Thailand waives 15% tax on income from cryptocurrencies
The negative public reaction in response to the possible introduction of a tax on income from crypto-currencies caused the Thai authorities to reverse their decision.
Increased surveillance of the growing market has caused massive protests from users of the cryptosphere. Therefore, the decision to introduce a 15% tax on capital gains was not put into practice. However, as analysts say, some kind of tax will still be introduced.
According to the authorities, income tax must be levied on income from trading and mining. This has been repeatedly stated by employees of the local Ministry of Finance.
It is not yet known how users of the cryptosphere will have to report their income and how to pay taxes. Will users file reports and pay tax on their own, or will cryptocurrency exchanges make tax deductions from their account for them.
In any case, the situation with taxation in the country will be decided in favor of introducing a tax on income gains. This will be done to control the cryptosphere, as well as to replenish the treasury.
Recall that in Thailand the government pursues a tough policy regarding cryptocurrencies. Most exchanges are controlled by the rich, and sometimes even by the banks. For example, a controlling stake in the largest exchange Bitkub belongs to Thailand's oldest financial institution Siam Commercial Bank.
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