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MONDAY, September 25, 2023

Finance Ministry determined to go ahead with crypto, share trading taxes

Finance Ministry determined to go ahead with crypto, share trading taxes
THURSDAY, January 13, 2022

Finance Minister Arkhom Termpittayapaisith made it clear on Wednesday that the government will proceed with the plan to impose capital gains taxes on profits from crypto and share trading despite opposition from many parties.

“The collection of crypto and share trading taxes will help maintain fairness in the taxation system and expand Thailand’s tax collection base to bring in capital required for the country’s development,” he argued.

“Our tax collection base has remained the same for a long time despite a growing economy. This is because we have several tax exemptions designed to help certain sectors. Once those sectors are able to get back on their feet, it will be time to reduce the exemptions.”

Arkhom said Thailand had issued a tax on cryptocurrency in 2018 but this had received an exemption due to being a new sector, while the financial transaction tax collected from profits earned by share trading had also been exempted by the Revenue Department for 30 years in a bid to reduce the cost of share trading and promote investment.

“The government has no plan to control the growth of digital currency as many have feared,” Arkhom assured. “The Revenue Department is working with the Thai Digital Asset Association in setting criteria for calculating taxes on crypto trading profits and expect clear regulations to be finalised by this month.”

As for the share trading tax, the Revenue Department is considering one of two calculation methods: per time trading or capital gains. The latter could affect bigger investors who go in for high trading volumes.