Representations of cryptocurrencies are placed on US banknotes in this illustration taken Nov 28, 2021. (Reuters photo)
The Revenue Department is in talks with digital asset exchanges to enable the latter to collect withholding taxes on cryptocurrency profits, says department spokeswoman Sommai Siriudomset.
The move is intended to make trading more convenient.
Cryptocurrency buyers currently have a duty to collect the 15% withholding tax from the profit gained by the sellers in every transaction.
Mrs Sommai said the department is working to introduce an inorganic law to collect the 15% capital gains tax on the profits from cryptocurrency trading.
The department has the authority to collect taxes from cryptocurrency trading because profits from such activity can be considered assessable income under…
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