ECONOMY

Thailand eases crypto tax burden until 2023 to promote industry

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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.

See related article: Thailand to regulate cryptocurrency as payment method

fast facts

  • Tea office 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 exempt 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% with holding 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.

See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination?

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