Thailand’s Revenue Department has announced that it will waive the 7% value-added tax for individual cryptocurrency investors. The country began regulating digital currencies and initial coin offerings on Monday, putting the Thai Securities and Exchange Commission (SEC) in charge of the regulations.
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The decree to provide the legal framework for cryptocurrencies and initial coin offerings (ICOs) in Thailand went into effect on Monday.
Cryptocurrency transactions are currently subject to income tax for both private companies and individual investors, Nation Multimedia explained. Saroch Thongpracum, Director of Legal Affairs of the country’s Revenue Department, announced at a press conference on Tuesday:
The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC).
However, Mr. Saroch emphasized, “Individuals will still have to pay a 15 percent capital gains tax, also known as a withholding tax, on income earned in a transaction.”
The VAT waiver for individual cryptocurrency traders aims to “reduce their tax burden,” the publication noted, adding that the Revenue Department “would issue a regulation waiving the 7 percent VAT …
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