The department of taxes of Thailand announced that it would relinquish the value added tax of 7 % for the investors of crypto-currencies. The country has started to regulate the virtual currency, and the ICO on Monday. The SEC of thailand is in charge of monitoring the compliance of these new measures to regulate this sector.
Check out below the details of this announcement in English :
The decree aimed to provide the legal framework for crypto-currencies and the ICO in Thailand came into force on Monday. The transactions of digital currency are now subject to income tax both to private companies for individual investors. Saroch Thongpracum, director of legal affairs of the department of taxes of Thailand, announced on Tuesday at a press conference that the people who trade crypto-currencies on the foreign exchange markets approved by the SEC will be exempt from the VAT.
Source : Pixabay. Investors thai crypto-currencies will be exempt from the 7% tax.
However, Mr. Saroch has pointed out that individuals will still have to pay income tax at a rate of 15 %. The VAT exemption for traders of crypto-currency is to reduce their tax burden. Under the new law, private companies that launch ICO must pay the tax on the companies.
A more complete expected in the next month
According to the decree voted, the SEC thailand is the main regulator of the digital assets in the country. Three groups of operators crypto will be regulated : brokers, dealers, and platforms ICO. They must obtain a license from the minister of Finance.
The head of the SEC has stated that the Commission plans to publish regulations on crypto-currencies by the end of June. However, the central bank of thailand announced that it wanted to wait for the details provided by the SEC before taking action. This institution has already asked the financial organizations of the country to abstain from the processing of transactions of crypto-currencies.
Source : NewsBitcoin