The Revenue Department plans to allow investors who trade in digital assets to only pay tax based on their net profit, director-general Ekniti Nitithanprapas said yesterday.
They will be allowed to deduct their losses before paying tax on the net profit, he said, adding the Finance Ministry is ready to issue a law authorising this.
However, this methodology will only be applied to trading conducted on digital asset exchanges that operate in line with the Securities and Exchange Commission’s (SEC) regulations.
Currently the profits earned from cryptocurrency trading, Bitcoin mining and the dividends or interest gained from investment in cryptocurrencies are subject to a 15% withholding tax per transaction.
They will not be subject to the withholding tax anymore. However, they will have to include the profit from the trading in their annual tax filing, Mr Ekniti…
