Thailand Relaxes Tax Rules for Bitcoin and Other Crypto Assets
On Tuesday, Thailand’s tax regulations on Bitcoin and other cryptocurrencies were eased by the cabinet. According to an official press release, the relaxing of rules were made to fully develop the second-largest growing economy in Southeast Asia.
A 7% VAT for licensed exchanges and the ability to offset one’s annual losses for taxes were agreed on and are expected not to hinder trading and investment strategies in crypto assets in the country.
Thailand’s Finance Minister Arkhom Termpittayapaisith, said:
“This issue will allow Thai investors to trade digital assets on a reliable Thai exchange.
Because it is under the supervision of the SEC and other related government agencies, it enables Thailand to have a future payment infrastructure ready for the digital economy.”
Termpittayapaisith said that tax exemptions from the initiative will be effective from April 2022 to December 2023. In addition, direct and indirect investments in startup companies will be eligible for tax breaks, with investors who invest for at least two years in a startup will be given tax breaks for 10 years, until June 2032, the minister noted.
He concluded by saying that the government is confident that the move “will help investors in digital assets to be comfortable in performing their legal duties and get fairer in paying more taxes” and that it would “help investors trade digital assets that take place on Thai exchanges to be reliable, safe, and give people the option to use cryptocurrencies in the future.”
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Source: igaming
