According to numerous local news sources, Thailand’s cabinet on Tuesday approved a tax exemption for cryptocurrency earnings in order to promote fundraising through investment tokens.
One source claims that the exemption eliminates the possibility of double taxation by removing the necessity for holders of investment tokens with the 15% capital gains tax withheld to include the profits in their income tax calculations.
The head of Thailand’s Revenue Department, Kulaya Tantitemit, reportedly stated, “The Ministry of Finance through the Revenue Department recognises the importance of digital tokens for investment (Investment Token), which will be another tool for raising funds for business operators in the country.”
Value-added tax (VAT) exemption for earnings until 2023 and a $1 billion tax benefit to companies generating investment tokens are among the tax incentives that Thailand has recently granted for cryptocurrency businesses and users. Beginning on January 1, 2024, the new exemption will apply to earnings from investment tokens.