Thailand Relaxed Crypto Taxation
Thailand's government has announced that digital token-issuing companies will not be subject to corporate income tax and value-added tax. This move is part of the government's recent efforts to regulate cryptocurrency and promote secure and transparent digital asset trade.
The decision to waive taxes on cryptocurrency companies is not unprecedented; last year, the government relaxed tax rules for digital asset investments to boost the crypto industry. Rachada Dhnadirek, a member of Thailand's Democratic Party's Executive Committee, suggested that these companies could rely on investment tokens, as well as traditional methods like debentures, to raise funds.
She also noted that the government would lose 35 million baht in tax revenue due to the policy change. Additionally, the Thai Securities and Exchange Commission has issued regulations on virtual asset service providers and their digital wallet management systems, while also implementing restrictions on crypto-based advertisements
Despite the government's efforts to promote cryptocurrencies, the central bank and other legal regulators have opposed their use as a means of payment, citing potential effects on the country's financial stability and economy.
Sources:
https://coinedition.com/thailand-implements-tax-relaxation-on-digital-token-companies/
https://cointelegraph.com/news/thailand-to-offer-tax-breaks-for-investment-token-issuers
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