Reports reveal that Thailand cancels its recent plan to impose a 15% tax on crypto gains made in the country. According to Financial Times, this move came after crypto traders in the country kicked against the crypto tax.
Thailand Cancels Plan To Impose 15% Crypto Tax Regime On Trader
The report stated that Thailand’s tax officials declared that those who earn their incomes via crypto trading and mining could report gains made from such trades as capital gains on their income taxes. The report reads in part,
“The new rules, outlined in a manual published by Thailand’s revenue department, will also allow traders to offset their annual losses against gains made in the same year, meeting demands from those in the nascent industry who had warned that excessive tax would kill off a sector in its infancy,”
However, this proposed rule has been called back for now in Thailand.
Thailand Issues New Guideline Restricting Crypto Payments
Thailand’s financial agencies also disclosed plans to issue guidelines restricting the use of crypto assets for payment. The agencies claimed that the use of volatile assets like cryptocurrency would not do much good for businesses.
Although the financial agencies are expecting comments from relevant stakeholders on the subject until February, most concerned people are already registering their displeasure with this move as well.
Crypto-related activities exploded in Thailand largely due to the coronavirus pandemic. The virus shut many industries in Thailand, and being a country that relies heavily on tourism, the travel restrictions imposed by other countries hit its source of revenue hard. This forced many citizens into crypto trading.
This move came shortly after the Indian government proposed a 30% tax on crypto and NFT income.
Crypto Regulations In Asia Remains Unclear
Thailand is waiting for public responses towards its crypto policies. India hasn’t specified when it will enforce its proposed crypto tax law. Other Asian countries like Singapore, China, and even South Korea have maintained a somewhat hostile stance towards the industry. Reports have it that South Korea may impose a crypto tax regime this year. Do you think this tax cancellation is appropriate? Tell us in the comments section below.