Thailand is reportedly putting efforts in accelerating its crypto tax, as it finalizes regulations related to virtual asset traders in January, in a bid to offer enhanced clarity on crypto-associated activities.
Specifically, The Thai revenue department’s director-general reportedly revealed that the final works for clear criteria for running calculations on taxes related to crypto trading profits will be completed in January.
The statement reportedly surfaced only a week after the Southeast Asian nation’s authority disclosed details of its plans to impose a 15% capital gains tax on cryptocurrency traders and miners.
Thai Prime Minister Prayut Chan-o-cha had reportedly provided instructions to the revenue department to intensively work on solutions for the matter, and roll out clarification for investors and the public according to a Tuesday Bangkok Post article.
Talks have already been carried out by the department with the Bank of Thailand, the Securities and Exchange Commission and the Stock Exchange of Thailand.
On January 9th, the Thai Digital Asset Association reportedly made contact with the revenue department, with a goal of obtaining clarity on capital gains and withholding taxes according to local media.
“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.” Association President Suppakrit Boonsat further remarked.
Some worries circulating within the trading market reportedly include back taxes or penalties that may be applicable to profits and trades carried out in previous years.
A representative from the authority reportedly remarked that there was no intention to hold back innovation and development in any sector, including fintech, but warned, “If we rush to support [crypto trading] without a thorough understanding, there may be a crypto crisis, similar to a financial crisis.”