Thailand Axes 15% Crypto Withholding Tax Plans Following Pushback: Report

Thailand Axes 15% Crypto Withholding Tax Plans Following Pushback: Report
Thailand has axed plans to levy a 15% withholding tax on cryptocurrency transactions following pushback from the country’s crypto traders.Earned income on crypto trading or mining can be reported as capital gains on income taxes, tax officials said on Monday, according to a Financial Times report. The new rules would allow traders to offset their losses against gains made in the same year.Thailand’s Revenue Department previously had plans to strengthen its oversight of cryptocurrency trading following significant growth in the size and value of the market in 2021.However, stakeholders in the crypto industry issued warnings that excessive taxation could kill…