Taxing cryptocurrency trading — an uncharted course

[webfact]

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

[NicholasTH]

Seems like this government gone into desperation mode maybe it isn’t a good idea to buy new flighter plane’s ..

[Gottfrid]

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?

[Enzian]

I know nothing, so can someone explain some of the real world complications of all this? The future is arriving it seems.

[Peterphuket]

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.

[Pravda]

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!!!!

[userabcd]

Never has there been a time in history like now that tax does not enter almost every article and discussion and comment.

[IamNoone88]

Good luck with finders the holders of crypto ... that is the point.

[Pedrogaz]

Why on earth shouldn't crypto be taxed for capital gains like another financial asset?

[rwill]

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.

[billsmart]

Can you pay tax on cryptocurrency trading with cryptocurrency? ???? 

[ukrules]

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.

[Pravda]

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.

[Sametboy2019]

Almost every country has crypto tax. Believe it's been reduced to 15% here. 

That's  cheaper than alot of countries.

[ukrules]

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.

[Pravda]

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. 

[Jenkins9039]

Have they decided yet when this tax will take effect (from when does it start?).

[GrandPapillon]

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 ????