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Thailand Adopts Tax Exception to Boost Crypto Industry

 


Thailand's Ministry of Finance has reduced taxation on cryptocurrencies to encourage investment in the crypto market.


The related tax law changes come just weeks after the South Asian country's government scrapped plans for a 15% crypto tax . The new rule will now exempt crypto investors from paying 7% Value Added Tax (VAT) on cryptocurrency trading, Reuters reports .


The revised tax regime would also allow Thai investors to offset profits and losses from crypto trading against each other when taxing. A significant relief, because in most countries only profits from trading in cryptocurrencies are taxed, losses are usually largely ignored. The new tax treatment will initially apply in Thailand from April 2022 to the end of December 2023.


For investors who invest in domestic crypto companies for at least two years, the VAT exemption applies for up to 10 years.


As Thailand's Finance Minister Arkhom Termpittayapaisith explains, the new tax regulations were introduced to specifically encourage investments in the domestic crypto industry. The second largest economy in Southeast Asia has become an attractive target for crypto companies in the region, as the country's regulatory regime has so far been relatively conducive to them.


The new regulations could now even become an example for other countries that have not yet established clear crypto tax laws. India's people would very likely be happy to see a similar exemption given that the Indian government is currently targeting a whopping 30% tax on crypto assets .

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