Thailand has scrapped plans to impose a 15 per cent withholding tax on crypto transactions after facing pushback from traders in one of south-east Asia’s biggest markets for digital currencies.
Tax officials in the country said on Monday that people who earned income from cryptocurrency trading or mining could report these as capital gains on their income taxes.
The new rules, outlined in a manual published by Thailand’s revenue department, will also allow traders to offset their annual losses against gains made in the same year, meeting demands from those in the nascent industry who had warned that excessive tax would kill off a sector in its infancy.
Trading of bitcoin and other online currencies has expanded rapidly in Thailand during the coronavirus pandemic, which has hit the country hard in traditional industries including tourism — an area that generated about a…
