The discharging VAT transaction of cryptocurrency or digital assets in Thailand

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          The Thai decree published the Royal Government Gazette text of a report about the code of revenue, which is the regulation of discharged VAT on transferring cryptocurrency or digital tokens by those taking any actions within the trading of digital assets exchange market. The decree gives an argument in order to not only encourage the cryptocurrency or digital token exchange market but also to encourage its trading in Thailand. According to the Thai Government Gazette, the purpose of this revenue code is to state that the regulation allows for the proper regulation of digital asset transactions.

          Beforehand, on March 8th, there was a proposal from the ministry convention for a composed decree in this regulation about the discharging of VAT on cryptocurrency or digital assets between April 1st, 2022 and December 31st, 2023. In addition, this requested proposal was approved by the Securities and Exchange Commission of Thailand, which is reputable and reliable. From the convention, there was a resolution that the majority consented to this decree onward. This proposal was subsequently submitted by the ministry of finance on May 21st. Afterward, on May 24th, the Thai Government Gazette published the authorization to validate this discharged VAT regulation, which stated that it was effective the day after the declaration, which started on May 25th.

Published 08/06/2022

By Ashley Jones