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Thailand bitcoin VAT exempt

  • VAT
  • 18 May 2018 | Richard Asquith

Thailand bitcoin VAT exempt

Thailand has made digital currencies, such as bitcoin, VAT exempt.

This recognises the cryptocurrency as a 'private money' instead of a commodity with its own intrinsic value. This follows the treatment in the European Union and much of the rest of the world. Trading will though remain subject to capital gains or corporate income tax.

At the same time, Thailand announced the Thailand's SEC will regulate the virtual currencies.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.