Thailand’s Revenue Department is planning to impose personal income tax on the foreign revenues, including those made from crypto trading, of any person who resides in Thailand for more than 180 days.
According to the Sept. 19 report from the Bangkok Post, the new rule will take effect on Jan. 1, 2024, with the first tax forms, including those for overseas income, to be delivered in 2025.
Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed. The new rule closes this loophole and will oblige an individual to declare any income earned overseas, even if it wasn’t going to be used in the local economy. A Finance Ministry official explained this logic to journalists:
“The principle of tax is that you must pay tax on income you earn from abroad no matter how you earn it and regardless of the tax year in which the money is earned.”
According to other Bangkok Post sources, the policy specifically targets residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders and Thais with offshore accounts.
In July, Thailand’s Securities and Exchange Commission obliged digital asset service providers to offer adequate warnings highlighting the risks associated with cryptocurrency trading. It has also prohibited any forms of crypto lending services.
However, the trend for tight scrutiny over the crypto industry might change with the recent election of the new prime minister. Real estate tycoon Srettha Thavisin, elected to lead the Thai parliament, participated in a $225-million raise for a crypto-friendly investment management firm, XSpring Capital, and even issued its own token through XSpring in 2022.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
The frustration and despair of Tory MPs felt towards Rishi Sunak’s top team is revealed in leaked WhatsApp messages obtained by Sky News.
One MP called the parliamentary operation a “shitshow” and “crazy”, while another said they were “at a loss” at the handling of a crunch Monday night vote on excluding MPs arrested on suspicion of serious sexual or violent offences.
They echo comments Tory MPs have made privately to Sky News.
There is fury today among Tory MPs after most found themselves on the losing side of a vote on a Lib Dem and Labour motion to exclude any MP arrested for a serious offence from the parliamentary estate, which would bring Westminster into line with many other workplaces.
The bulk of Tory MPs backed a different plan – to exclude MPs at the point of charge, arguing that MPs could easily become the target of vexatious complaints.
It was a free vote, which meant MPs did not have to vote on party lines.
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However, in a move that baffled Conservative MPs, when the Commons came to vote to overturn the opposition motion, the Tory whips did not put up “tellers” – vote counters – and so it could not be held, meaning the opposition motion passed.
This often happens because of disorganisation or confusion about events in the chamber, and often marks a failing of either the Tory whips or the Commons leader’s office – figures appointed by Mr Sunak.
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The WhatsApps show a government minister – Anne Marie Trevelyan – summoning Tories after initially losing the Lib Dem vote: “Anyone on estate who didn’t vote on amendment O please return asap! Lost amend by one vote. Otherwise the decision is arrest Not charge.”
Other Tories – Jill Mortimer and Jack Brereton – add weight to the appeal to vote down the Lib Dem motion, as does minister Greg Hands.
Brendan Clarke-Smith calls the Lib Dem plan to exclude MPs from parliament on arrest “an attack on basic civil liberties”.
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However, Cambridgeshire MP Anthony Browne suddenly announces three minutes later: “Division off!”
There is incredulity with Pauline Latham demanding to know what has happened, adding: “This is crazy.”
Miriam Cates explains to colleagues there were no tellers, Angela Richardson says “what a shitshow!”, Andrea Leadsom says “A sad day”. Ms Cates says: “I am completely at a loss to understand why those of us who shouted ‘no’ were not told that there were no tellers” – indicating frustration with Mr Sunak’s parliamentary operation.
Mr Clarke-Smith says: “Angela better hope her interview goes well then. Unbelievable.” This is a reference to Angela Rayner, who is currently under police investigation and could be interviewed under caution in coming weeks. She denies all allegations and has not been arrested and Labour says this will not happen, but even if she were, she would not be excluded because the reason for arrest is unlikely to pass the serious offence test.
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The dialogue concludes with Mr Brereton saying: “We’re all going to be banned from the estate now…” and Ms Cates saying, “Watch the vexatious complaints roll in…”
One Tory said there was an “end of days vibe” in the Tory Party and the messages were evidence of a “meltdown” because the Tory whips can’t handle simple votes.
The entity responsible for managing assets in the state’s pension system reported it held millions of shares of the BlackRock iShares Bitcoin Trust and Grayscale Bitcoin Trust.