The Thai government has approved tax incentives for transactions with cryptocurrencies in order to create a more favorable environment for investors.
The Cabinet of Ministers approved the new rules for tax incentives on Tuesday, March 8. Finance Minister Arkhom Termpittayapaisith and his deputy, Santi Prompat, confirmed that the country is expanding the relaxations for the crypto industry.
The Minister of Finance said that now traders will be able to offset the annual losses through tax revenues owed on investments in cryptocurrencies. The 7% value added tax will also be waived for transfers of cryptocurrencies or digital tokens on regulated cryptocurrency exchanges.
Termpitthayapaisit added that the tax exemption, valid from April 2022 to December 2023, will apply to retail digital currency trading of the Central Bank, which is going to be issued by the Central Bank of Thailand.
Over the past year, the cryptocurrency market in the kingdom has grown significantly. In January, a spokesman for the Thai Ministry of Finance said that the number of digital currency trading accounts in the country had increased from 170,000 last year to 2 million at the end of 2021. Last month, the Department of Revenue of Thailand published a guideline outlining new tax rules for the cryptocurrency industry. The government has abolished the 15% tax to make conditions for crypto investors more favorable.
Source: Bits
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