Thai politicians warn about negative effects of proposed tax on cryptocurrency profits.
Political Parties in Thailand Voice Opposition to Government Plan to Tax Crypto Gains
On Monday, the Revenue Department announced it will finalize the details of the tax by the end of January. Cryptocurrency miners, dealers, and investors will be affected if the proposal is passed into law, the Thai Enquirer writes in an article on Wednesday. Traders will have to keep a record of all their transactions to establish which ones require the withholding of tax.
I disagree with the Revenue Department on collecting this tax until there is further clarification on issues of concern. Korn added that if the draft legislation is adopted, crypto sellers will have to pay VAT without being able to issue a receipt as the coins are often traded on platforms where the buyers are unidentified. He emphasized this is a reason why many countries, such as Singapore, Australia, and EU member states, are amending their laws to exempt crypto transactions from VAT.
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