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Thailand's Revenue Department Weighs Tax Measures Aimed at Crypto Trading

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Blockworks

Thu, Jan 13, 2022

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Thailand’s tax office is considering measures to allow crypto traders to deduct their losses ahead of withholding tax calculations Thailand’s finance minister said taxation of crypto is not aimed at dampening profits earned from trading activity The Revenue Department of Thailand is considering a proposal from private entities that could see cryptocurrency traders deduct their losses before calculating withholding tax from their remaining profits.

Thailand’s finance minister Arkhom Termpittayapaisith said the reforms are aimed at adding additional revenue for the nation’s development and the taxing of crypto profit is not designed to stifle the industry’s booming valuations.

“This is an opportunity for increasing tax revenue that many governments globally are now starting to wake up to.” The department previously said crypto taxation applies to profits calculated from each transaction and incurs a 15% withholding tax.

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