The Thai government announced a comprehensive tax exemption on profits from trading Bitcoin and digital currencies, in a move aimed at supporting entrepreneurship and innovation, and enhancing the country's position as a regional hub for digital assets.
According to Chulavan Amornvit, Deputy Minister of Finance, this exemption will come into effect from January 1, 2025, and will continue until the end of 2030.
The decision includes exempting capital gains from the sale of digital assets from personal income tax, provided that transactions are conducted through platforms regulated by the Thai Securities and Exchange Commission.
This move is part of a broader government strategy aimed at revitalizing the digital currency market, attracting foreign investments, and stimulating domestic consumption.
Officials expect this policy to contribute to raising tax revenues in the medium term by at least 1 billion Thai Baht, and it also paves the way for the implementation of more advanced fiscal policies, including value-added tax.
The Thai Revenue Department aims to align local frameworks with the international information exchange standards set by the Organisation for Economic Co-operation and Development (OECD), ensuring transparency in tracking digital transactions.
Amornvit explained that this initiative represents a strategic step to enhance the country's economic potential and expand opportunities for Thai entrepreneurs to engage in global markets.
It is worth noting that the government had taken a similar step in March of last year by exempting profits from digital investment tokens from taxes, to avoid double taxation and support the development of the legislative framework for the digital assets sector.
