Thailands government waives 7 Tax on crypto exchange

[CaptainLorca]

Thailand is being known to try regulating the crypto-area. Now the brought through a 7% Tax on crypto-exchanges.

Quote

The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC).

Saroch Thongpracum, Director of Legal Affairs of the country’s Revenue Department

That decree was brought from the Revenue Department of Thailand. Every individual crypto investor will be affected by it. It doesn't matter if its an individual or a private company. This includes also initial coin offerings (ICO). In charge for this whole thing would be the Exchange Commission of Thailand (SEC). 

Saroch also added, "“Individuals will still have to pay a 15 percent capital gains tax, also known as a withholding tax, on income earned in a transaction.". Its meant to reduce the burden for individual crypto traders. A regulation waving the 7 the 7 percent VAT for individual investors.

With the new coming law private companies have to pay a corporate income tax on all the funds they raise.

Source: https://news.bitcoin.com/thailand-waves-vat-cryptocurrency-investors/

[barbaris]

Bad news for Thailand. The investor has certain risks to earn these 15%, and the government simply takes its interest.

[CaptainLorca]

4 minutes ago, barbaris said:

Bad news for Thailand. The investor has certain risks to earn these 15%, and the government simply takes its interest.

Well.. the 15% tax on income seems to be normal there. You have to tax the cryptos you have, trade or buy in Germany too.. at least usually.

[CaptainLorca]

1 minute ago, Kate said:

Aww. Thailand. feels bad that this has to happen. 

I don't know why is every single country putting Limitations or taxes on crypto's ? 

What do they get ? 

They get money. Because FIAT is also taxed and if you handle a crypto as currency its still money somewhere. So no need to be surprised when they wanna tax you on this. Anytime soon more and more countries will do it too. I said that a half year ago. Governments will not let that money slide away from them.