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Committee to discuss tax on stocks, crypto “Bitkub” offers to postpone the collection for 2 years.

The Monetary and Fiscal Committee will summon “The Revenue Department, Capital Market Sector, Cryptocurrency Sector” to discuss the solution to collect sales tax on crypto-equities on Jan 19, Chong, Minister of Finance for the Fintech Association. c Hoping that the state will review the sale of digital assets at a loss to deduct profits from tax calculations Jirayut proposes a two-year postponement, hoping the law is clear.

Yesterday (16 Jan) Thailand FinTech Association and Digital Asset Association including executives of digital asset business operators to discuss and submit a letter to Ms. Watanya Wongopasi, Spokesperson of the Monetary and Finance Commission, Financial Institutions and Financial Markets House of Representatives To find a solution in the event that the government by the Revenue Department will have a tax on capital gains from investments in digital assets or cryptocurrencies. including collecting tax on stock trading as well

Ms. Watanya revealed that the president of the Thai FinTech Association has submitted a letter of opinion on the IRS levying cryptocurrencies with a 15% withholding tax on profits from sales. Personally, they will bring the aforementioned letter to discuss at the Monetary and Finance Commission meeting, financial institutions and financial markets.

In this regard, the Monetary Commission, Finance, Financial Institutions and Financial Markets will meet to discuss both cryptocurrency tax andstock sales tax (Financial Transaction Tax) at the rate of 0.1% of sales transactions exceeding 1 million baht per month simultaneously on Wednesday, January 19, 2022 by inviting the Revenue Department. The Stock Exchange of Thailand (SET), Thai Capital Market Business Council (FETCO), President of Thailand FinTech Association (TFA) and Thai Digital Asset Association, etc. to provide information on such matters

By the way, the two business sectors are the capital market sector and the business sector.digital assets There will be information about the impact of tax collection. How will affect each business sector? Initially, in the capital market sector, There has been a study that if the transaction tax is collected initially, the trading volume will be reduced by 30% or at the level of 54 billion baht, etc. And in the digital asset business sector will provide information on the impact and various proposals. and the Revenue Department will provide storage reason information

Make a proposal to the Minister of Finance for consideration

“Previously, the Monetary and Treasury Commission, financial institutions and financial markets There will be an appointment to invite the Revenue Department. and the capital market sector is Fateco, the Stock Exchange of Thailand. to provide information on the collection of sales tax or Transaction Tax on January 5, 2022, but the Council has not yet opened it, so it has been postponed And enough about the issue of crypto taxation. The Monetary, Finance, Financial Institutions and Financial Markets Commission has set up two meetings at the same time on this coming Wednesday.”

However, when the Commission on Finance, Finance, Financial Institutions and Financial Markets received information from government agencies, namely the Revenue Department, and from the business sector, whether it is the capital market and the digital asset sector It will be discussed at the Monetary, Finance, Financial Institutions and Financial Markets Commission again to give opinions. The Commission on Finance, Finance, Financial Institutions and Financial Markets In a presentation to the Ministry of Finance or Mr. Arkhom Termpittayapaisith Minister of Finance (Minister of Finance)Committee to discuss tax on stocks, crypto

Fintech offers a new review.

Chonladech Khemaratana, president of the Thai FinTech Association, said that in regards to the taxation of crypto I want the government to review Want to deduct the loss of sales items from the profitable items. Then come to calculate the tax payment. and withholding tax that can be refunded later Same as dividend tax withholding before and can claim a tax refund later

“We want the IRS. There is a review on taxation. Losing sales should be subtracted from profitable sales. Consider that not only profitable items should be kept. and requesting to be able to file a tax return same as the current dividend tax.”

Mr. Supakrit Boonsart, President of the Thai Digital Asset Association, said that now the Revenue Department In the process of preparing documents to be open to comments (Hearing) on ​​the collection of crypto taxes By the way, the association is waiting for the Revenue Department. in order to bring such documents Distributed to participants in the digital asset market to express their opinions because they think that if people who are not in the industry come to give their opinions He may not have any knowledge of this business. The opinions obtained may not be consistent with the stated objectives.

Point out that the transaction is easier to keep.

Personally, I think that if crypto is taxed, the easy way to collect it is to collect it from Transaction Tax, which will be a burden to investors. But such burdens still result in Exchange (crypto trading boards) unable to raise trading fees. This is still considered good for investors.

However, if the law No clarity came out in March. Personally, I think that the government should postpone the tax collection first. When will it be collected? It depends on the consideration of storage for a reasonable period of time.

“Bit Cup” postponed 2 years

Mr. Jirayut Supsrisosopha, Group CEO, Co-founder and Chief Executive Officer of Bitkub Capital Group Holdings Co., Ltd., said that personally, if there is a tax on crypto, it will affect investors. Thai investors turn to trading (Trade) crypto abroad instead. causing impact on the crypto industry in Thailand Because the current crypto industry in Thailand in growth stage In terms of Bitkub, there are currently 3.4 million trading accounts opened by investors, which is considered high growth. which is higher than investors in the capital market sector

Committee to discuss tax on stocks, crypto

Personally, I think that in terms of the law There may be a limit or present meaning because the law that came out is the old law which looks at digital assets should be construed or limited as securities or with investments in the capital market that should be exempt from VAT and capital gains tax on current assets

For any company that does not have a license from the Securities and Exchange Commission (SEC) Limited as an off-market company should be taxed higher In order to allow such operators to enter the system which will benefit the government sector and industry

“The levy of withholding tax on profits is practically Personally, I think it’s difficult to do. In terms of data storage, and at present, there are many crypto trading markets, unlike capital markets. where the Stock Exchange is the only exchange.”

Mr. Jirayut said from the present that the law is still unclear. He personally suggested a two-year postponement of crypto taxation in order to make the legislation more current.

However, if private crypto tax is considered to be collected as Transaction Tax, it would be appropriate for the government to choose whether to collect Transaction Tax to investors or to be paid by Exchange. instead of investors, which both approaches have different effects, which if Transaction Tax on investors will result in a decrease in trading volume Investors turn to underground trading overseas, and if exchanges are paying on their behalf, exchanges have no money to invest in infrastructure.

“Bit-Kap, it’s during an appointment to meet with the Revenue Department. Because we, as the No. 1 crypto exchange with 98% market share, have 3.4 million accounts opened by investors, which is a huge growth. equal to investors in the capital market Opened for more than 40 years, would like to comment. As we are a digital asset business.”

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