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Posted

I'm not 100% on Thai tax on crypto for foreigners

this what I think is correct:

They hit you for 15% on any money moved from say Bitcub back to Kasikorn bank at the time of transfer, whether or not you made a profit or actually bought anything with your original deposit.

I don't have a work permit as I'm retired but unsure if that matters

any thoughts or experience on this.

  • Like 1
Posted
11 hours ago, Matzzon said:

Just use an E-wallet as Wirex or Sticpay to trade with crypto currency. Then transfer the money to you bank account from the E-wallet. Both of those have a mobile application too, and you can also get a bank card for them som you can access the money without any transfer to bank accounts.

thanks, I will have a look

Posted (edited)
15 hours ago, piewarmer said:

this what I think is correct:

They hit you for 15% on any money moved from say Bitcub back to Kasikorn bank at the time of transfer,

How can this be correct? Do you have a reference? So you transfer xTHB from Kbank to Bitkub, then transfer if back and get 15% tax? Doesn't make sense. Should be just transfer fees only??

 

I just looked at Bitkub and even tho I haven't done a transfer back to KBank - it tells me there will be a 20THB fee. No mention of any 15% tax.

Edited by MJKT2014
  • Like 2
Posted
22 minutes ago, MJKT2014 said:

How can this be correct? Do you have a reference? So you transfer xTHB from Kbank to Bitkub, then transfer if back and get 15% tax? Doesn't make sense. Should be just transfer fees only??

 

I just looked at Bitkub and even tho I haven't done a transfer back to KBank - it tells me there will be a 20THB fee. No mention of any 15% tax.

Thats why I'm asking, I want someone who has actually done it in the last 6 months, otherwise I'll move a thousand bhat and see what happens.

Posted
17 hours ago, piewarmer said:

https://news.bitcoin.com/thailand-pass-two-cryptocurrency-laws/

this article was last week

I heard this was already done about October last year but apparently not...

chok dee

 

Look again. That article is 2 years old. It was written in 2018.  Yes, these rules are on the books, and no, they aren't being enforced currently because they are unworkable. There is no practical way to determine the basis of the cryptocurrency being sold, so things are just continuing along in a gray area. 

 

  • Like 1
Posted
5 hours ago, oby said:

report back how much u made or lost on the bitcoin speculation and how much in fees, bank transfer charges and tax deducted

It's quite clearly shown on Bitkub that transfers are 20THB flat fee for THB to Kbank. No taxes. 

  • Thanks 1
Posted
20 hours ago, Monomial said:

 

Look again. That article is 2 years old. It was written in 2018. 

 

you are right, I went off the date at the top, not on the left, cheers mate

Posted

Whenever I need some cash for living expenses or whatever in thailand I just send a bit of BTC from my external (hardware, not exchange, no in thailand) wallet to Bitkub and then sell it and transfer the THB to my thai bank. Fast easy and simple. And only 20 THB. No taxes.

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Posted
23 minutes ago, jasonsamui55 said:

Whenever I need some cash for living expenses or whatever in thailand I just send a bit of BTC from my external (hardware, not exchange, no in thailand) wallet to Bitkub and then sell it and transfer the THB to my thai bank. Fast easy and simple. And only 20 THB. No taxes.

Excellent way to do this  BUT  Bitkub and most Thai exchanges don't accept USA customers,  due to the restrictive USA reporting laws.  Any suggestions for USA  people in Thailand who want to cash back to their Thai bank.  Thanks

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Posted
On 2/26/2020 at 4:09 PM, how241 said:

Excellent way to do this  BUT  Bitkub and most Thai exchanges don't accept USA customers,  due to the restrictive USA reporting laws.  Any suggestions for USA  people in Thailand who want to cash back to their Thai bank.  Thanks

Americans can't get on Bitkub? I guess that sucks. There is another service which I once tried but don't remember if the rates were any good. Its called Everex.cash.

 

Also, if you are american, you can so the same with coinbase and move nearly instantly or next biz day to your local bank in the US and then move the cash via Transferwise or Revolut (both are now available to Americans) and then hit the local ATM machine with your TW or Revolut debit card. That works too.  I know because even though I'm not American I have a US coinbase account and US bank account and have done exactly that with almost the same effect.

Posted (edited)
3 hours ago, jasonsamui55 said:

Americans can't get on Bitkub? I guess that sucks. There is another service which I once tried but don't remember if the rates were any good. Its called Everex.cash.

 

Also, if you are american, you can so the same with coinbase and move nearly instantly or next biz day to your local bank in the US and then move the cash via Transferwise or Revolut (both are now available to Americans) and then hit the local ATM machine with your TW or Revolut debit card. That works too.  I know because even though I'm not American I have a US coinbase account and US bank account and have done exactly that with almost the same effect.

Thanks !!!   I will look into your suggestions.  Thank you.  

Edited by how241
  • Like 1
Posted
2 hours ago, how241 said:

Thanks !!!   I will look into your suggestions.  Thank you.  

use your girlfriends account linked in bitkub

  • Haha 1
Posted
3 hours ago, piewarmer said:

use your girlfriends account linked in bitkub

Good idea.  I did that for years until BX recently shut down.

Posted
On 2/28/2020 at 2:04 AM, how241 said:

Good idea.  I did that for years until BX recently shut down.

Try Bitkub. It’s really stepped up its game after Bx.in.th closed down.

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  • 3 weeks later...
Posted

Piewarmer. Check out my posts from last year, researched this back then and as far as I know without doing more research this is still Thailand tax position on Cryptos. 

 

There's links also to a Bangkok company who specialise specifically on this subject if you would like to check out their website. Go to page 4 of this thread for the info you are seeking. 

