Thailand Approves Tax Exemption for Crypto Earnings to Encourage Investment Tokens

In a move to promote fundraising through investment tokens, the Thai government has approved a tax exemption for cryptocurrency earnings. This exemption allows holders of investment tokens, who have already had 15% capital gains tax withheld, to exclude their profits from their income tax calculations, effectively eliminating double taxation.

Kulaya Tantitemit, the director-general of Thailands Revenue Department, emphasized the significance of digital tokens for investment and their potential to help businesses raise funds in the country. The tax exemption, which will come into effect from 1 January 2024, reflects the government's commitment to supporting the growth of cryptocurrency and blockchain technology in Thailand.

This latest development follows a series of tax benefits approved for the crypto industry in Thailand, including a VAT exemption on earnings until 2023 and a $1 billion tax benefit for firms issuing investment tokens. These measures demonstrate the government's recognition of the importance of the cryptocurrency industry and its efforts to create a conducive environment for its development.

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