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Thailand has given the green light for token earnings to be exempt from personal income tax.
The Thai government recently approved tax breaks for individuals holding investment tokens to encourage their use in fundraising. According to a report by the Bangkok Post on March 13, the cabinet gave the green light for tax breaks for investment tokenholders. The Director-General of Thailand’s Revenue Department, Kulaya Tantitemit, mentioned that those who profit from investment tokens and have a 15% withholding tax deducted can exclude this income when calculating their personal income tax. These tax measures, effective since Jan. 1, are aimed at boosting fundraising through investment tokens and positioning the country as an investment hub to enhance the economy. However, the tax break will only apply to individuals who do not seek refunds or claim a tax credit. Additionally, the government also waived corporate income tax and value-added tax (VAT) for investment token issuers to provide them with an alternative fundraising method. Deputy Government Spokesman Rachada Dhnadirek stated that this move is expected to bring in around $3.7 billion in capital over the next two years.