Thailand approves relaxed tax rules for digital assets

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A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken October 19, 2021. REUTERS/Edgar Su

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BANGKOK, March 8 (Reuters) – Thailand’s cabinet on Tuesday eased tax rules for investing in digital assets to promote and grow the sector following a surge in cryptocurrency trading in the world’s second-largest economy. ‘South East Asia.

The rules, according to an earlier announcement, will allow traders to offset annual losses against gains for taxes due on cryptocurrency investments, and exempt a 7% value-added tax for cryptocurrency trading. on authorized stock exchanges, Finance Minister Arkhom Termpittayapaisith told a news conference.

The tax exemption, effective from April 2022 to December 2023, will also cover trading in central bank retail digital currency to be issued by the central bank, he said.

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Digital assets have grown rapidly in Thailand over the past year, with trading accounts reaching around 2 million by the end of 2021, up from just 170,000 earlier that year, a ministry official said in January. .

Bitcoin is the most popular cryptocurrency in Thailand.

The cabinet also approved tax breaks for direct and indirect investments in startups, Arkhom said. Investors who invest for at least two years in startups will be offered the tax relief for 10 years until June 2032.

($1 = 33.1800 baht)

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Reporting by Orathai Sriring, Kitiphong Thaichareon, Satawasin Staporncharnchai and Panarat Thepgumpanat Editing by Kanupriya Kapoor

Our standards: The Thomson Reuters Trust Principles.

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