Thailand Approves Tax Relief Measures for Crypto Trading
The Thai Cabinet has approved tax relief measures for crypto trading. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thailand. Thailand Adopts New Tax Rules for Crypto Investments
Thailand’s Cabinet approved new tax relief rules Tuesday for crypto trading, according to an announcement on the Thai government website.
Finance Minister Arkhom Termpittayapaisith and Deputy Minister of Finance Santi Prompat jointly disclosed the outcome of the meeting, confirming that the cabinet has approved the crypto tax relief measures.
The finance minister told a news conference that traders will be able to offset annual losses against gains for taxes due on crypto investments. Value-added tax (VAT) of 7% will also be exempt for transfers of cryptocurrencies or digital tokens on regulated crypto exchanges.
He added that the tax exemption, effective from April 2022 to December 2023, will also cover the trading of retail central bank digital currency (CBDC) to be issued by the Thai central bank, the Bank of Thailand.
Last month, the Thai Revenue Department published a manual outlining the new tax rules applicable to cryptocurrencies and digital tokens. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thailand.
Previously, Thailand wanted to impose a 15% withholding tax on cryptocurrency transactions. The plan was scrapped after pushback by the industry.
Cryptocurrency trading has grown significantly over the past year in the country. A finance ministry official said in January that the number of crypto trading accounts in Thailand grew to about two million at the end of 2021 from 170,000 the previous year.
Last month, the Stock Exchange of Thailand unveiled its plan to launch a digital asset exchange. Tags in this story crypto taxation, Cryptocurrency Taxation, cryptocurrency taxation. tax rules, tax rules, thailand, thailand crypto, thailand cryptocurrency taxation
What do you think about Thailand relaxing tax rules for crypto investments? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Argentinian Tax Authority Will Be Able to Confiscate Digital Wallets to Collect Tax Debts TAXES | Feb 12, 2022 Russia Eyes $13 Billion in Taxes From Crypto Economy TAXES | Feb 9, 2022
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Suspends Transactions With Russian Mastercard and Visa Cards Next articleNexus Dubai (NXD) Payment App “SPRAY” – What Can We Expect for Consumers’ Digital Incentives? Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItStarlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise
Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of ... read more.Ukraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official Square Enix to Bring Dungeon Siege IP to The Sandbox US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia