A former deputy secretary-general of Thailand’s SEC has questioned the legitimacy of crypto taxation. The Thai Revenue Department is looking to impose a 15% capital gains tax on crypto trading.
While praising the Revenue Department’s decision to inform relevant agencies, Thavaramara said,"Whether policies focus on the promotion of trade industry or not, the Revenue Department should collect taxes fairly under clear rules and practices."
Thavaramara pointed out major flaws with three forms of crypto taxation that Thailand’s revenue department and many other nations have been developing. The former SEC chief called the capital gains tax unfair and impractical since crypto exchange operators are not liable to pay investment returns to customers. She went on to discuss the complications that this form of taxation would incur in the retail payment sector, given crypto payment services would have to charge capital gains tax from customers.
Thavaramara drew attention to the likes of Singapore and Australia that have exempted crypto from value-added tax regulations. She called upon the revenue department to follow the same to promote crypto usage.Talking about taxation on issuing tokens, Thavaramara said tax on the issuance of debentures should not apply to the issuing of investment tokens.
France Dernières Nouvelles, France Actualités
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