Thai Revenue Department says no withholding tax on trade in cryptocurrencies

[webfact]

(FILES) In this file photo taken on July 19, 2021 this illustration photograph shows a physical banknote and coin imitations of the Bitcoin crypto currency, in Istanbul. – Bitcoin slid below $40,000 on January 10, 2022, falling to its lowest level since the end of September as the world’s leading cryptocurrency showed no end to its volatility. Bitcoin dropped to $39,663.18, having soared to a record high of over $66,000 in October. (Photo by Ozan KOSE / AFP)

 

The Revenue Department has agreed to do away with the proposed 15% withholding tax, which was to be imposed on digital asset trades, and to allow losses to be deducted from income earned in the same year by exchange operators under the supervision of the Securities and Exchange Commission, said Revenue Department Director-General Ekniti Nitithanprapas today.

 

He said this move will prevent tax law from being an obstacle to the development of the cryptocurrency business in Thailand, while retaining the principle of fair taxation.

 

He said that trade in digital assets has been growing rapidly in Thailand, with the daily volume of trade rising exponentially, from about 240 million baht to an average of 4.84 billion baht in just two years.

 

-- © Copyright Thai PBS 2022-01-29

 

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Full story: https://www.thaipbsworld.com/thai-revenue-department-says-no-withholding-tax-on-trade-in-cryptocurrencies/

[ukrules]

What a surprise ????

[Skeptic7]

Unless a foreigner, most likely Then 15% automatically deducted and flaming hoop jumping required to get any of it back.

[ChrisY1]

Can't see how any of this from the Revenue Dept. can work.

Technology may eventually enable detection of trades....but not at this time.

[cjinchiangrai]

4 hours ago, ChrisY1 said:

Can't see how any of this from the Revenue Dept. can work.

Technology may eventually enable detection of trades....but not at this time.

They catch it when it is converted to baht.

 

[GrandPapillon]

11 hours ago, ukrules said:

What a surprise ????

they realized it was going to be too much work ????

 

the good news is that the Biden administration is preparing a global attack to make all Crypto illegal,

 

saw that in a WSJ alert :)

 

[ukrules]

48 minutes ago, GrandPapillon said:

they realized it was going to be too much work ????

 

the good news is that the Biden administration is preparing a global attack to make all Crypto illegal,

 

saw that in a WSJ alert ????

 

Only in your warped dreams

[GrandPapillon]

26 minutes ago, ukrules said:

Only in your warped dreams

tell that to Biden, the WH communication is real

 

is he going to go through it? yep, that could be random for a senile old man like Biden ????

 

[GrandPapillon]

https://www.investopedia.com/biden-preparing-executive-order-on-cryptocurrencies-5216814

 

Biden Preparing Executive Order on Cryptocurrencies

White House reportedly is seeking a central policy role on crypto

 

By 

MARK KOLAKOWSKI

 

Published January 24, 2022

The Biden administration reportedly is preparing an executive order concerning cryptocurrencies, to be issued as early as sometime in February 2022. In preparation, various federal agencies are assessing the risks and opportunities posed by digital currencies, and senior administration officials have held a series of meetings on the matter, sources indicate.1

 

The news about the executive order emerged a day after the Federal Reserve Board (FRB) released a discussion paper that explores the pros and cons of creating a central bank digital currency (CBDC) for the U.S., which seeks public comment through May 20, 2022. The White House apparently is looking to seize the initiative, taking a central role in setting U.S. government policy on cryptocurrencies.

Edited January 29, 2022 by GrandPapillon

[GrandPapillon]

news from the SEC front is that they want to go hard on cryptos, globally

 

this is the new frontier in terms of AML compliance after going after payment processors (like PayPal), Exchanges (CFTC), and brokers (FINRA) and corresponding banks

[GrandPapillon]

here are some leads on what's cooking, should be a nice surprise at the end ????

