Thailand’s Revenue Department Eyes Taxing Libra and Foreign Digital Platforms

Asia Blockchain Review
July 18, 2019

Thailand’s Revenue Department has revealed that Libra, the newly announced digital currency being developed by Facebook, may be subject to taxation in the country should the board of the Securities and Exchange Commission (SEC) categorize the Libra as a digital asset under the Royal Decree on Digital Asset Businesses.

Thai Tax Authority Monitors Libra Developments

Ekniti Nitithanprapas, Director-General of the Revenue Department, said that if the SEC decides that Libra is a digital asset, the currency would be subject to a 15% tax.

“The Revenue Department is set to propose a draft e-Business law in order to regulate businesses concerned with overseas electronic transactions,” Ekniti revealed. “If any foreign platform generates over 1.8 million baht in annual revenue in Thailand, the company must register to pay taxes with the department.”

He added, “The government must adapt to the digital age and make necessary adjustments to ensure that taxes are collected fairly.”

The bill is pending approval from the newly-elected administration and its Cabinet, after which it would be passed to the House of Representatives for deliberation.

Thai SEC Considers Next Steps for Libra

Meanwhile, SEC Secretary-General Ruenwadee Suwannamongkol said that as Libra has not submitted a request for an operating license to the SEC, it is still not considered a digital asset and therefore not subject to taxes according to Thai law. 

Regardless, the SEC added that it is concerned about crypto investors who may be involved in fraudulent activities, issuing a warning about investing in unregulated cryptocurrencies.

Source https://techsauce.co


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us