BANGKOK (NNT) – The cabinet this week approved relaxed tax rules for cryptocurrency traders, in line with other crypto-related measures previously announced by the government. Investors will be exempted from 7% value added tax (VAT) for crypto trading on approved exchanges.
Finance Minister Arkham Trumppittapaisith has announced that traders will be allowed to offset their annual losses as well as profits for taxes. New tax rules have been introduced in recent years in response to the rise of crypto trading.
The new rules will give traders a variety of benefits, including exemption from value-added tax, settlement of losses and higher crypto trading activity in Thailand.
The administration is keen to assist in the promotion and development of the cryptocurrency industry. In addition to relaxed crypto taxation, the cabinet approved tax breaks for investing in startups.
Tax breaks for investing in startups
Investors will be tax-exempt from the sale of startup shares if they have held the shares for more than two years. The offer is valid until 2032.
The relaxed rules will be effective from April 2022 to December 2023 and will apply to digital currency of the Central Bank of Thailand as well as other cryptocurrencies in circulation.
The Kingdom’s crypto-economy grew significantly last year from 170,000 active crypto traders in January 2021 to 2 million at the end of the year.
Information and sources
- Reporter: Paul Rujopakorn
- Rewriter: Paul Rujopakarn
- National News Bureau: http://thainews.prd.go.th