The Thai cabinet has approved tax exemptions (corporate income tax and value-added tax) for cryptocurrency companies that offer investment tokens in the country, Finance Minister Arkhom Termpittayapaisith said in a statement on Tuesday. The tax exemption will apply to both the primary and secondary markets of these investment tokens. Utility tokens are not covered by this crypto tax exemption policy. Arkhom said such companies must register their token offerings to enjoy the tax exemption.
The Thai government estimates that 128 billion baht ($3.71 billion) worth of investment tokens will be issued over the next two years, costing the government 35 billion baht in lost tax revenue. [Reuters]
