Thailand Issues Personal Income Tax Exemption Policy for 5 Years for Cryptocurrency
The Thai government has decided to exempt personal income tax for five years, starting from January 1, 2025, to December 31, 2029, for profits from cryptocurrency. This new policy opens up a significant opportunity for the country to become a leading digital asset hub in the region.
Thailand Makes Progress Towards Developing a Cryptocurrency Hub
Deputy Finance Minister Chulaphan Amornvivat confirmed the government's decision through a post on X (formerly Twitter). He stated that profits from crypto transactions would be exempt from personal income tax, provided that these transactions are operated by platforms supervised by the Securities and Exchange Commission (SEC).
"Good news has arrived! The government has approved tax measures to promote Thailand as a cryptocurrency hub by exempting personal income tax on crypto profits through SEC-supervised service providers," Chulaphan announced.
Reasons Why Thailand Decided to Exempt Tax for Cryptocurrency
According to Chulaphan, the tax exemption policy is designed to:
Stimulating the development of the domestic cryptocurrency market
Promoting innovation and fundraising based on blockchain
Attracting cryptocurrency businesses
Increasing long-term budget revenue, expected to add more than 1 billion USD (equivalent to 3.7 trillion VND) to the economy.
This policy helps Thailand compete with globally friendly crypto hubs, aiming for a comprehensive digital finance development.
Who Benefits from the Tax Exemption Policy?
The policy applies to profits from platforms licensed under the Cryptocurrency Business Act B.E. 2561, including:
Cryptocurrency exchanges
Cryptocurrency brokers
Cryptocurrency agents
All must be monitored by the SEC and comply with the regulations of the Anti-Money Laundering Office (AMLO).
International Vision and Transparency
The tax policy meets international standards. Thailand plans to implement the OECD's Cryptocurrency Asset Reporting Framework (CARF) to enhance transparency and minimize tax evasion. Crypto service providers will be required to disclose details of user transactions, increasing accountability in the industry.
Conclusion
The tax exemption for crypto income lasting until 2029 is likely to significantly change Thailand's digital economy. This policy, accompanied by clear regulations and a focus on transparency, is laying the groundwork for the country to become a leading blockchain and crypto innovation hub in Asia.
Source: https://tintucbitcoin.com/thai-lan-mien-thue-tien-dien-den-2029/
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