Thailand to exempt companies from issuing investment tokens

According to Bloomberg Tax, Thailand’s Finance Minister Rachada Dhnadirek said that the Thai cabinet has approved corporate income tax and value-added tax exemptions for companies that issue digital investment tokens to facilitate financing for listed and unlisted entities. This exemption applies to the primary and secondary markets of companies and registered entities issuing ICOs (initial coin offerings). Investors in such tokens will also be exempt from VAT. Utility tokens will not be eligible for tax exemption. The Thai government estimates that 128 billion baht ($3.71 billion) worth of investment tokens will be issued over the next two years, which could see the government forgo 35 billion baht worth of taxes, according to Reuters.