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TDO submits ‘crypto tax’ proposal to the IRS, saying tax should be postponed

  ‘Thai Digital Asset Business Operators’ Trade Association submits 3 proposals ‘Crypto Tax’ to the Revenue Department and offers to study, pointing out! would like to reduce the tax collection for 1-2 years before

from the discussion between ‘Thai Digital Asset Businesses Trade Association’ or ‘TDO’ and the Revenue Department on January 14th. To jointly find a solution for the taxation of cryptocurrencies. To make the law fair for investors, entrepreneurs and the government sector

Peeradej Tanruangporn, President of the Thai Digital Asset Businesses Trade Association And the CEO of the ‘Upbit Thailand’ platform spoke to efinanceThai about the results of the discussion with the Revenue Department at that time. Along with citing ‘3 main points’ that TDO proposes to the Revenue Department to consider the possibility.

1. Tax laws that are more ‘favorable’ to investors.

The first issue will be about the ‘tax law’ itself, which TDO considers that if the law is unfavorable for investors in various factors. It will drive investors in Thailand to go to foreign exchange services that are not under the control of Thai law.

coupled with the nature of the cryptocurrency industry It will give investors more options. and can easily choose to use a platform outside the country Domestic exchanges will be directly affected by the decrease in the number of users.

In addition, the Revenue Department normally collects taxes from exchanges. If the number of exchange users in the country decreases The value of money that the IRS will be able to collect from the exchange will also decrease.

2. Propose yourself to study Help to find a solution to the tax problem.

TDO also wants to actively study crypto tax legislation with the IRS, as TDO considers such legislation to be a big deal. And it is a law that has a wide impact on the whole industry. which is something that should be studied thoroughly before being put into practice

Including the fact that TDO is an association that brings together entrepreneurs in the crypto industry. Therefore, it is considered that it is good to use the knowledge and expertise that is available. Come and study with the Revenue Department before the legislation related to the industry comes out.

3. It’s too early! Let the tax enforcement be waived first.

Due to the previous clause, TDO considers that while the Revenue Department is studying the industry Therefore, I do not want the Revenue Department to rush to issue laws to enforce too much. TDO thinks that they want to relax for another 1-2 years because they want the Revenue Department to study the industry thoroughly first.

***The Revenue Department ‘Receives the proposal’. Prepare to answer soon.

With the above 3 proposals, the Revenue Department has vowed to accept it for consideration and if anything can be adjusted, it will make adjustments.

However, some factors are beyond the authority of the Revenue Department. Including some parts that may need to be modified directly to the law

In this regard, Peeradej Tanrueangporn stated that there will be informal talks again with the Revenue Department before January 20 to determine which direction it will eventually go in and on January 20, which will Although there will be another official discussion. Along with the SEC Office will also attend this meeting.

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