Coinciding with the announcement of the course, they called on the Revenue Department to scrap the high tax rates imposed on digital assets. The announcement of the course comes against the backdrop of the Revenue Department having imposed a high tax rate on digital assets, in a move that has disappointed the market. Moreover, the trading in digital assets - including cryptocurrency and crypto tokens - outside authorised exchanges would be subject to value-added tax of 7 per cent. “These tax measures will drive businesses to other countries, such as Singapore, and the Revenue Department would get nothing," said Korn. Prinn Panitchpakdi, managing director of CLSA Securities Thailand, said he hoped that the SEC would talk with the Revenue Department about the issue of tax policy.

Source: The Nation Bangkok May 22, 2018 18:00 UTC