 

https://investorplace.com/2022/01/8-things-to-know-about-bidens-crypto-executive-order/

Biden’s Crypto Executive Order Is on the Way

• According to reports, Biden and his administration are preparing an executive order regarding cryptocurrency.
• The executive order could be coming as soon as February.
• We don’t know exact details yet. But, one can look at the track record of the Biden administration on crypto.
• Of course, last summer saw the administration begin to take issue with digital currency, accusing it of being a means to tax evasion and other crime.
• Biden’s first actual piece of legislature on cryptocurrency came in late November, when he signed into law the infrastructure bill. The bill includes requirements for crypto exchanges to report trades directly to the Internal Revenue Service (IRS).
• The government, while cracking down on hidden assets, also has become quite interested in Central Bank Digital Currencies (CBDCs). The Federal Reserve is floating the possibility of a U.S. CBDC currently.
• The executive order will likely be an amalgamation of the Fed’s advice, as well as guidance from the Office of the Comptroller of the Currency (OCC) and the Securities & Exchange Commission (SEC), all of whom have issued guidance in the last year.
• The purpose of the executive order is likely to just get something on the table. In other words, this will help Biden kick off a broader conversation. Biden’s executive order will likely assign tasks to government departments. These departments can then study crypto and prepare advice on CBDC implementation and crypto regulation.

[pokerface1]

It’s looks to be a global initiative by  central banks around the world to take back control of crypto on behalf of their respective governments. CBDC is an electronic record or digital token of a country's official currency. As such, it is issued and regulated by the nation's monetary authority or central bank. As such, they are backed by the full faith and credit of the issuing government. CBDCs
This bring back memories of the Brenton woods model and the gold standard. Back then the USD was backed by gold.of course that system ended in 1971. 
looks like we might be seeing crypto being backed and linked to each and every USD in circulation or each countries own currency. 
It looks like the party is coming to an end for crypto holders. 

[ukrules]

14 hours ago, GrandPapillon said:

tell that to Biden, the WH communication is real

 

is he going to go through it? yep, that could be random for a senile old man like Biden ????

 

They're been preparing to look into issuing this executive order for months now, still nothing and it doesn't actually exist yet.

 

I suspect they're going to clean it up - there's a lot of complete and utter scams out there - that's what they're going after.

 

In fact it would suit me if they banned all but a small handful of the many thousands of complete and utter garbage that's being traded - they're pure pump and dumps.

 

Naturally the rest of the world will continue as normal and not care what happens in the US.

 

[GrandPapillon]

8 hours ago, ukrules said:

Naturally the rest of the world will continue as normal and not care what happens in the US.

not sure about that, we said the same thing about FACTA, and now it's all the world for every bank accounts, you need to report to US tax authorities even if you hold EUR, not USD

[Heng]

Considering the revenue department's relative passivity on income and property taxes, we're likely in for a (thankfully) long wait.  Will let the next generation worry about it and continue to chillax. 

[ukrules]

1 hour ago, GrandPapillon said:

not sure about that, we said the same thing about FACTA, and now it's all the world for every bank accounts, you need to report to US tax authorities even if you hold EUR, not USD

I'm from the UK, do you think the FACTA regulation affects me in any way?

 

Because I can tell you that it doesn't and I don't care about it one bit, I'm aware of it only because I know some Americans.

 

This is what I mean when I say the rest of the world will continue as normal. Nobody cares about FACTA, it doesn't exist for nearly everyone on the planet.

 

Edited January 30, 2022 by ukrules

[GrandPapillon]

7 hours ago, ukrules said:

I'm from the UK, do you think the FACTA regulation affects me in any way?

 

Because I can tell you that it doesn't and I don't care about it one bit, I'm aware of it only because I know some Americans.

 

This is what I mean when I say the rest of the world will continue as normal. Nobody cares about FACTA, it doesn't exist for nearly everyone on the planet.

 

it matters if you are EU residents, because that's part of the forms you need to sign to open and maintain a business bank account

 

as for the UK, it's not the rest of the world, thank god for that