Taxpayers in Thailand who profit from cryptocurrencies will be subject to a 15% capital gains tax this year, according to the Bangkok Post.
- Exchanges will be exempt, but not retail investors or mining operators, according to the newspaper, which cited an unidentified person at the Finance Ministry.
- The Revenue Department plans to strengthen its surveillance of cryptocurrency trading after it experienced significant growth in market size and the value of the digital asset market in 2021, according to the report.
- According to Section 40 of the Royal Decree amending Revenue Code No.19, the department can consider profits from cryptocurrency trading as taxable income. The report carried a ministry recommendation that investors should identify their income from cryptocurrencies when filing taxes this year to avoid legal penalties.
- A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.
See also: The UK’s Tax Collector Is Sending Crypto Investors ‘Nudge’ Letters: Report