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 the market experienced significant growth in size and value 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 penalties.
- A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.
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