Thailand abolished VAT for individual crypto-currency investors

Traders will still have to pay a 15% capital gains tax. 18.May.18 9:52 PM By John M Jeffcoat Photo Toinnov.com    316

It became known that the tax department of Thailand refuses 7% value-added tax for individual crypto-currency investors, which was announced earlier. Since the beginning of the week, the regulation of digital currencies and the initial placement of tokens began in the country. These operations will henceforth be under the jurisdiction of the Securities and Exchange Commission of Thailand (SEC). The director of the country's tax administration, together with the abolition of the value-added tax, noted that the participants of the trade relations still have to pay the state a 15-percent tax on capital gains. Most likely, such a reduction in the tax burden is intended to reduce the number of speculative transactions on crypto-exchange exchanges. A new law, which entered into force on Monday, also requires tax collection from private organizations that are engaged in the primary location of tokens, i.e., ICO. According to legal requirements, they will have to pay a corporate tax for the entire amount that they will be able to attract during the ICO events. All amendments to the tax legislation will be made public by the end of June by the Securities and Exchange Commission of Thailand.

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