Thailand’s cabinet agreed to apply tax breaks to the companies issuing digital investment tokens.
The announcement was made by the government spokesperson, Rachada Dhnadirek.
The investment token issuers will be exempt from corporate income tax and value-added tax in Thailand.
- The government expects $3.71B worth of investment tokens to be offered in the country over the next two years.
- The country will waive around $1B of tax revenue from those tokens.
- The cabinet previously approved import duty exemptions for electric vehicles.
The Thai government also relaxed tax rules in crypto trading to support the development of the industry in 2022.
- The Securities and Exchange Commission (SEC) of Thailand, however, forbade using digital assets to pay for goods and services in March last year, citing its possible damage to financial stability.
