The Thailand Government has waived income taxes on the earning from cryptocurrency.
Located in the heart of mainland Southeast Asia, Thailand is making cryptocurrency tax concessions and investors are beginning to paying attention.
The Thailand Tax Revenue Department has issued guidelines on the waiver of income tax on revenue earned from the transfer of cryptocurrency, also known as digital tokens. The tax waiver stipulations are directed primarily at gains or losses that users my have recently incurred while using cryptocurrency.
Revenue or loss incurred from the transfer of cryptocurrencies must be calculated by an authorized digital assets exchange. The calculation of profits or losses must be based on the entire tax year. The price of the cryptocurrency on the last day of the tax year will be applicable to the following year.
Also specified was that the earnings from the transfer of cryptocurrencies, must be calculated by an authorized digital assets exchange, must be recorded, verifiably checked, and confirmed by a senior related tax official.
The tax report must contain the following information, initials of the cryptocurrency, date and time of when the transfer took place, type of transaction. Other required information is the number of tokens transferred, price of the tokens, and token value. Most of these regulation had become effective back in May 2018, but not completely clarified until today.
Additionally, the Thailand revenue department collects, administers, and develops six types of taxes: personal income tax; corporate income tax; value added tax; specific business tax; stamp duties; and petroleum income tax. These taxes combined account for more than 80 percent of total government revenue.
