Thailand crypto investor tax burdens are being relaxed from April 2022 until the end of 2023, according to the results of a finance ministry cabinet meeting on Tuesday.
See related article: Thailand to regulate cryptocurrency as payment method
Fast facts
- The cabinet approved tax relief measures, including the exemption of a 7% value-added tax (VAT) on cryptocurrency trades on regulated exchanges, in a bid to promote the crypto industry.
- Transfers of Thai central bank digital currency (CBDC) issued by the Bank of Thailand are also exempted from VAT.
- Investors can offset annual losses against crypto profits on government-approved exchanges for tax calculations.
- Earlier this year, the Thai government axed 15% withholding tax plans on cryptocurrency transactions following public backlash.
- The Bank of Thailand’s retail CBDC project is scheduled to enter pilot stages later this year.
See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination?
