Thailand Exempts 7% Crypto Tax For Traders On Exchanges

Thailand exempts 7% crypto tax for traders on crypto exchanges while also offering tax exemptions of up to 10 years for crypto startup investors so let’s find out more today in our cryptocurrency news.

The revised tax policy in Thailand exempts 7% of the mandatory VAT on authorized exchanges. The Finance Ministry of Thailand reportedly eased up the tax regulations to promote investments in the digital asset market. The changes to the tax regulation came a few weeks after the government scrapped the plans of introducing a 15% tax on crypto gains. The new policy exempts crypto traders from the 7% VAT on authorized exchanges.

The new policy will also allow traders to offset the annual losses against the gains for their crypto investments.
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It came as a huge relief for traders given most of the governments at the point is looking to tax gains without taking into account all losses incurred by traders due to teh market volatility. The new tax exemptions will come into effect from April 2022 until December 2023. The new tax policy promised to offer tax exemptions of up to 10 years for investors that invest for the past two years in the crypto startups in the country.

The finance minister Arkhom Termpittayapaisith said that the revised policies had been developed to promote the nascent global asset market in South East Asia’s second-biggest economy. Thailand grew to become one of the leading crypto destinations in Asia mainly because of the government’s crypto-centered regulations and the ability to work on the feedback from stakeholders of the ecosystem. The next tax policies will also become the benchmark for other nations that are looking to impose some form of crypto taxation all while Indian crypto traders were demanding something similar after the government announced a 30% tax on all crypto holdings without accounting for the losses that the traders incur.

As recently reported, Thailand suspends the implementation of the 15% crypto capital gains tax for now the proposal was presented earlier this year but it triggered a lot of opposition and it seems that some sort of crypto tax will still be implemented after all. Thailand will not proceed with its 15% crypto tax plan after the traders expressed strong opposition.