Last Updated on March 8, 2023 by Bitfinsider
According to a statement issued by Finance Minister Arkhom Termpittayapaisith on Tuesday, Thailand’s government has authorized tax exemptions for crypto businesses that offer investment coins in the country.
This tax exemption will apply to both main and secondary sales of these investment tokens. Arkhom noted that in order to profit from the tax exemption, such businesses must file their token offerings. Despite the government’s decision to prohibit the use of cryptocurrencies for payment in March 2022, investment tokens are lawful in Thailand.
Thailand’s new crypto tax policy applies to speculators as well. Those who participate in these token transactions will also be excused from paying VAT. This is the relief for crypto-related value-added tax. Thailand’s government canceled VAT on cryptocurrency transactions until 2024 last year.
According to Arkhom, the tax exemption could cost the government up to 35 billion baht ($1 billion) in income over the next two years. This is predicated on 128 billion baht ($3.7 billion) in income from investment token offerings during the time.
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