In Thailand, the cabinet has approved tax exemptions for individuals earning crypto, with the new measures set to take effect on January 1, 2024. This move is aimed at promoting investment in crypto tokens.
According to local news outlets, such as Bangkok Post, this decision was made on March 12, 2024. The Thai government expects to raise 18.5 billion baht through token investments.
Specifically, the tax measures target earnings from crypto tokens held as investment tokens. This means that individuals do not have to include these earnings in their personal income tax calculation. Those who already pay a 15% withholding tax on their crypto earnings can also exclude them from their income tax calculation.
Thailand’s Revenue Authority, Kulaya Tantitemit, stated that the tax measures will be effective from January 1, 2024. Token issuers are also eligible for tax incentives, as announced last week. This includes exemptions from corporate income tax and value added tax (VAT). The authorities believe that these measures, combined with the cabinet’s decision, will position Thailand as a leading global hub for investment fundraising.
In the next nine months, it is estimated that token investments will reach 18.5 billion baht, according to the Thai Securities and Exchange Commission (SEC).
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