There was also a study of Vanguard. It was found that if collecting 0.1% Transaction Tax, it would make savings for retirement. For Americans, it would take 40 years to be extended to 43, meaning that three more years of savings would be needed to be enough.
3. Asst. Prof. Dr. Yuttana Srisawad, CEO and founder of Itax, stated that the tax collection that must be filed on personal income this year, which is the income tax collection of 2021, is not practical. because investors are not prepared Most investors do not keep evidence. In addition, usually withholding tax, either on the buyer’s side or on the seller’s side, must submit tax documents with proof of payment from the co-transactioner. in which cryptocurrency trading It is trading through a trading board. Identifying a buyer or seller to use as evidence in tax filings is practically impractical. In addition, if we push the opportunity to support digital asset business operators in Thailand to be able to compete on a par with international The opportunity for exponential growth of the business that will allow the Revenue Department to collect corporate and VAT taxes on trading fees is likely to benefit the country in the future. Collecting taxes from investors, which will become an obstacle to the development of the industry.
4. Ms. Peeradej Tanruangporn, President of the Thai Digital Asset Businesses Trade Association stated that the preparation of information to facilitate investors and the IRS so that they can actually collect taxes On the business operator side It does not prepare personnel and systems to support the collection of evidence to be used as supporting information for tax payments. And if there is a system for the Revenue Department to actually collect taxes, it will take at least another year to develop the system. There are still many obstacles here. In addition, such levies may incentivize investors to try to open accounts in other people’s names to evade paying high base taxes. This will become an obstacle for government agencies that are unable to collect the full amount of tax. and it is difficult to keep track of future anti-money laundering transactions.
5. Mr. Chonladech Khemaratana, President of the FinTech Association of Thailand, has suggested in 3 issues: 1) fair capital gain tax calculation 2) problem of traders’ account information that may be misleading If trading other accounts to avoid tax. 3) Overview of this growing industry. want to compare A growing number of businesses earning individuals from employment. and private business whether there is a higher value and worth more than the tax on the trade or not
6. Mr. Prin Panitchapak, Advisor to the Commission has suggested to the IRS on providing the correct knowledge to investors before collecting investors’ taxes in order to understand properly. He also asked the Revenue Department to assess the short-term, medium-term and long-term impact, and the cost-effectiveness of the country between supporting Thai entrepreneurs to grow together with the opportunities of investors, which will allow the country to benefit from growth. in the future rather than accelerating tax collection during times of lack of readiness and causing the industry to shrink unnecessarily
6. The Revenue Department
Informed that the department has a duty to collect income to raise money for the treasury But he acknowledged that the liquidity impact if taxed on shares has not been considered. However, stock taxation is still under study. Crypto taxation still has practical problems. and will come into force upon careful consideration. We are currently studying the effects around us. But what has been done in some parts is Assessing fair distribution in 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 revenue 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 too much. According to ADB’s study, the typical 94% FTT tax collection comes from high net worth investors. Show that this tax applies to high-income groups. At present, we have studied in the part of investor costs. This compares to broker fees and brokerage fees 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 there is one tax collection such as the Philippines and Vietnam collect both Capital Gain Tax and Transaction Tax, so 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 acknowledged 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
Deer thinks yesterday’s meeting was a good starting point for all parties to share information. The Revenue Department has truly listened to all the information from those involved. It is hoped that after this time, a thorough study and analysis of the implications and damage that may arise from the enforcement of this law is carried out. Do not let it be in the way that the chairman of the committee concluded that “Slaughter chickens to get eggs”