According to the Bangkok Post, the Thai government has expanded the scope of value-added tax (VAT) exemptions for cryptocurrency transactions in order to develop Thailand into a digital asset hub in the region.
Reportedly, the Thai Ministry of Finance has relaxed tax regulations and suspended the 7% VAT requirement on cryptocurrency trading profits. The tax exemption period will take effect on January 1, 2024, with no termination date.
Previously, the VAT exemption for digital asset transactions only applied to authorized digital asset exchanges, but now it also includes brokers and traders regulated by the Thai Securities and Exchange Commission.
Thai authorities hope that this move will support the growth of the digital asset industry in Thailand and provide necessary assistance for the promotion of Thailand’s digital economy development in the near future.
Paopoom Rojanasakul, Secretary to the Minister of Finance, stated that the Ministry of Finance aims to promote digital assets as a new fundraising alternative. However, Paopoom also emphasized that the government should consider the stability of the financial system while harnessing the potential of digital assets.
Related reports: “Japanese Cabinet Finalizes Tax Reform Outline, Cancelling Taxation of Unrealized Gains on Cryptocurrencies for Companies” and “South Korea Considering Abolishing Cryptocurrency Tax under New Capital Gains Tax System”.
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…