According to the new rules set by the Ministry of Finance, all profits that result from the various operations that involve cryptocurrencies will be subject to a tax set at 15%. This decision is binding on all users of digital assets, without distinction.
Guarantee of better security in the cryptocurrency sector
The Ministry of Finance plans to strengthen the security that exists in the cryptocurrency industry. To this end, it has taken new measures that force users of these assets to agree to pay additional taxes this year.
According to the new measure taken, all people who profit from the use of cryptocurrencies, including investors and people who make money. mining of digital assets, will have to pay a 15% tax. If this measure arouses astonishment in many people, for others, it constitutes an excellent provision, because it allows to foresee the opening of a window on the security that the authorities plan to put in place.
Speaking of security, this year the revenue department has announced that it will dramatically change its methods and vision for the industry. The reason given is that the cryptocurrency industry is becoming important in the financial landscape. The market is growing and the value of electronic currencies increases at an exponential rate.
Question on how cryptocurrency income is calculated
While it is true that cryptocurrency users will soon have to pay tax on their income, there is a question that remains. Here it is: how will the profits of these people be calculated? The issue deserves special attention according to Akalarp Yimwilai, Co-Founder and Managing Director of Zipmex Thailand,
“Tax methods and calculations should be more concise, clear and easy to understand. Several people I know are willing to pay taxes, but don’t know how to calculate them”Said Mr. Akalarp. “As an exchange provider, Zipmex has made an effort to develop a system to help our customers calculate profit and loss, but it is very difficult. If the Department really has such an advanced data analysis system that it can accurately calculate earnings from cryptocurrencies, it would be very beneficial to share it with the sector. “
In a published article, Anon Thadium, a judge at the central tax court, wrote that people who have earnings from the sale of cryptocurrency are all considered beneficiaries. He also clarified that it is the income from their operations that must be taken into account to calculate the income tax. However, no details were made regarding the method of calculation.
In Thailand, cryptocurrency users are going to have to pay income tax for any earnings they make from digital assets. This provision made by the Ministry of Finance aims to soon introduce new rules to secure the market.
Source: Bangkok Post
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.
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