Thailand eases crypto tax burden until 2023 to promote industry
Thailand crypto investor tax burdens are being relaxed from April 2022 until the end of 2023, according to the results of a finance ministry cabinet meeting on Tuesday.
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Fast facts
- The cabinet approved tax relief measures, including the exemption of a 7% value-added tax (VAT) on cryptocurrency trades on regulated exchanges, in a bid to promote the crypto industry.
- Transfers of Thai central bank digital currency (CBDC) issued by the Bank of Thailand are also exempted from VAT.
- Investors can offset annual losses against crypto profits on government-approved exchanges for tax calculations.
- Earlier this year, the Thai government axed 15% withholding tax plans on cryptocurrency transactions following public backlash.
- The Bank of Thailand’s retail CBDC project is scheduled to enter pilot stages later this year.
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