Thailand first imposed 15% tax on Cryptocurrency, now preparing to withdraw decision after protests
A huge 30 percent tax has been imposed on Cryptocurrency in India. People on Twitter have also opposed this decision a lot. This was announced by Finance Minister Nirmala Sitharaman while presenting the General Budget 2022-23. India is not the first country to impose a tax on Cryptocurrency.
Even before this many countries have imposed crypto-tax. However, Thailand is now preparing to withdraw a similar tax after protests from the people. Thailand had earlier announced that it is levying a tax of 15% on crypto profits.
Opponents and the youth of the country strongly opposed it. After which the government is withdrawing this decision. Earlier this year, Thailand announced that it was introducing a capital gains tax on the asset class, which also includes taxes on trading and mining.
According to a report in Financial Times, Thailand will not go ahead with this plan. Its traders have strongly opposed it. Supporters of the crypto market have said that high taxation will worsen the condition of the market.
The Revenue Department of Thailand had earlier informed that the size and value of the market have increased continuously after the year 2020. Upbit crypto-exchange CEO Pete Peeradej Tanruangporn told that Thailand’s revenue department had not completed its homework.
The Bank of Thailand and the country’s finance minister, along with the Security and Exchange Commission, announced last week that it would issue a regulatory guidelines plan to restrict digital currency payments. Many countries are preparing to tax the crypto market. India also joined this list in which crypto tax has been imposed.
