Cryptocurrency Transactions and Thai Tax Measures
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Abstract
Cryptocurrencies have been used more extensively in transactions. Cryptocurrency transactions may result in generating income to users. Thailand has therefore enacted the Emergency Decree amending the Revenue Code (No. 19) B.E. 2018 to specifically collect personal income tax from transferring cryptocurrencies. The main objective of this research article is to analyse measures to collect personal income tax from cryptocurrency transactions in Thailand, the United States and Australia. The results of the analysis found that the collection of personal income tax from cryptocurrency transactions in Thailand has remained incomprehensive and unclear in many aspects. The research article therefore proposes guidelines for the improvement which are the provision of the comprehensive and clear explanation of personal income tax payment for taxpayers, amendments to the tax law regarding cryptocurrency transactions and measures to monitor and investigate cryptocurrency transactions. The proposed guidelines could contribute to the more efficient personal income tax collection from cryptocurrency transactions in Thailand.
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References
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