- Thailand will not charge VAT on crypto transfers until the end of 2023.
- The new rule is in addition to the VAT exemption placed on crypto transactions earlier in the year.
Thailand’s government issued a royal decree that includes a provision exempting crypto transfers from value added tax (VAT) payments until December 31, 2023, the Bangkok Post reported on Thursday.
Based on the new ruling, crypto and digital asset transfers on regulated exchanges will not require 7% VAT payments until the start of 2024.
This new ruling is in addition to a previous waiver on VAT levied on crypto and digital asset transactions that was enacted in March. This exemption will also expire at the end of 2023.
The Thai government also rolled back plans to institute a 15% capital gains tax, thus enabling traders to offset any annualized losses against unrealized profit earned from crypto investments.
Thailand’s government says these waivers are part of efforts to boost investment in the country’s digital asset space.
Crypto is, however, banned as a means of payment in Thailand, as previously reported by The Block. This ban does not prohibit people in the country from trading and investing in cryptocurrencies and digital assets.
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