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Thailand Greenlights Income Tax Exemption for Investment Token Earnings: Report
Earnings already subject to the 15% capital gains tax don't need to be included when calculating income taxes.
Thailand’s cabinet on Tuesday approved a tax exemption for crypto earnings to encourage fundraising via investment tokens, multiple local news outlets reported.
Under the exemption, holders of investment tokens that have had the 15% capital gains tax withheld don’t need to include the profits when calculating their income tax, essentially ending a scenario of double taxation, according to one report.
STORY CONTINUES BELOW
“The Ministry of Finance through the Revenue Department recognizes the importance of digital tokens for investment (Investment Token), which will be another tool for raising funds for business operators in the country,” Kulaya Tantitemit, director-general of Thailand’s Revenue Department, reportedly said.
Thailand has recently approved a series of tax benefits for crypto firms and users, including a value-added tax (VAT) exemption for earnings until 2023 and a $1 billion tax benefit to firms issuing investment tokens.
The new exemption applies to investment token earnings starting Jan. 1, 2024.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
