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Cryptocurrency-tax ‘will hit economy’

The Thaiger & The Nation



Cryptocurrency-tax ‘will hit economy’ | The Thaiger

New tax measures aimed at curbing the Thai initial crypto-coin offering (ICO) market will adversely affect the economy as the measures could drive investors and entrepreneurs overseas, according to experts.

The Royal Gazette this week announced a new set of laws related to digital asset businesses, an amendment of the Revenue Code to regulate and impose high taxes on transactions. It also warned of tough punishments over illegal conduct in the digital economy.

The digital asset law authorises the Securities and Exchange Commission (SEC) to regulate transactions involving cryptocurrencies and digital tokens.

SEC secretary general Rapee Sucharitakul said yesterday that the new taxes and legal requirements would protect local investors who were assumed to have specialised knowledge on ICOs.

ICOs were for niche investors, not general investors who could be financially damaged if not well informed, he said.

The SEC is preparing to issue new ICO regulations based on the new digital assets law within the next 2-3 weeks.

It is empowered to regulate all digital assets but Rapee said that utility tokens might be exempt from the SEC requirements.

However, all exchanges that trade digital assets must be registered with the SEC within 90 days after new regulations are effective. Even ICOs launched prior to the new rules are required to seek approval.

Cryptocurrency-tax ‘will hit economy’ | News by The Thaiger

The authority is hoping the new regulations will both promote the new sector as well as protect investors from fraud and cheating, he said, adding that the SEC and Revenue Department would hold a joint press conference today to clarify all issues.

The authority would also give the public a full month to submit opinions so that it would be best placed to handle the cryptocurrency sector in a practical way, he said.

However, Duenden Nikomborirak, of the Thailand Development Research Institute (TDRI), said the tax measures were not favourable for the Thai digital economy and tech start-ups.

Overall, the policy would drive Thai entrepreneurs and investors to Singapore, where there are no taxes on ICOs, she said.

Thai ICOs are now subject three taxes – 15 per cent capital gains tax, 7 per cent VAT and another 20 per cent corporate income tax – so there is no chance for Thai start-ups to grow to be “Unicorn” or a start-up worth US$1 billion or more, said Duenden.

Therefore she called on the government to review the tax measures to take into account all the risks and rewards.

According to the new amendment, revenue and capital gains from cryptocurrency and digital token transactions must be taxed.

Prinn Panitchpakdi, managing director of CLSA Securities (Thailand), also said that the Finance Ministry’s tax measures would likely kill the Thai ICO market even before it had a chance to become established.

This would prompt Thai firms to launch ICOs in other countries and deprive the country of new funding opportunities, he warned.

Other sources said the tax measures would lead to an outflow of investor funds from Thailand, while the country’s security exchanges would not be able to compete with those in other countries.

They said that not only would VAT and income tax hit investors and issuers but they appeared to be redundant measures. Critics also feared the policy would negatively affect the digital economy and innovation.

However, Pawoot Pongvitayapanu, chief executive officer and founder of, said the new law made several issues clearer and would help prevent money-laundering and other illegal activities.

Teerachart Kortrakul, an investor and founder of StockRadars, said many Thai investors were already trading cryptocurrencies abroad so they would not be affected.

STORY: The Nation

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‘Big Joke’ is the ‘real deal’ according to Thai Rath

The Thaiger



‘Big Joke’ is the ‘real deal’ according to Thai Rath | The Thaiger

PHOTOS: Thai Rath

Thai Rath have published a feature on the closest person Thailand has to Batman (aka Maj-Gen Surachate Hakparn) or “Big Joke” as he’s affectionately know to the Thai media. He’s taken the role of Thailand’s poster-boy crime fighter.

He’s also recently been promoted to the top job at Thai Immigration.

The article says that Big Joke is the ‘real deal’ and his appointment will mean greater security for the country and better services to the wider public. They say that will include tourists and expatriates in Thailand.

Two weeks ago Maj-Gen Surachate Hakparn replaced the former Immigration Chief, Suthipong Wongpin, who took a sidewards step to become the head of the metropolitan police in Bangkok, a year before his retirement.

Surachate attracted the attention of the Thai government while working as deputy commander of the Thai Tourist Police.

His “One World One Team” vision emphasises teamwork and cooperation, not just within Thailand but internationally, according to the Thai Rath article.

Many have criticised “Big Joke” for being nothing more than a poster boy and ‘lackey’ of the elite but the Thai media is say this is ‘shallow thinking’. Surachate’s supporters point to his ‘modern methods’ in crime solving and dedication to stop corruption (which we note also appear to involve a lot of photos and media conferences parading the baddies in public).

