According to the Bangkok Post, in order to develop Thailand into a digital asset center in the region, the country’s government has expanded the scope of value-added tax exemptions for cryptocurrency transactions.
According to reports, Thailand’s Ministry of Finance has relaxed tax regulations and suspended the requirement to impose a 7% value-added tax (VAT) on cryptocurrency trading profits. The tax holiday is effective January 1, 2024, with no end date.
VAT exemptions for digital asset transactions used to only apply to authorized digital asset exchanges, but now also include brokers and dealers regulated by the Securities and Exchange Commission of Thailand.
Paopoom Rojanasakul, secretary to the finance minister, said the finance ministry wants to promote digital assets as new alternative tools for fundraising. However, Paopoom said that while the government is leveraging the development potential of digital assets, it should also consider the stability of the financial system.
Related reports: “Japan’s cabinet finalizes outlines of tax reform and will eliminate tax on companies’ unrealized gains from cryptocurrency” “South Korea considers abolishing cryptocurrency tax under new capital gains tax system”
This article Foreign Media: Thailand’s Ministry of Finance Announces VAT Exemption for Cryptocurrency Transactions first appeared on Zombit.
