Korn opposes the collection of “crypto taxes”, pointing out that the digital world is profound and sensitive, the Revenue Department must give the real people the opportunity to find a suitable approach before taking action.
Today (January 12) Mr. Korn Chatikavanij, leader of the Kla Party, former Finance Minister, said last week. The IRS has announced a method for calculating crypto taxes. by taking into account the profit generated from the sale of each transaction (transactions) without being able to deduct losses by calculating from income (profit) and then deducting withholding tax of 15% as required by law And it doesn’t end there. But still have to combine the income (profit) with other income with annual tax filing which, of course, has a negative resonance. whether from exchange operators or crypto traders
Mr. Korn said Before analyzing the issue of capital gains tax Another thing crypto investors should have questions about with the IRS. But rarely talked about is the issue of VAT taxation because the IRS collects VAT as a commodity. ‘Double Bounce VAT will be paid’ if we accept payment for the sale of goods in crypto because in addition to paying VAT when selling products We also have to pay VAT on the sale of crypto in baht. even investors If crypto sales exceed 1.8 million baht, you must register VAT and pay VAT without being able to write a receipt. Because we sell crypto on exchanges, we don’t know the buyer. Here’s Why Many Countries Have Amended Laws to Unlock Cryptos Out of the VAT System
The former finance minister said, therefore, the Revenue Department should allow relevant parties to present and study the appropriate approach for the country further. This may be an example in a foreign country that has already issued this kind of requirements. whether it is about capital gains tax, VAT/GST for digital assets such as
1. VAT/GST – Singapore, Australia or some EU countries require that the sale of crypto currency, the use of crypto-currency to purchase goods and services, and payments in crypto-currency are free. VAT. In foreign countries, crypto-currency is accepted without VAT, but Thailand still needs to be discussed to make things clearer. Otherwise, it may affect entrepreneurs who wish to trade using crypto currency.
2. Capital Gains Tax (CGT) – Many countries in Asia, Singapore, Malaysia, Hong Kong do not charge CGT, but many countries such as Australia, US, UK, Canada charge CGT, but can bring expenses. Including profit – loss to calculate net income before tax filing Some countries only allow losses from trading digital assets to be deducted from earnings from investments in digital assets. Cannot be deducted from other types of income As for Thailand, CGT can also be calculated using this kind of criteria for fairness to all parties.
3. Tax-exempt – South Korea will tax crypto at a rate of 20%, but will exempt tax on excess of 2.5 million won (but this rule has been postponed until at least 2023). Thailand “if” if the Revenue Department can actually collect A tax exemption may be considered in the first section. For example, the first 1 hundred thousand baht profit is not taxed, it can be done.
“I do not agree that the Revenue Department will collect this tax. Until there is an answer and clarity on all the issues mentioned. Including clarity on how to manage the collection to be fair to everyone involved or not. How effective are systems and tools that can be inspected in practice? In foreign countries where CGT is stored, the relevant authorities will enter into agreements with exchanges or platforms to transmit trading data back to the government. But as far as I know now, these measures have not been clearly seen,” the former finance minister said and reiterated that Taxes from the digital world, a lot of details There are many complexities that must be understood. This kind of matter requires stakeholders who know the truth to discuss a solution together.
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