The Revenue Department (RD) has adhered to a plea to loosen its tax collection policy for digital assets. It will subsequently propose that the government deduct the value of loss investments from the amount of tax payable.
The resolution came after a meeting between the department, the Bank of Thailand (BoT), the Securities and Exchange Commission (SEC) and representatives from relevant stakeholders. The move follows public backlash over a draft regulation on tax collection policy that ignores investor losses and focuses only on collecting income from investments.
According to RD Director-General Ekniti Nitithanprapas, his agency will propose that the Ministry of Finance consider the adjustment, while adding that the income must be generated from exchanges under the supervision of the SEC.
Additionally, digital assets traded on such exchanges would not bear withholding taxes. The department will also propose Value Added Tax (VAT) exemptions for entrepreneurs doing business under SEC-certified exchanges, as verified by the BoT.
The director-general said his unit plans to work with related governmental units and the private sector in conducting a joint study on amending relevant laws on taxing digital assets to ensure fairness. (NNT)
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