THAILAND: Crypto trading becomes VAT-free in race for digital

The Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading to push Thailand towards becoming a digital asset hub.

Paopoom Rojanasakul, secretary to the finance minister, said the ministry wants to promote digital assets as a new alternative tool for fundraising.

The authorities hope that this will support the growth of the digital asset industry in Thailand as well as provide the necessary boost to facilitate the country’s digital economy in the near future.

The authorities hope that this will support the growth of the digital asset industry in Thailand as well as provide the necessary boost to facilitate the country’s digital economy in the near future.

The VAT exemption is effective on Jan 1, 2024, with no expiration date.

The transfer of digital investment tokens to a third party is still exempt from VAT. This has been the case since May 14, 2023.

The VAT exemption on digital asset trading, which used to be applicable only to authorised digital asset exchanges, now includes brokers and dealers under the supervision of the Securities and Exchange Commission (SEC).

In the meantime, the Finance Ministry and SEC are in the due process of amending the 2019 Securities and Exchange Act to enable digital investment tokens to resemble securities.

Since Thailand has grown to become one of the top jurisdictions for offshore digital asset investors, the new tax policies could potentially provide the necessary boost to further expand the country’s digital asset market.

However, Mr Paopoom said the government should also take into consideration the stability of the financial system while harnessing its development potential.

14 May 2024

UK: Campaigners demand action on money laundering as Overseas Territories meet

Anti-corruption campaigners have called for the Government to do more to tackle financial crime in the UK’s Overseas Territories ahead of a key meeting this week. Senior representatives from Britain’s

Read More
31 July 2024

UK: New UK government sets sights on transparency with Crown Dependencies

The new Labour Government in the UK has made its first formal pronouncement about its approach towards tax justice and transparency with the Crown Dependencies and Overseas Territories. Stephen Doughty,

Read More
19 April 2024

SINGAPORE: Monetary Authority of Singapore Commits S$35million to Sustainable Finance Upskilling Initiatives

The Monetary Authority of Singapore (MAS) has committed S$35million to upskill and reskill specialists in sustainable finance and has joined forces with the Institute of Banking and Finance (IBF), supported

Read More
1 November 2024

US: Taiwan and US set to address double taxation issues

The U.S. Treasury Department announced in a press release on Tuesday that the first round of talks on a comprehensive double taxation agreement is expected in the coming weeks. The agreement is seen

Read More