Tax rates are disclosed for crypto traders in Thailand

The Ministry of Finance of Thailand has proposed tax rates for crypto traders within the framework of legislative regulation and taxation of trade in cryptocurrencies and investment. 

Speaking after the meeting of the Cabinet of Ministers on March 27, Apisak Tantivorawong, the Minister of Finance, announced the establishment of a tax base for cryptocurrencies. By investing in cryptocurrency, it will be necessary to pay value-added tax and profit tax at rates of 7 and 15%, respectively.

Earlier, the Thai Cabinet approved the draft royal decree on the regulation of transactions with cryptocurrency and taxation of investment in the foregoing.

According to the report of the news agency Nikkei, the Thai government intends to regulate the internal sector of ICO and cryptocurrencies, implement the AML policy and prevent the use of digital assets for tax evasion and other illegal activities.
It is important to add that Wissanu Krea-ngam, Deputy Prime Minister, previously focused on the fact that these amendments are introduced into the legislation not in order to limit or prohibit activities related to cryptocurrencies and ICO.

Korn Chatikavanij, Former minister of finance of Thailand, chairman of the Association of Thai Finitech Companies, stated that conservative decisions could lead to extremely strict norms, therefore, the government should be cautious in the process of transition to the regulation of cryptocurrency sphere, noting that Thai entrepreneurs increasingly register start-ups in countries with more loyal regulation, for example, in Singapore.