MP of the ruling party of Thailand proposed to abandon the tax on cryptocurrencies

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Representative of the Democratic Party of Thailand, member of the House of Representatives Watanya Vongopasi urged the government not to impose a trading tax on cryptocurrencies.

A tax of 15% on capital gains from any transactions with cryptocurrencies was supposed to be effective for private investors and miners as early as January. At a meeting of the House Monetary Committee, deputies and industry experts criticized the government’s idea.

Watanya Wongopasi, as a representative of the ruling party in the country, said that the taxation of cryptocurrencies could scare off investors. According to the parliamentarian, the market should be carefully studied before introducing any taxes. The MP urged the Department of Excise of Thailand to be more prudent in matters relating to cryptocurrencies.

Paibun Nalintrangkurn, chairman of the Federation of Capital Market Organizations of Thailand (FETCO), who spoke at the committee meeting, shares a similar opinion. He believes that a tax on trading in stocks and digital assets could reduce market liquidity by 40%.

The founder and CEO of iTax, Yuttana Srisawat, has proposed introducing a corporate tax or a value-added tax instead of a trading tax on cryptocurrencies. Keeping track of buyer and seller information in a decentralized system is still extremely difficult, which would make it difficult to collect tax information, the businessman explains.

The Tax Authority of Thailand promised to submit a bill on cryptocurrencies by the end of January. The Department of Excise admits that so far they are focused on taxing the stock market and have not come to a consensus on the tax on cryptocurrency trading.

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