“He is seen as new style of policeman the like of which Thailand has rarely if ever seen before”, reports Thai Rath.

Many illegal foreigners posing as tourists have already been rounded up, sent home and black-listed creating a fear of further crackdowns. But Surachate says he’s determined to root out illegals and criminals and protect the multi-billion dollar tourism industry.

“Ultimately bona fide tourists and expats will reap the benefit through greater security and improved service from immigration”.

Deputy PM Prawit Wongsuwan its also calling for heightened security with an ‘international focus’.

Surachate believes in giving greater satisfaction to foreigners in Thailand as well as committing to coordination within Thai police departments and foreign agencies.

Critics say that many of those arrested are relatively small fry and that “No Tip” signs that have gone up at immigration entry points are merely paying lip service to the issue. But Thai Rath seem convinced that ‘Big Joke’ is the real deal and will make a true difference.

'Big Joke' is the 'real deal' according to Thai Rath | News by The Thaiger 'Big Joke' is the 'real deal' according to Thai Rath | News by The Thaiger

SOURCE: Thai Rath

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‘Monk’ tries some alternative enlightenment

The Thaiger



‘Monk’ tries some alternative enlightenment | The Thaiger

Thai Rath has shared a widely viewed CCTV clip featuring a man, apparently a monk, in saffron robes swinging a beer bottle at a man in a food market. The alleged monk appears to be holding a beer bottle.

According to Thai Rath, the layman, believed to be a store-holder, confronted the monk asking why he was drinking beer in the market at 9am and not praying in the temple.

The reporters even questioned whether the man was a real monk as his behavior was not befitting of a Buddhist monk.

They said that real monks should not be drinking beer, at any time, and should be in their temple after the morning alms round.

The incident is believed to have taken place in a Bangkok food court.

SOURCE: Thai Rath

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Mai Khao’s ‘West Sands’ CEO being quizzed by police following last week’s death on Thepkasattri Road

The Thaiger



Mai Khao’s ‘West Sands’ CEO being quizzed by police following last week’s death on Thepkasattri Road | The Thaiger

PHOTO: – Paul John Mercer

The British CEO of a luxury hotel along Mai Khao Beach in Phuket, is going to be quizzed by police in Phuket after running over and killing a roadside scavenger in his luxury Mercedes last week.

Original report about the Wednesday morning incident HERE.

The British expat is being investigated by Thai police after his Mercedes-Benz ploughed into the rubbish collector, killing the man instantly and scattering his body over the road.

Paul John Mercer, CEO of CCD Thailand, an international developer of luxury hotels, allegedly struck the unidentified man as he was pushing his rubbish cart along Thepkasattri Road in Phuket early Wednesday morning. His body was dragged 40 metres along the road, according to the police report. At this stage Police have not been able to identify the deceased man.

Police and rescue workers found the man’s body scattered over the road. The black Mercedes sustained significant damage from the crash on its right side front and windscreen.

Mail Online reports the the 33 year old driver, from Salford near Manchester, was immediately sent to a nearby hospital for injuries to his eyes caused by the impact to the windscreen.

Police had been barred from seeing or questioning Mr Mercer until his condition improved. Police requested tests for the man’s blood alcohol level.

If found guilty of driving over the alcohol limit, Mr Mercer could be charged with reckless driving causing death, and would be sent to a local court for trial. A guilty verdict could send him to a Thai prison along with a hefty fine. Plus, as normal in Thai culture, he would be required to pay compensation to the deceased man’s family.

But Police Captain Worawut Sensop, deputy investigation chief at Thalang police station, told MailOnline “We have not been contacted by a family member or a relative to claim the body.”

“If no relative comes forward to claim relationship with the victim, Mr Mercer could get away with not having to pay any compensation.”

Mr Mercer went into business with former Tesco CEO, Sir Terry Leahy, to buy the 48 acre stretch of land along Mai Khao Beach, Phuket, with 426 rooms, now known as Grand West Sands.

Mai Khao's 'West Sands' CEO being quizzed by police following last week's death on Thepkasattri Road | News by The Thaiger Mai Khao's 'West Sands' CEO being quizzed by police following last week's death on Thepkasattri Road | News by The Thaiger Mai Khao's 'West Sands' CEO being quizzed by police following last week's death on Thepkasattri Road | News by The Thaiger Mai Khao's 'West Sands' CEO being quizzed by police following last week's death on Thepkasattri Road | News by The Thaiger

SOURCE: Mail Online

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