The Finance Ministry of Thailand has reportedly relaxed crypto tax regulation to promote investment in the digital asset market. The revision follows the earlier government decision to scrap plans to introduce a 15% tax on crypto gains. The new tax policy exempts crypto traders on authorised exchanges from the 7% value-added tax (VAT). The new tax rules will also allow traders to offset their annual losses against gains for their crypto investments. This contrasts with the approach being adopted by many governments which are looking only at taxing crypto gains without taking into account losses incurred due to market volatility. The new tax exemptions will take effect from April 2022 and last until December 2023. The new Thai tax policy will also provide tax exemptions of up to 10 years for investors who invest in Thai crypto start-ups for two years or more.
Sources: https://cutt.ly/RAHxEN0
