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.
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.
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.
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