In Full Agreement Posted November 8, 2021 Share Posted November 8, 2021 I was told there is a tax and it's 15%. Is that correct and if not correct what is the tax rate? 1 Link to comment Share on other sites More sharing options...
Gottfrid Posted November 8, 2021 Share Posted November 8, 2021 (edited) Yes, of course there is a tax when selling something with profit! And yes, the tax is 15% on your profit. Edited November 8, 2021 by Gottfrid Link to comment Share on other sites More sharing options...
Popular Post In Full Agreement Posted November 8, 2021 Author Popular Post Share Posted November 8, 2021 3 minutes ago, Gottfrid said: Yes, of course there is a tax when selling something with profit! And yes, the tax is 15% on your profit. 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? 1 3 Link to comment Share on other sites More sharing options...
Popular Post PoorSucker Posted November 8, 2021 Popular Post Share Posted November 8, 2021 27 minutes 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. No problem, PM me and I'll send an invoice to you. 1 4 Link to comment Share on other sites More sharing options...
Gottfrid Posted November 8, 2021 Share Posted November 8, 2021 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. Link to comment Share on other sites More sharing options...
Popular Post rwill Posted November 9, 2021 Popular Post Share Posted November 9, 2021 unless you are selling on a Thai registered exchange they won't know about it. 4 Link to comment Share on other sites More sharing options...
Popular Post Falcon Posted November 9, 2021 Popular Post Share Posted November 9, 2021 There are no taxes to pay in Bitcoin, we have a business that accepts Bitcoin and we transfer it to the bank weekly. All you pay is a small transaction fee. We use bitkub and the money is in the my wife’s account literally within a few seconds of selling it. Bitkub is NOT anonymous though. In order to open a bitkub account you need to show a lot of documents. We just use my wife’s name for that one and then spend from the anonymous one that we use for our business, to her. 2 1 Link to comment Share on other sites More sharing options...
me4175 Posted November 9, 2021 Share Posted November 9, 2021 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) Link to comment Share on other sites More sharing options...
Titan1962 Posted November 9, 2021 Share Posted November 9, 2021 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. 2 Link to comment Share on other sites More sharing options...
KhunLA Posted November 9, 2021 Share Posted November 9, 2021 (edited) 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 November 9, 2021 by KhunLA 1 Link to comment Share on other sites More sharing options...
jesimps Posted November 9, 2021 Share Posted November 9, 2021 How about if you're an ex UK civil servant and have no option but to pay tax in that country? Would you pay the tax from crypto gains on Thai exchanges to Thailand or UK? Link to comment Share on other sites More sharing options...
Popular Post Freddy42OZ Posted November 9, 2021 Popular Post Share Posted November 9, 2021 This info came out recently. New Info has come out regarding digital asset taxes in Thailand. New announcement says bitkub withdrawals will be subject to a 15% tax for foreigners and Thais, automatically deducted on withdrawal. Then Thais will be subject to an additional 15% yearly tax, payable to revenue dept. Apparently will go into place by April next year. Also says foreigners will be exempt from the revenue tax, but they'll definitely find other ways. Foreigners will most likely be exposed to higher taxes when withdraws are above a certain amount. Not sure how this affects other exchanges, was only talking about bitkub. All will most likely change by that time though but that's where it's at now. 1 1 1 Link to comment Share on other sites More sharing options...
Heng Posted November 9, 2021 Share Posted November 9, 2021 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. 1 Link to comment Share on other sites More sharing options...
Freddy42OZ Posted November 9, 2021 Share Posted November 9, 2021 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. 1 Link to comment Share on other sites More sharing options...
Popular Post Neeranam Posted November 9, 2021 Popular Post Share Posted November 9, 2021 2 hours ago, Freddy42OZ said: 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. 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 3 Link to comment Share on other sites More sharing options...
Speedhump Posted November 9, 2021 Share Posted November 9, 2021 How is this considered money earned inside Thailand? I thought that money earned online (eg. online language teaching of students outside of Thailand) is not taxable. Link to comment Share on other sites More sharing options...
Neeranam Posted November 9, 2021 Share Posted November 9, 2021 2 hours ago, Freddy42OZ said: I'm looking for ways to do that which don't require going through bitkub. Binance P2P, buyers send BAHT to your account 1 Link to comment Share on other sites More sharing options...
Popular Post Gsxrnz Posted November 9, 2021 Popular Post Share Posted November 9, 2021 The only tax payable to any thieving filthy money grubbing government endorsed highwayman of a tax collector is what you tell them about or what you allow another entity to tell them about. Governments and tax collectors should be considered to be mushrooms - best kept in the dark. Getting difficult these days but luckily I saw it coming years ago structured accordingly. Still pay a truckload of tax, but that's a truckload less than they would otherwise filch off me. I consider my annual tax returns to be works of art on a par with anything da Vinci did. It's just a shame I can't hang 'em on the wall. Instead I file them in my small library of paperbacks - in the fiction section, obviously. 1 3 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 9 minutes ago, Neeranam said: Binance P2P, buyers send BAHT to your account won't the bank eventually start asking questions about source of funds? 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 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. 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 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" 1 1 Link to comment Share on other sites More sharing options...
allanos Posted November 9, 2021 Share Posted November 9, 2021 (edited) 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 November 9, 2021 by allanos typo 2 Link to comment Share on other sites More sharing options...
Heng Posted November 9, 2021 Share Posted November 9, 2021 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. 1 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 (edited) 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 November 9, 2021 by Lemsta69 1 1 Link to comment Share on other sites More sharing options...
Neeranam Posted November 9, 2021 Share Posted November 9, 2021 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. 1 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 Just now, Neeranam said: 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. well that settles it! ???? 1 Link to comment Share on other sites More sharing options...
Neeranam Posted November 9, 2021 Share Posted November 9, 2021 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. Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 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 ???????????????? Link to comment Share on other sites More sharing options...
allanos Posted November 9, 2021 Share Posted November 9, 2021 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! 2 Link to comment Share on other sites More sharing options...
Lemsta69 Posted November 9, 2021 Share Posted November 9, 2021 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 ???? 2 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now