The Draft of Royal Decree to enhance and extend tax exemption measures was approved by Thai Cabinet. The Draft will extend VAT exemptions for the transfer of cryptocurrency or digital token on exchange including adding the VAT exemptions for the transfer of cryptocurrency or digital token through licensed brokers and dealers under the supervision of the Office of Securities and Exchange Commission (“SEC Office”), which shall be effective from 1 January 2024 with no expiration date. Such approval is a significant step forward in the regulation and taxation of digital assets in Thailand.
In addition, the transfers of digital investment tokens are still exempt from corporate income tax and VAT for companies and registered partnerships as specified in the Royal Decree No.779 which is effective from 16 August 2023 onwards.