- Royal Decrees enforce VAT exemption for crypto trading in Thailand.
- Thailand exempts crypto transfers from VAT until the end of 2023.
- Thai SEC makes a u-turn on crypto payment ban.
The government of Thailand has formally waved value-added tax (VAT) for payment in cryptocurrencies done via government-approved exchanges. This revelation came via a decree published in the Royal Gazette on Tuesday, May 24, 2022.
The decree noted that the tax breaks will be enforced retroactively from April 1, 2022, until Dec. 31, 2023, which also includes digital currency issued by the Bank of Thailand.
In light of this, investors making transfers in cryptocurrencies and digital tokens through authorized exchanges in Thailand will get a 7% VAT exemption on such transactions.
Arkom Termpittayapaisit, Thailand’s Finance minister, said he believes the new tax rules will make