A virtual meeting was held by the Thailand Committee on Monetary Affairs, Finance, Financial Institutions and Financial Market to discuss different aspects of crypto taxation.
Watanya Wongopasi, a member of Ruling Party in Parliament, posted a summary on her Facebook page. She urged the Excise Department not to impose any tax on crypto trading.
Paiboon Nalinthrangkurn (chairman of the Federation of Thai Capital Market Organizations) noted at the meeting that a tax on stock and digital trading could reduce market liquidity by up to 40%. He warned that taxation on trading would discourage small and foreign investors.
Yutthana Srisavat (CEO and founder of iTAX) suggested a corporate tax or a valued-added tax in place of a trading tax. It is difficult to obtain buyer and seller information in crypto, which makes it nearly impossible to collect tax information.
The Thai Excise Department stated that its main focus was on taxing stocks and has not made much progress with crypto trading taxation. The department assured, however, that they are closely studying crypto markets and that taxes will only be imposed after careful consideration.
President of the Thai Fintech Association Chonladet Khmarattana advocated for a free market that can compete with other countries. He asked the government to closely monitor the development of the crypto ecosystem for the short-term before implementing tax.
Related: Former Thai SEC chief points out three crucial issues regarding crypto taxation
After the Thai government proposed a 15% tax for crypto gains, crypto taxation is a hot topic. Many former and current executives have spoken out against the proposal, including Tipsuda Thavaramara, former executive at Thai Securities and Exchange Commission. Cointelegraph earlier reported that Prayut Chano-cha, the Thai Prime Minister, has directed the revenue department to provide clarifications for investors and the general public about crypto taxation.