Thailand scraps crypto tax

Thailand’s Ministry of Finance has decided to forego a previously discussed 7% tax that would have applied on crypto traders using authorized exchanges in the country.

The 7% levy is a value-added tax that was supposed to kick in with a 15% tax on crypto gains. Both taxes have now been scrapped, according to Reuters.

The revised policy is designed to signal that Thailand is once again a crypto-friendly jurisdiction and seeks to attract more investment, and tourists.

Meanwhile, Thailand is working on a tax policy that will allow traders to offset their annual losses against gains from their investment in various crypto assets.

This will allow traders to operate in a more normalized environment, and the postponement of tax should also be another boon to the country’s burgeoning crypto industry.

The new exemptions are set to kick in this April and will last through December 2023 when a more comprehensive tax framework is expected to be introduced.

The tax exemption may be expanded by up to 10 years for investors who back crypto startups.

The country’s finance minister Arkhom Termpittayapaisith said all changes were introduced in a bid to establish the competitiveness of Thailand as a crypto hub in Southeast Asia.

Thailand prides itself on its track record insofar as crypto goes, with the country arguably doing better than other countries in the region because of its ability to work well with feedback from stakeholders, consumers and industry experts.

In the meantime, you may spend your crypto recreationally at websites such as Bitcasino, 1xBit or FortuneJack.

Source

Updated: 03/10/2022 — 12:00