Thailand cut taxes on cryptocurrency transactions until 2023
The government has exempted traders who trade on regulated exchanges from VAT
09.03.2022 - 11:45
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What’s new? The Thai government decided to ease taxation for cryptocurrencies during a cabinet meeting. The meeting approved tax relief and a full exemption from 7% VAT for traders who trade on the country’s regulated exchanges. Also, the value-added tax will not be levied on transactions of Thailand’s CBDC, Reuters reports. The exemptions will take effect from April 2022 and will last until December 2023.
What is the situation with cryptocurrencies in the country? Thailand has become one of the leading digital asset friendly nations in Asia thanks to the government rules focused on the interests of citizens. As of January 2022, the country began regulating cryptocurrency as a means of payment.
The government has also scrapped the 15% income tax on digital currency transactions due to the negative reaction from the crypto community. Thailand will hold a test launch of its national cryptocurrency in late 2022 and plans to use a central bank digital currency instead of cash.
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