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Is there a tax when selling BitCoin In Thailand?


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5 hours ago, In Full Agreement said:

Thank you for that info.   I thought BitCoin was anonymous to the point where it was below the radar of  taxes.

 

I didn't know there was such close recording keeping of BitCoin or any other Crupto.

 

Is that anonymity aspect of the crypto  no longer in  place?

Sure it is. You can probably flee from taxes for a very long time, but it will be hell to pay if it one day will catch up with you.

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13 hours ago, In Full Agreement said:

 

Thank you for that info.   I thought BitCoin was anonymous to the point where it was below the radar of  taxes.

 

I didn't know there was such close recording keeping of BitCoin or any other Crupto.

 

Is that anonymity aspect of the crypto  no longer in  place?

There is absolutely nothing anonymous when trading on a Thai crypto exchange. Transactions are not taxed at source like interest on a bank account or dividend payments from shares, but any gains are definitely subject to both withholding tax (the 15% you're talking about) as well as personal income tax.

 

What are the taxes on Cryptocurrency in Thailand and do I need to pay tax? (belaws.com)

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It’s a bit of a grey area at the moment.

some say no tax,some say 15% withholding tax,some say it’s classed as income. If it’s classed as income you will need to pay tax according to the revenue departments tax guide The first 150,000 baht is tax free. Meaning if you earn up to 150,000 baht and nothing over for the year it’s tax free. Then if it goes over 150,000 baht you pay tax according to the sliding scale.

If you are fluent in Thai or have a Thai friend that can help you,get them to contact the revenue department and ask how they tax crypto currency’s and what the tax rate is. 
A lot of Thais don’t lodge tax returns and assume it’s tax free,seller beware especially now the government will be short on a cash. I assume they will be looking very hard at ways to claw back some money and crypto profits could be on there radar.

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2 hours ago, rwill said:

unless you are selling on a Thai registered exchange they won't know about it.

If you sell using SET, there is not tax, I think, unless things changed, and doubtful.

Edited by KhunLA
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Cash in in Singapore.  No capital gains tax.  Whenever you want to diversify out of crypto (when your Ledgers start to tingle), it's also a great place to store gold bars and also park/grow your capital on the SGX.

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2 minutes ago, Heng said:

Cash in in Singapore.  No capital gains tax.  Whenever you want to diversify out of crypto (when your Ledgers start to tingle), it's also a great place to store gold bars and also park/grow your capital on the SGX.

No tax on income derived outside HK so putting money there is a good idea too. 

My issue is getting the cash for daily living expenses.  I don't like taking out large sums to cover weeks of expenses.

So I might transfer 1000 baht from bitkub then withdraw 100 baht from the ATM.

I'm looking for ways to do that which don't require going through bitkub.

 

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18 hours ago, In Full Agreement said:

 

Thank you for that info.   I thought BitCoin was anonymous to the point where it was below the radar of  taxes.

 

I didn't know there was such close recording keeping of BitCoin or any other Crupto.

 

Is that anonymity aspect of the crypto  no longer in  place?

the Bitcoin blockchain is public. anyone can look up any transaction or address at will using a blockchain explorer. so no, it's not quite as anonymous as people are led to believe. 

 

you can create a Bitcoin wallet for free and without having to provide any personal info but once you start interacting with exchanges that require personal info (KYC) then you lose any anonymity.

 

that's a very rough guide from a dummy, maybe try Google if you want more of a pro opinion.

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31 minutes ago, Neeranam said:

I just today paid university fees using my crypto.com card. I sent BTC from Bitkubbto my card.

Didn't pay tax, I actually got back 3%, in CRO, ABOUT 1700 BAHT..

Bought another kid an iPhone on Sat, got over 1000 BAHT back.

bought a gold necklace for my wife last week, a great way to ramp off cryptos.

 

also use P2P 

 

have you considered signing up with Celsius and taking 1% loans at 25% LTVR using your BTC as collateral?

 

I've been using this method for some time now so that i can keep my preciousss digital gold until it pumps to $200k next year at which point I'll liquidate a bunch of it to take profits and pay back the loans. 

 

as always, "not a financial advice"

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Get into De-Fi, with a company like BlockFi or Celsius, and borrow (take out a loan) against your Bitcoin, rather than sell it and pay capital gains tax (CGT).

