Dear Watanya Wongopasi, member of the list of MPs Palang Pracharath Party as the Finance and Finance Commissioner, the House of Representatives posted on facebook“Yesterday at the Monetary Commission meeting, the Treasury considered guidelines for taxation of specific businesses on stock exchanges and taxation on digital assets.”
Which invited relevant people in this issue to clarify, consisting of the Revenue Department, Manager of the Stock Exchange of Thailand, Chairman of the Thai Capital Market Business Council, Thailand FinTech Association, Thai Digital Asset Businesses Trade Association, Thai Digital Asset Association and Asst. Prof. Dr. Yuttana Srisawad, CEO and Founder of Itax
At the meeting, Paiboon Nalinthrangkun, chairman of the Federation of Thai Capital Markets (Federation of Capital Markets) said that taxation on stock trading and digital asset trading could reduce market liquidity by 40 percent. Much will deter foreign and individual investors from trading.
Asst. Prof. Dr. Yuttana Srisawad, CEO and founder of iTAX, suggested that collecting tax from investors will become a barrier to industrial development. He also made it clear that the decentralized nature of crypto makes it very difficult to collect data for buyers and sellers. This makes it almost impossible to collect tax information and practically impractical.
while the Revenue Department informed that the department has a duty to collect income to raise money to the treasury But it acknowledged that liquidity impacts if taxed on shares have not been considered. However, the stock tax collection is only during the study period. As for the collection of “crypto taxes”, there are still practical problems. and will come into force upon careful consideration. We are currently studying the effects around us.
But some work has been done to assess the fair distribution of taxation structures. As for the liquidity impact of the market, as Mr. Paiboon explained, we still need to ask for more information for consideration. I would like to say that taxes are responsible for providing income to the state. This point has been exempted for 30 years. By the end of 2021, the SET has grown 22 times from 1991. The tax collection of 0.1 is therefore not considered too much.
A study of the ADB report on the 94% FTT tax, usually from large investors, shows that this tax applies to high-income earners. At present, we have studied in the part of investor costs. This compares to broker fees and brokerage fees taxes that account for 90% of the investor’s current transaction cost. Compared to Malaysia, it is not too high. while Hong Kong holds both the buying and selling side. The cost of trading in Thailand is around 0.22%, which is still lower than some countries.
In addition, almost every country in ASEAN At least one tax is collected, such as the Philippines and Vietnam, collecting both Capital Gain Tax and Transaction Tax.
Therefore, Thailand is considered to collect less tax when compared to many ASEAN countries. which is believed to have an impact, but not much for the crypto market The IRS already knows the impact. and have discussed with the private sector All suggestions are appreciated and we are working to improve. Both the method of calculating capital gain tax is studying the adjustment of the law. And the future of the market is studying whether Exchange will keep instead or keep FTT with the least minor impact. Still in the process of making a survey with investors about recording investors’ investments in any form
And finally, “Dear” thinks that yesterday’s meeting was a good starting point for all parties to present information to each other. The Revenue Department has truly listened to all the information from those involved. It is hoped that further study and analysis of the impacts and potential damages of this law enforcement will be carefully studied and analyzed. Do not let it be in the way that the chairman of the committee concluded that “Slaughter chickens to get eggs”
Crypto taxation has become a hot topic in Thailand. Especially after the government proposed a 15% tax on crypto profits. Both past and present executives have warned of the proposal. including former executives of the Securities and Exchange Commission (SEC), while Thai Prime Minister General Prayut Chan-ocha has ordered the Revenue Department to clarify investors and the public about the collection of crypto taxes in recently
The post “Madame Deer” MP Phalang Pracharat reiterates! tax on crypto Need to study the impact appeared first on Bitcoin Addict.