Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding tax. “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback … It is much more friendly to both investors and the industry,” said the CEO of a crypto exchange.
Thailand has scrapped its plan to impose a 15% withholding tax on cryptocurrency transactions after facing pushback from the crypto industry. The Thai Revenue Department has also published a manual outlining the new tax rules applicable to cryptocurrencies and digital tokens.
Tax officials said Monday that income from cryptocurrency could be reported as capital gains, the Financial Times reported, adding that the new rules will allow traders to offset their annual losses against gains made in the same year.
The crypto community welcomes Monday’s announcement. Pete Peeradej Tanruangporn, CEO of cryptocurrency exchange Upbit and co-chair of the Thailand Digital Asset Operators Trade Association, commented: “The revenue department did a lot of homework and reached out to crypto operators as well to get feedback.” He elaborated:
It is much more friendly to both investors and the industry.
Last week, the Bank of Thailand, the Thai Securities and Exchange Commission, and the country’s finance ministry announced plans to regulate cryptocurrency as a means of payment.
While Thailand is making its tax rules more friendly to cryptocurrency investors, the government of India has just proposed taxing crypto transactions at 30%, the highest tax band in the country.