Thai Cabinet Approves Crypto-Friendly Tax Rules

[webfact]

 

by Paul Rujopakarn

    

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 exempt from a value-added tax (VAT) of 7% for crypto trading on authorized exchanges.

 

Finance Minister Arkhom Termpittayapaisith announced that traders will also be allowed to offset their annual losses against gains for taxes. The new tax rules were introduced in response to a surge in crypto trading in recent years.

 

The new rules will offer traders several benefits, including exemption from value-added taxes, settlement of losses and higher crypto trading activity in Thailand.

 

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The administration has been keen to promote and help develop the cryptocurrency industry. In addition to relaxed crypto taxation, the Cabinet has also approved tax breaks for investments in startups. Investors will be offered tax exemptions from selling startup shares, provided they have had the shares in their possession for longer than two years. The offer is valid until 2032.

 

The relaxed rules will be effective from April 2022 to December 2023 and apply to Thailand’s central bank digital currency as well as other cryptocurrencies in circulation.

 

The Kingdom’s crypto-economy has grown significantly over the past year from 170,000 active crypto traders in January 2021 to 2 million at the end of the year.

 

-- © Copyright NNT 2022-03-09

 

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[Will B Good]

Must be something in it for those with their snouts in the trough.

Edited March 9, 2022 by Will B Good

[MadMac]

There is still 7% VAT on silver. Why?

[kotsak]

Yeah, right! Expect anyone to reveal anything about their crypto investments.. are these people for real?

 

Which part of the word crypto did they fail to understand? ????

 

 

Edited March 9, 2022 by kotsak

[Henk Langeweg]

Free electricity for mining?

[timendres]

Given other governments' attempts to curtail the use of crypto, the Thai government deserves some credit for their relatively sane approach. Income tax on net profits. I am somewhat impressed.

[RafPinto]

Yeah. You can see everywhere the publicity of the younger guy, posing for Bitkub (spelled  right?) 

He must be the son of a very influential person or someone high up in government.

Edited March 9, 2022 by RafPinto

[ukrules]

2 hours ago, RafPinto said:

Yeah. You can see everywhere the publicity of the younger guy, posing for Bitkub (spelled  right?) 

He must be the son of a very influential person or someone high up in government.

Bitkub is now majority owned by Siam Commercial Bank - that's all you need to know.

 

Here's a list of the major shareholders of SCB :

 

[rwill]

16 hours ago, kotsak said:

Yeah, right! Expect anyone to reveal anything about their crypto investments.. are these people for real?

 

Which part of the word crypto did they fail to understand? ????

 

 

The part where your crypto is kept on an exchange, i.e. Bitkub, and not fully under your control. With everything being reported to the government.

[Whale]

On 3/9/2022 at 11:57 AM, webfact said:

Investors will be exempt from a value-added tax (VAT) of 7% for crypto trading on authorized exchanges.

So how do they know if you are on an "unauthorised" exchange? 

[Jenkins9039]

On 3/10/2022 at 5:03 AM, rwill said:

With everything being reported to the government

Not happening currently.

[Jenkins9039]

On 3/10/2022 at 6:27 PM, Whale said:

if you are on an "unauthorised" exchange? 

Non SEC regulated... (Check Thai SEC).