Govt discussing digital asset taxes: Minister Arkhom
The government has been discussing the collection of digital asset taxes as it saw the importance of fintech and how such assets have grown quickly, Finance Minister Arkhom Termpittayapaisith told The Big Issue 2022 seminar with the theme “Future Crypto Future Thailand”, organised by Thansettakij on Wednesday.
Such transactions have caused challenges in regulation and guidelines have to be set up to take care of consumers, he said.
Arkhom said many countries have regulations. As for Thailand, he has already instructed the Securities and Exchange Commission (SEC) to regulate digital assets.
The SEC and the ministry is closely monitoring developments and discussing policies to handle new transactions and products. They are also discussing promoting the development of technology, business operations and, most importantly, protecting investors, Arkhom said.
He reiterated that tax-collection discussions had started back in 2018. Previously, there was only an income tax. However, there have been increasing transactions from buying, selling, exchanging, brokering, and fundraising via IPOs, the minister noted.
He said his ministry is collecting opinions from related organisations and the private sector to create guidelines for calculating tax.
Arkhom said that a tax has actually been collected from 2018 but some people might not have been aware of it. So they might think this is a new tax.
On Tuesday, there were further discussions and he said he received “good suggestions”. He expected a decision to be finalised at the end of this month.
The ministry has placed importance on utilising digital assets so that these are beneficial to the economy but will not affect the monetary system.
Arkhom said he is always monitoring the development and exchange of digital assets because these have the potential to grow and become an important technology foundation for transactions without the need for middlemen.
He felt guidelines and practices from other countries must be adapted for use in Thailand.
Arkhom made it clear that the tax collection will be implemented fairly in a move to support investment and drive the economy forward with innovation.