Thai government to ease tax rules for investments in digital assets
The Thai government has approved the easing of tax rules for digital assets in order to promote and develop the industry. The move comes amid a surge in cryptocurrency trading in the kingdom, according to a Reuters report. Finance Minister Arkhom Termpittayapaisith says the relaxed rules means cryptocurrency traders can offset annual losses against gains in the case of taxes due on crypto investments, as well as exempting VAT of 7% for cryptocurrency trading on authorised exchanges. The exemption is effective from April 2022 to December 2023 and also includes trading of retail central bank digital currency to be issued by the central bank.
Reuters reports that there has been significant growth in cryptocurrency trading in Thailand over the last year. According to the finance ministry, by the end of 2021, trading accounts had jumped to around 2 million from just 170,000 earlier in the year. The most popular cryptocurrency in Thailand is Bitcoin.
In related news, Arkhom has confirmed tax breaks for direct and indirect investments in start-up companies in Thailand. Those who invest in start-ups for at least 2 years can avail of a 10-year tax break until June 2032.
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