Thailand eases crypto taxes
Finance Minister said steps taken to promote crypto trading and related businesses in the country.
- Mar 10, 2022,
- Updated Jun 28, 2022 3:38 PM IST
Thailand's cabinet rolled out legislation to reduce tax restrictions on crypto-asset investments on Tuesday.
Finance Minister Arkhom Termpittayapaisith said that this step would help in promoting and developing the industry following the boom in cryptocurrency trading in the country in the recent past.
According to the Finance Minister, the rules would let traders credit annual losses against gains when calculating taxes on cryptocurrency investments and will exempt cryptocurrency trading on authorised exchanges from a 7 per cent value-added tax.
The tax exemption, which will last from April 2022 to December 2023, will also apply to retail central bank digital money that the central bank will issue, he said.
Thailand's digital asset market has risen rapidly in the last year, with trading accounts expected to reach over 2 million by the end of 2021, up from just 170,000 earlier that year, a ministry official said in January. Bitcoin is the most popular cryptocurrency in Thailand.
Additionally, Arkhom noted, the cabinet authorised tax reductions for direct and indirect investments in startups. Investors who invest in startups for at least two years will receive a ten-year tax cut till June 2032.
Also Read: Biden signs executive order on cryptocurrencies; here is everything you need to know
Also Read: Russia-Ukraine war shines a spotlight on cryptocurrency
Thailand's cabinet rolled out legislation to reduce tax restrictions on crypto-asset investments on Tuesday.
Finance Minister Arkhom Termpittayapaisith said that this step would help in promoting and developing the industry following the boom in cryptocurrency trading in the country in the recent past.
According to the Finance Minister, the rules would let traders credit annual losses against gains when calculating taxes on cryptocurrency investments and will exempt cryptocurrency trading on authorised exchanges from a 7 per cent value-added tax.
The tax exemption, which will last from April 2022 to December 2023, will also apply to retail central bank digital money that the central bank will issue, he said.
Thailand's digital asset market has risen rapidly in the last year, with trading accounts expected to reach over 2 million by the end of 2021, up from just 170,000 earlier that year, a ministry official said in January. Bitcoin is the most popular cryptocurrency in Thailand.
Additionally, Arkhom noted, the cabinet authorised tax reductions for direct and indirect investments in startups. Investors who invest in startups for at least two years will receive a ten-year tax cut till June 2032.
Also Read: Biden signs executive order on cryptocurrencies; here is everything you need to know
Also Read: Russia-Ukraine war shines a spotlight on cryptocurrency