Thailand reduces the tax burden on crypto till 2023 in order to boost the business

According to the conclusions of a finance ministry cabinet meeting on Tuesday, Thailand's crypto investment tax burdens would be eased from April 2022 through the end of 2023.

Thailand eases crypto tax burden until 2023 in order to promote industry

In an effort to boost the crypto industry, the cabinet authorized tax relief measures, including the exemption of a 7% value-added tax (VAT) on cryptocurrency trades on registered exchanges.

Transfers of the Bank of Thailand's central bank digital currency (CBDC) are likewise exempt from VAT.

For tax purposes, investors can balance annual losses against crypto profits on government-approved exchanges.

Following public outcry, Thailand's government scrapped plans for a 15% withholding tax on bitcoin transactions earlier this year.

The retail CBDC initiative of the Bank of Thailand is set to begin pilot testing later this year.