Taxation Issues in Cryptocurrency Transactions under Value Added Tax law

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Napattamon Kaikaew


Most cryptocurrency exchanges are in the form of profitable investments. The VAT law under the Revenue Code interprets cryptocurrencies as a type of electronic service (e-Service), which is in many ways inappropriate. The main issue is that cryptocurrencies, due to their unique nature, cannot be interpreted as goods or services under VAT law. Furthermore, some practical VAT procedures may not apply to cryptocurrency transactions. And the nature of cryptocurrency trading does not include the added value of each manufacturing, distribution, or service chain, which is an important aspect of VAT collection. As a result, enforcing and inspecting entrepreneurs for VAT registration, including issuing VAT documents, is difficult. The purpose of this research paper is to look into the issue of inappropriateness that has arisen as a result of the interpretation of cryptocurrencies under Thailand's VAT law, as well as to consider other types of consumption tax collection that may be more appropriate. According to the findings of the study, a Specific Business Tax system which is taxed on a per-transaction basis is more appropriate for cryptocurrency trading transactions. As a result, the author therefore recommends that cryptocurrency trading transactions should be subject to a Specific Business Tax system.


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