The Ministry of Finance of Thailand decided to tax the cryptocurrency transactions. Government officials have already developed a preliminary version of tax rates for the purchase and sale of cryptocurrency and related investments.
According to the head of the Ministry of Finance of Thailand, the basis of taxation of cryptocurrency will cover all transactions related to trade and investments. Investors will pay 7% VAT on all sales transactions, and the capital gains tax will be 15% for investors.
It should be recalled that in March, the Government of Thailand has already approved two royal decrees relating to cryptocurrency transactions and taxation. The rush to the adoption of the new legislative framework is due to the initiative of Deputy Prime Minister of Thailand, who has appealed to the Cabinet of Ministers with the call “to fully regulate” the local market of cryptocurrencies, which develops at a crazy pace in this country.