Reports from Financial Times stated that Thailand has removed its plan to tax Bitcoin. By following a surge in cryptocurrency trading the country also plans to ease out Tax rules for investing in digital assets.
The Financial Times stated that Thailand has thrown out the plan to impose a 15% tax on Bitcoin and different Crypto transactions. The tax officials of the country explain that all the people who made their earnings with Crypto Mining or trading would consider it as capital gains on their income taxes.
Thailand Revenue Department has reportedly outlined the new rules set by the country and also allow traders to offset their losses annually against the gains which they made in the same year.
The popularity of Bitcoin is on the rise
You must aware of the fact that during the coronavirus pandemic the trading of Bitcoin has expanded rapidly in the whole of the nation. The chief executive of UP b and co-chair of the Thailand Digital Asset Operators Trade Association, Pete Peeradej Tanruangporn said that –
“The Revenue Department did a lot of homework and reached out to crypt operators as well to get feedback”.
He also noted that
” it is much more friendly to both the investors and the industry.”
One of the main goals of the Crypto industry is to make people aware of Crypto adoption and things are getting better nowadays as more people are inclined towards Crypto trading.