Thai authorities at the legislative level, overlaid cryptocurrency transactions two types of taxes. The final version of the bill approved in the Ministry of Finance of the country, reports Cryptocrimson.
The document deals with electronic items and contributions for the conduct of operations. It is assumed that they will be subject to VAT at 7% and tax on capital gains at 15%.
The authors of the new law have described all the possible risks in the cryptocurrency market. The aim of the project is to prevent the use of trading platforms for money laundering and tax evasion in the state budget.
It is worth noting that the authorities long time could not decide about their attitude to digital currencies. So, the Central Bank of Thailand has recommended to refrain from their use, and warned of the danger of exchange of cryptocurrency and the creation of trading platforms.
Recall that in late February the local Bangkok Bank has stopped servicing the cryptocurrency exchanges TDAX. Its decision, the Bank explained that “the activities TDAX does not match the information on the business activities of the Bank, submitted to the Ministry of Commerce of Thailand”.