According to local reports, Thailand’s Finance Ministry has announced new measures to boost its digital asset industry and push the country to solidify its position in the nascent industry.
Crypto Trading Exempt From 7% VAT Requirement
As reported by the Bangkok Post, Thailand revealed its new move to develop the country’s digital asset industry. The Finance Ministry announced the exemption of value-added tax (VAT) on digital assets trading “to push Thailand towards becoming a digital asset hub.”
The Finance Ministry suspended the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading to ease tax rules on digital assets.
According to the report, Paopoom Rojanasakul, secretary to the finance minister, expressed the Ministry’s desire “to promote digital assets as a new alternative tool for fundraising.”
Finance Ministry has announced the exemption of VAT on trades in digital assets, to boost capital mobilisation through digital assets, in an attempt to make Thailand regional digital asset hub, says Paopoom Rojanasakul, secretary to Finance Minister. #ThaiPBSWorld #Thailand #VAT
— Thai PBS World (@ThaiPBSWorld) February 6, 2024
The VAT exemption, effective since January 1, 2024, has no expiration date. Additionally, digital investment tokens transferred to a third party will remain exempt from VAT, as they have since May 14, 2023.
Previously, the VAT exemption on digital ass
Go to Source to See Full Article
Author: Rubmar Garcia
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
