- Thailand cabinet approves tax exemption for crypto earnings, according to local media outlet Bangkok Post.
- New measures take effect on January 1, 2024.
- Thai government expects to raise 18.5 billion baht from token investment fundraising.
Thailand has approved a tax exemption targeted at crypto holders as the country looks to promote fundraising through investment tokens.
Local news outlet Bangkok Post reported on this earlier today, March 13, 2024.
Thai’s new crypto tax measures
Specifically, the Thai cabinet approved the new tax measures aimed at crypto earnings on Tuesday, March 12, 2024.
With the nod, earnings from crypto tokens held as investment tokens do not have to be included in the calculation of an individual’s personal income tax. Such individuals who already have the 15% withholding tax added can exclude the crypto earnings from this income tax calculation.
According to Kulaya Tantitemit, Thailand’s revenue authority, the tax measures are effective January 1, 2024.
The tax breaks are also targeted at token issuers. Already, measures announced last week had provided a corporate income tax and value-added tax (VAT) waiver for issuers of investment tokens. Those measures combined with the latest cabinet nod will help push the country to the forefront as a global hub for investment fundraising, authorities said.
Thailand expects about 18.5 billion baht (about $519 million) in token investments over the next nine months, the Thai Securities and Exchange Commission (SEC) said.