Political parties in Thailand dispute government's plan to tax cryptocurrency gains

According to News bitcoin on Jan. 13, various political parties in Thailand, including Pheu Thai, Kla Party and Thai Sang Thai, have raised objections to the government’s proposed taxation of cryptocurrency gains.

Some politicians insist that some important aspects need to be clarified to avoid double taxation of cryptocurrency-related income.

Former investment banker, finance minister and current Kla Party leader Korn Chatikavanij recently noted that all lucrative deals will be subject to the new tax. However, these profits will also have to be combined with other income for annual tax filings. Pheu Thai party secretary Jakkapong Sangmanee said cryptocurrency traders are already obliged to pay personal income tax.

Introducing another tax on top of that would hurt retail investors and benefit institutions, he said. Thai Sang Thai leader Sudarat Keyuraphan commented, “There is nothing wrong with the policy of taxing profits from digital assets, as long as it is fair and does not take advantage of taxpayers.”

Earlier news, Bangkok’s Ministry of Finance intends to impose a 15% tax on profits from cryptocurrency investments and trading.