Thailand has agreed to waive its corporate tax and value-added tax from companies that issue tokens for investment purposes.
Thailand has attracted attention with the “regulation and clarity” steps it has taken towards the crypto industry. After these moves, cryptocurrencies have started to gain popularity in Thailand recently.
Making a new move towards this popularity, Thailand stated that companies can raise capital through investment tokens in addition to traditional methods such as bonds. Thailand plans to sacrifice taxes on companies that issue tokens for investment purposes.
Thailand Appreciates Investment Token Issuance
Thai government spokesperson Rachada Dhnadirek also touched on her country’s moves towards tokens at a press conference with journalists.
Dhnadirek stated that companies can raise capital and investment issues with tokens instead of traditional methods such as bonds. Thailand, which wants to be at the center of the digitalizing world, has made various initiatives to encourage companies that issue tokens. One of these initiatives has been to waive a few taxes and offer tax breaks.
Government spokesman Dhnadirek stated that the government estimates that there will be a supply of 128 billion baht ($3.71 billion) tokens in the next two years. From these tokens, which will be offered for investment purposes, the government will experience a tax loss of 35 billion baht ($1.01 billion). Thailand is giving up a large amount of taxes because it wants to be at the heart of new technologies.
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