The Thai ministry has relaxed tax regulations by suspending the requirement to remit a 7% VAT on profits generated from cryptocurrency and digital token trading to position Thailand as a regional hub for digital assets.
Crypto VAT Exemption Made Permanent
Thailand has solidified its stance on crypto taxation, announcing the indefinite extension of the VAT exemption on digital asset trading. This significant move revealed through Royal Decree No. 744 and subsequent orders under the Revenue Code, marks a pivotal development for investors utilizing Thai exchanges.
The decree was published in the Royal Gazette on Tuesday and outlines the retrospective enactment of the VAT relief, commencing from April 1, 2022. The exemption officially took effect on May 26, expanding the scope beyond authorized digital asset exchanges to encompass brokers and dealers under Thai SEC supervision.
Expanded Coverage and Tax Relief
Previously, only authorized exchanges enjoyed VAT exemption privileges. However,
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