Thai crypto taxes

[Whale]

It looks like theres going to be a withholding tax applied to crypto for Thai taxpayers and 15% capital gains, in the not too distant future.  15% is not bad I assume it will be only for the honest and those with Thai exchange accounts.

 

The withholding tax could be an issue though if its done at exchange level. That would be very complicated to do though. If its per sell trade it could be dark.

 

Anyone know anymore?

 

[GrandPapillon]

if you are not a Thai taxpayer? I assume the rates will still apply?

[AgMech Cowboy]

I'm interested only so I can pass the info along to my son. He is trading in crypto and asking me questions all the time.

[Whale]

50 minutes ago, GrandPapillon said:

if you are not a Thai taxpayer?

Theres a lot on the forum who don't live here full time as well as most people are using non-Thai none regulated exchanges.

[allanos]

I am interested in where the OP got this information from.

 

Is it from an official source, like the Thailand Revenue Service, or chat and hearsay

at a bar counter?

 

Not to say that it may not have an element of truth in it. Withholding tax would catch all users of a registered exchange, depending on the criteria used to establish a profit/ dividend/ capital gain or whatever, irrespective of whether they are Thailand residents or not.

 

A levy on Thailand registered taxpayers would be a different matter altogether.

[userabcd]

1 hour ago, GrandPapillon said:

if you are not a Thai taxpayer? I assume the rates will still apply?

One would think so if they use a Thai exchange or foreign withdrawals are encashed to a Thai bank account.

 

All the exchanges worldwide should unilaterally impose a 15% witholding tax on all transactions and hand it over to govt's.

 

Then it is up to the tax payer to manage with his respective govt any profit or loss on any transactions.

Edited January 6, 2022 by userabcd

[Titan1962]

As from what I understand so far regarding tax on crypto would be.

If you make a profit of 150,000 Thai baht in a calendar year,it’s tax free. If the exchange has been taking out that 15% WHT on that 150,000 baht you should in theory be able to claim that back as a tax credit. ( wouldn’t hold me breath ). 
Next any profit gained through the sale of crypto currency’s are classified as income for that year. So anything over that 150,000 would be taxed accordingly using the sliding scale for income tax in Thailand,the highest bracket at 35%. There are no reductions at present for holding that crypto for more than a year like some countries do. I went to the revenue dept awhile back and asked for some clarification on the matter,they had no idea as I must have been the first person to ask about crypto and the tax liabilities. So it’s seller beware,better to Follow the sliding scale and play it safe.

In most countries you need to pay tax on crypto,so it’s no different here. They have been pretty relaxed on taxing crypto up until now. But we all know that Thailand has been hit pretty hard due to covid,they lost a lot of money in revenue and will be looking at clawing some of it back anyway they can. 
 

[CH1961]

4 hours ago, Whale said:

It looks like theres going to be a withholding tax applied to crypto for Thai taxpayers and 15% capital gains, in the not too distant future.

You got this information from your crypto-barstool-expert? 

 

Or just a fairy tale? 

[Dazinoz]

1 hour ago, CH1961 said:

You got this information from your crypto-barstool-expert? 

 

Or just a fairy tale? 

I did read about it before but I can not remember where's so I contacted the thai exchange (coins.co.th)i have a little bit BTC on and asked them and they replied not as yet but the government is looking into it. Is if the exchange knows I guess not fairy tale. That was couple months ago.

[Jenkins9039]

2 hours ago, allanos said:

I am interested in where the OP got this information from.

 

https://www.rd.go.th/english/37749.html#section40

 

Covered in: https://www.coindesk.com/policy/2022/01/06/thailands-crypto-traders-to-be-subject-to-15-capital-gains-tax-report/

Edited January 6, 2022 by Jenkins9039

[Jenkins9039]

Real question - Is it from 2022 onwards, or 2021 onwards (lol).

[GeorgeCross]

1 hour ago, CH1961 said:

You got this information from your crypto-barstool-expert? 

 

Or just a fairy tale? 

front page of the Pangkok Bost fairy tale

 

 

[Jenkins9039]

You will also note Bitkub has forced wallet changes (29th onwards).

 

Government are introducing 'surveillance' on Crypto Currency this year... (that might shield those trading previously).

[khunPer]

7 hours ago, Whale said:

Anyone know anymore?

From what I've seen so in the news then Crypto gain is income taxed; if there might be a flat 15 percent option, like on interest, I'm not aware of.

[ukrules]

3 hours ago, allanos said:

Is it from an official source, like the Thailand Revenue Service, or chat and hearsay

at a bar counter?

There was something published in the gazette a year or two back about crypto taxes but there was a lot more talk about it from government.

 

It was reported here on this forum.

 

Then there was a slightly more alarming 'rule' in which they said they would be taxing worldwide Crypto income as the blockchain is worldwide - that's what it said - it sounds like it was written by an idiot which I can confirm as it came from the government.

 

Essentially there was at some point in the past an announcement about plans to significantly change the way the entire tax system works the moment crypto is involved but I'm not sure if this was just some idiot minister mouthing off to gain attention or an actual change in the law although there was something in the gazette.

 

Clear as mud right - that's the way they like it until they come for your money.

 

[Whale]

5 hours ago, CH1961 said:

You got this information from your crypto-barstool-expert? 

I have better things to do than to troll you. I actually have a life.

[Jenkins9039]

3 hours ago, ukrules said:

blockchain is worldwide

Agreed, though their laws actively conflict with that, as they have rules that income/investments overseas are not taxable within Thailand as long as they mature 12 months outside of the country before bringing over.

 

I've gone from that perspective, deferred salary from 14-19 paid in 19, sat maturing till late 20 and brought in as Stable.

 

Should throw a fox in the hen house.

[khunPer]

There is an article in the news-section today about Bitcoin and Crypto currency taxation, including thoughts about a 15 percent withholding tax...