheaper than alot of countries. Link to comment Share on other sites More sharing options...
ukrules Posted January 17, 2022 Share Posted January 17, 2022 1 hour ago, Pravda said: I bet you they'll charge you tax to transfer to another wallet. Nah, it's all about any profit at the time of sale. Merely moving them around generates no profit or loss. If they wanted to kill crypto stone cold dead in Thailand they could alter the VAT laws and tax every purchase transaction. That would end it in one day. 1 Link to comment Share on other sites More sharing options...
Pravda Posted January 17, 2022 Share Posted January 17, 2022 3 hours ago, ukrules said: Nah, it's all about any profit at the time of sale. Merely moving them around generates no profit or loss. If they wanted to kill crypto stone cold dead in Thailand they could alter the VAT laws and tax every purchase transaction. That would end it in one day. Tax is just another name for fees. They may well charge you 15% service fee to transfer. Link to comment Share on other sites More sharing options...
Jenkins9039 Posted January 19, 2022 Share Posted January 19, 2022 Have they decided yet when this tax will take effect (from when does it start?). Link to comment Share on other sites More sharing options...
GrandPapillon Posted February 8, 2022 Share Posted February 8, 2022 On 1/17/2022 at 5:05 AM, ukrules said: Nah, it's all about any profit at the time of sale. Merely moving them around generates no profit or loss. If they wanted to kill crypto stone cold dead in Thailand they could alter the VAT laws and tax every purchase transaction. That would end it in one day. they could technically apply a withholding tax when you want to transfer to another wallet or take your crypto offline, and claim back the withholding tax once you settle your trade and record a profit or a loss that's what happens in the US for your offshore trading account under certain "flagged" conditions, I learn the hard way ???? Link to comment Share on other sites More sharing options...
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