Thailand New Tax Relief Rules Will Make Life Easy For Crypto Enthusiasts

2022-03-12 00:33:00
Thai Government Is Pro Crypto

Thailand makes a giant leap in the direction of crypto, after voting for a new tax relief legislation that specifically targets all crypto-related transactions in the country.

One of the most significant changes with the new tax relief is that crypto traders in Thailand will no longer be subjugated to paying the 7% VAT (value-added tax).

And the same applies to NFTs as well. Moreover, the new tax relief rules will drastically decrease the tax on the yearly crypto gains as well, something that was a major concern up to this Tuesday.

According to Thailand’s Cabinet, the official authority that approved these changes, the tax exemption will be in full effect starting April 2022, and it will last until December of 2023.

In addition, the Cabinet, consisting of Arkhom Termpittayapaisith, Minister of Finance, and his deputy, Santi Prompat, also revealed that Thailand’s upcoming CBDC (central bank digital currency) will utilize this tax exemption and also trade under the new tax relief rules.

Thai Crypto Scene Flourishing

Immediately as the news about the tax relief in Thailand hit the mainstream, Thai crypto enthusiasts went to social media to show their support for this decision.

And considering that the government was in favour of imposing a 15% withholding tax that targets literally all crypto transactions in the country, the crypto community in Thailand definitely has a reason to celebrate.

In fact, last month in February, the Thailand Revenue Department even issued a manual that specifically addresses the upcoming tax relief rules. And it was clear right from the start that the new rules are far more friendly and welcoming for both the industry and the traders.

If we take one look of the history of crypto in Thailand, it is clear that the country is experiencing quite a crypto boom. Specifically, in 2020, Thailand reported a total of 170.000 crypto trading accounts. In December of 2021, this number was around 2 million.

Due to this insane rise in popularity, many experts believe that Thailand is the next ‘big thing’ on the Asian crypto scene. And the latest tax relief rules only show that the government of Thailand is consciously heading in that direction.

 

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