Just-In: Thailand Waives Tax For Companies Issuing Digital Tokens

Thailand’s government on Tuesday said it will waive corporate income tax and value-added tax for companies issuing digital tokens for investment. This marks another pro-crypto move by Thailand after relaxing tax rules for crypto trading last year.

Thailand’s Cabinet on March 7 agreed to offer tax breaks for companies issuing digital tokens for investment, reported Reuters. Deputy Government Spokeswoman Rachada Dhnadirek noted that these companies will raise capital through investment tokens, as well as alternative methods like debentures.

Finance Minister Arkhom Termpittayapaisith said the waiver applies to both the primary and secondary markets for companies and registered entities issuing initial coin offerings. Investors will also be exempted from value-added tax, but utility tokens are not eligible for these tax breaks.

“Cabinet approves waiver of corporate income and value added taxes for companies issuing digital investment tokens to facilitate fund-raising by listed and non-listed entities.”

The estimated investment token offerings over the next two years to worth over $3.71 billion. The move will cost the government to lose tax revenue of nearly $1 billion.

The post Just-In: Thailand Waives Tax For Companies Issuing Digital Tokens appeared first on CoinGape.