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Thailand levies VAT on bitcoin

  • VAT
  • 20 March 2018 | Richard Asquith

Thailand levies VAT on bitcoin

Thailand’s Cabinet has moved to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net.

Over the past three years, the EU, South Korea and Japan have exempted from such consumption taxes. Trading gains will also be liable to Capital Gains Tax, like many countries.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.