Govt waives income tax on earnings from crypto, digital token transfer
The Revenue Department has issued guidelines on the waiver of income tax on revenue earned from the transfer of cryptocurrency or digital tokens.
The guidelines focused on three points, namely:
1. Revenue or loss incurred from the transfer of cryptocurrencies or digital tokens must be calculated by an authorised digital assets exchange. The calculation of profits or losses must be based on the entire tax year. The price of cryptocurrency or digital tokens on the last day of the tax year will be applicable to the following year.
2. Earnings from the transfer of cryptocurrencies or digital tokens calculated by an authorised digital assets exchange must be recorded and checked by a related official. The report must contain the following information:
a. Initials of the cryptocurrency or digital tokens
b. Date and time of the transfer
c. Transaction type
d. Number of cryptocurrencies or digital tokens transferred
e. Price of the cryptocurrency or tokens transferred
f. Value of the cryptocurrency or digital tokens transferred in Thai baht
g. The cost of the transfer in Thai baht
h. The cost of the cryptocurrency or digital tokens
3. These regulations are effective from May 14, 2018.