Italian crypto tax increased to 26% in 2023
The budget for 2023 was approved by the Italian Senate just before the new year.…
Last Updated on 3 weeks by John Piper
The government of Thailand has taken steps to capitalize on the rise of the digital asset sector by allowing the tax-free issuance and investment of digital tokens.
According to Reuters, the cabinet of Thailand recently decided to eliminate corporate income tax and value added tax (VAT), for investment tokens-emitting companies. Rachada Dhnadirek, deputy government spokesperson, announced the news. She stated that investment tokens will allow companies to raise capital in a variety of ways, including traditional methods such as bonds and debentures, and similar to initial coin offerings and ICOs. Rachada noted that the government expects the investment token offering to generate $3.7 billion in Thai baht in the next two-years, and that the state will experience a loss of almost $1 million in tax revenues.
Thailand has been striving to establish its crypto-related taxation rules over the past few years with a more detailed infrastructure. In the past, authorities suggested that investors should be subject to a 15% capital gains tax. However, the government dropped the plan and added a 7% VAT exemption to crypto traders for trades made on authorized exchanges. Thailand’s local regulators had been working on crypto regulations. The Securities and Exchange Commission of Thailand (SEC) served to ban cryptocurrency payments in March 2022.
Thailand’s government has decided to eliminate corporate income tax and VAT from investment tokens companies. This could encourage more companies into the digital asset market and allow them to raise capital via alternative methods. Although it is not clear if this will boost the Thai economy or generate significant investment, it shows that the government recognizes the potential for digital assets and is working to harness them.
Coin Insider’s first article, Thailand to offer tax breaks for digital token issuers, appeared first on Coin Insider.