The taxman is targeting hodlers in Thailand. The country’s government will reportedly enact new tax rules for the industry that will mean profits from crypto trading are now subject to a 15% capital gains tax.
. The department has the authority to collect taxes from crypto trades as profits from such activity are considered assessable income under Section 40 of the Royal Decree amending Revenue Code No.19, the report stated.
The finance ministry recommended investors to calculate and report their income from cryptocurrencies in tax declarations in 2022 to avoid legal penalties. The new tax will be collected from all taxpayers who gained profits from crypto, including trading and mining operations.Akalarp Yimwilai, co-founder and CEO at major local exchange Zipmex Thailand, raised concerns about the ongoing uncertainty regarding the crypto tax reporting process and how to calculate profits.
“Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them,” Akalarp said.
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