Thai Government Grants Tax Breaks for Crypto Payment Until 2023 -Breaking
- Royal Decrees exempt crypto trading from VAT in Thailand
- Crypto transfers are exempted from VAT in Thailand until 2023.
- Thai SEC reverses its ban on crypto payments
Thailand’s government has officially waived the value-added taxes (VAT), for payments in cryptocurrency via government-approved exchanges. A Royal Gazette decree published this information on Tuesday May 24, 2022.
According to the decree, the retroactive tax exemptions would be in effect from April 1, 2022 until December 31, 2023. The digital currency also issued by Bank of Thailand will be included.
This means that investors who make transfers of cryptocurrencies or digital tokens via authorized Thai exchanges will be exempted from VAT by 7%.
Arkom Termpittayapaisit, Thailand’s Finance minister, said he believes the new tax rules will make