Thai traders and investors must be howling loudly when it comes to the taxation of cryptocurrencies in Thailand.
Recently, Morning Wealth, a morning business and investment magazine spoke with an IRS spokesperson about the tax on crypto trading, which is currently being hotly debated on social media.
A spokesperson for the tax office succinctly explained that “the tax office can calculate profits and losses separately for each transaction.” In other words, all profits from transactions must be declared in the tax return. The loss must and cannot be deducted.
For example, “If we buy Bitcoin for 500,000 baht and sell it for 600,000 baht, we make a profit of 100,000 baht. Later, we buy Bitcoin for 650,000 baht, sell it for 600,000 baht, and lose 50,000 baht. We can’t deduct that 50,000 baht loss from the 100,000 baht profit.” But this year, we have to pay capital gains tax on the gain of 100,000 baht.
But after the information came out, most Thai crypto investors are frustrated. It is complicated with such a calculation method. The tax office needed to speak out and provide more clarity on this matter.