Opposition Mounts to Crippling Crypto Tax in Thailand - Aliens: AI Crypto News & Markets Updates

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Opposition Mounts to Crippling Crypto Tax in Thailand

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BeInCrypto

Thu, Jan 13, 2022

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Opposition from both sides of the political divide is mounting in Thailand over the revenue department’s proposed 15% capital gains tax on crypto trading profits.

Earlier this month, Thailand’s revenue department announced that it would be imposing a 15% capital gains tax on crypto trading and mining profits.

Korn Chatikavanij, the leader of the Kla Party, is one politician that is opposed to the new crypto tax.

He commented that “the Revenue Department is collecting VAT like crypto is a product,” before adding: “Therefore, there will be a double VAT payment on cryptocurrency transactions where you have to pay the VAT when selling the product and paying another VAT from selling crypto in baht,” Other political parties have also voiced their disapproval with opposition Pheu Thai Party’s registrar Jakkapong Sangmanee stating that crypto traders have already paid personal income taxes so an additional tax will hurt retail investors but benefit institutional ones leading to more inequality.

Leader of the Thai Sang Thai Party, Sudarat Keyuraphan, added that the government has a lack of vision in trying to tax crypto in a country attempting to promote digital assets.

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