 

You cannot be taxed on borrowed money.

 

As Bitcoin's trajectory goes ever higher, you can use this strategy into perpetuity,  settling your old debt and taking out a new loan with your increased BTC profits.

 

Bitcoin above $ 68 000,00 today, heading to $85k over coming weeks!

 

Don't pay tax!

Edited by allanos
typo
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1 hour ago, Lemsta69 said:

won't the bank eventually start asking questions about source of funds? 

Yes.   And it's typically a phone call asking about the nature of so and so transaction or the source of so and so funds.   It's no different than if you do a lot of random SWIFT or direct transfer transactions that trigger whatever flags they might have in place.   

 

If the amounts are sustained and big enough over time, well, I don't know what happens next because it's probably not a good idea to let it get that far.   One way you can keep all of this in check (IMO) is to spread it around and of course don't start acting like Justin Bieber, young Jay Z, or Richard Pryor in Superman III.   

 

 

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4 minutes ago, Heng said:

Yes.   And it's typically a phone call asking about the nature of so and so transaction or the source of so and so funds.   It's no different than if you do a lot of random SWIFT or direct transfer transactions that trigger whatever flags they might have in place.   

 

If the amounts are sustained and big enough over time, well, I don't know what happens next because it's probably not a good idea to let it get that far.   One way you can keep all of this in check (IMO) is to spread it around and of course don't start acting like Justin Bieber, young Jay Z, or Richard Pryor in Superman III.   

 

 

but it's been my lifelong dream to act like Richard Pryor with all them half-cents! ????

 

so I guess you wouldn't recommend wiring 10K USD from FTX to Bangkok Bank account?

Edited by Lemsta69
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1 hour ago, Lemsta69 said:

have you considered signing up with Celsius and taking 1% loans at 25% LTVR using your BTC as collateral?

 

I've been using this method for some time now so that i can keep my preciousss digital gold until it pumps to $200k next year at which point I'll liquidate a bunch of it to take profits and pay back the loans. 

 

as always, "not a financial advice"

I use Celcius but don't like it and don't like taking loans. I have reached my target for BTC. I bought it at 88,000 baht. 

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1 hour ago, Lemsta69 said:

I've been using this method for some time now so that i can keep my preciousss digital gold until it pumps to $200k next year

Although possible, I can't see BTC to 200k next year but sure in 2025. 

I prefer to take my profits before Dec as it's too stressful trying to hit the peak, and start buying again in the Spring. 

 

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11 minutes ago, Neeranam said:

 

 

Although possible, I can't see BTC to 200k next year but sure in 2025. 

I prefer to take my profits before Dec as it's too stressful trying to hit the peak, and start buying again in the Spring. 

 

was just having a laugh when I mentioned $200k, that figure and higher are being bandied about by some ultra-bullish analysts. but you never know ????????????????

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Although possible, I can't see BTC to 200k next year but sure in 2025. 

I prefer to take my profits before Dec as it's too stressful trying to hit the peak, and start buying again in the Spring.

 

Lots of shills calling ever-higher prices, but the Plan B stock-to-flow model is probably the one to pay most attention to.

 

If I remember correctly, the model is predicting $280k before the end of the present cycle, which may extend into the end of Q2 of next year.

 

Cathy Wood, the extremely clever CEO of Ark Invest, mentions a foreseeable price of $ 560k.

 

You pays your money, you takes your choice, Lol!

 

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27 minutes ago, allanos said:

Although possible, I can't see BTC to 200k next year but sure in 2025. 

I prefer to take my profits before Dec as it's too stressful trying to hit the peak, and start buying again in the Spring.

 

Lots of shills calling ever-higher prices, but the Plan B stock-to-flow model is probably the one to pay most attention to.

 

If I remember correctly, the model is predicting $280k before the end of the present cycle, which may extend into the end of Q2 of next year.

 

Cathy Wood, the extremely clever CEO of Ark Invest, mentions a foreseeable price of $ 560k.

 

You pays your money, you takes your choice, Lol!

 

needless to say I'm in love with both PlanB and Cathie Wood. I like Willy Woo as well, he talks up the BTC price too ????

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