 

 

  • 2 weeks later...
Posted
On 2/24/2020 at 8:21 AM, MJKT2014 said:

How can this be correct? Do you have a reference? So you transfer xTHB from Kbank to Bitkub, then transfer if back and get 15% tax? Doesn't make sense. Should be just transfer fees only??

 

I just looked at Bitkub and even tho I haven't done a transfer back to KBank - it tells me there will be a 20THB fee. No mention of any 15% tax.

I transferred 500k baht for 20 baht fee to Krung Thai

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  • 3 months later...
Posted

Let say i send 5 BTC from my wallet to THAI exchange . . . . . doing a trade from BTC to THB . ..  ... then to TH bank account . . . . .

If im not a TAX resident of TH have no TIN nr. etc.... then i should "report the sale" to my tax agency abroad ( if a want to ) .

 

I shouldent be a subject for taxation in TH then. . if im just a turist here.

  • Like 1
  • 6 months later...
  • 1 month later...
Posted

Was wondering about taxes just now. So I checked BitKub's support forum.

 

This is what they state: "We do not apply tax guidelines/policies from any digital asset (cryptocurrency) purchase in any way. The reason behind this is that the Revenue Department does not have clear guidelines to tax this type of purchases. If you want to know more about this, we strongly suggest getting in touch with the Revenue Department directly.

For questions and inquiries, please feel free to contact us."

 

Looks clear to me. There's no reporting from them.

 

 

 

  • Like 1
Posted

My bet right now is that Crypto will be viewed the same as Stocks.

As a retail investor, you're buying crypto, make a profit (capital gains) and that is tax-exempt for individuals.

 

Cheers,
Luc

  • Like 1
  • Haha 1
Posted

Hi guys, a friend of ours suggested 3 platforms for crypto trading in Thailand:

coins.co.th / bitkub.com / zipmex.co.th

 

can anyone recommend the best platform and also if anyone uses Bangkok Bank with these? My wife has a BB account and just want a crypto friendly bank for crypto to fiat conversions.

Posted
On 7/13/2020 at 7:47 AM, oMega69 said:

Let say i send 5 BTC from my wallet to THAI exchange . . . . . doing a trade from BTC to THB . ..  ... then to TH bank account . . . . .

If im not a TAX resident of TH have no TIN nr. etc.... then i should "report the sale" to my tax agency abroad ( if a want to ) .

 

I shouldent be a subject for taxation in TH then. . if im just a turist here.

dont declare it to your home country. They will never know or ask about it. But try 1 btc first from your thai exchange to thai bank account. Pay the 20 baht fee and no quesitons asked. The tax office here are imcompetent

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Posted (edited)
7 hours ago, jack71 said:

The tax office here are imcompetent

 

Incompetent or not they are at least attempting to come looking for 'their share' of your capital gains.

 

Keep them offshore, incorporate abroad, the gains are only made in the offshore corporation and from there they can be redirected into the regular system using the 'prior years earnings' rule.

 

Ie - any crypto gains are taxed at zero rate at the offshore corporation, you would then draw funds using some mechanism which is not related to the crypto.

 

This is how I understand it. I will move out of this country before I pay them 1 Baht in tax unless they give me a passport - and the chances of that happening are absolutely ZERO as I will never apply for citizenship - I don't want or require it.

 

Edit: The above is not in any way advice, it's just my thoughts - consult lawyers and accountants for advice regarding your offshore corporation which you will own 100% of.

 

Edited by ukrules
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  • 2 weeks later...
Posted
On 2/26/2020 at 4:09 PM, how241 said:

Excellent way to do this  BUT  Bitkub and most Thai exchanges don't accept USA customers,  due to the restrictive USA reporting laws.  Any suggestions for USA  people in Thailand who want to cash back to their Thai bank.  Thanks

What about using a P2P exchange? 

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  • Thanks 1
Posted

I think most of the established (low tech, ready to plug and play) P2P's: (I know Paxful and Localbitcoins does) will want KYC.   Binance doesn't require KYC for their exchange as long as you don't withdraw more than 2 BTC (at present around $126000... love Chinese standards, if you're only withdrawing $100k USD a day, you're not really a money launderer).... but I am pretty sure for the P2P side of their app, they will require that you provide ID.   (not sure as I decided to go ahead and comply with KYC)

 

If you're talking about DEX P2Ps (slightly higher tech knowledge required, but still accessible with a few hours of Youtube tutorials), then yeah, no KYC with operations like Bisq or Liquality but also far less liquidity.

  • Thanks 1
Posted
19 minutes ago, Heng said:

love Chinese standards, if you're only withdrawing $100k USD a day, you're not really a money launderer

LOL yes, looking at all that chinese property around Phuket - you're definitely not a money launderer if spending below $100k/day.

concerning P2P's - if you want to exchange large sums you could just ask for a personal meeting with the trader. Create a trade offer for smallest sum they allow and ask for their contact details in the chat.

  • Like 2
Posted (edited)
33 minutes ago, fdsa said:

LOL yes, looking at all that chinese property around Phuket - you're definitely not a money launderer if spending below $100k/day.

concerning P2P's - if you want to exchange large sums you could just ask for a personal meeting with the trader. Create a trade offer for smallest sum they allow and ask for their contact details in the chat.

 

Not sure what levels of the game we're all at, but just something to consider with P2P face to face meetings, the one thing you lose with those is that after that point, some stranger knows exactly what you look like and also knows that you may have a significant amount of crypto.   If you stick to just letting them know your name/bank account# (and NOT having public profiles of yourself on the net with your real name) with net to net/non face to face transactions, you're still relatively random to each other.

Edited by Heng
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