I just realized there is no crypto tax in Thailand

[Celsius]

This certainly changes things as I can day trade certain chitcoins to oblivion and not worry about any paperwork. 

 

Does this also solve the issue of transferring money from overseas which most of you are worried about (for nothing imo).

 

Bitkub FTW!!!

 

[richard_smith237]

I do get taxed by BitKub - but its not a large amount (and I don't really understand their taxation system anyway) but its a few thousand baht (on a few million).

 

As far as bringing money in and taking it out.

 

Trx Out: Buying Coins on BitKub (i.e. BitCoin etc) into a Cold Wallet, transfer to another overseas Exchange such as Kraken or Binanace into your overseas account....

 

Vice Versa.

 

Transferring into Thailand: Purchasing BitCoin on an overseas exchange such as Kraken or Binance, transferring to a Cold Wallet, transferring from Cold wallet into BitKub, then withdrawing from BitKub into your Thai account.

 

Of course, hoops need to be jumped through with setting up accounts etc.

 

>> IF there is No Tax on BitKub With drawals, then that is a good solution (and a strong argument against the Anti-cashless crowd).

 

 

 

 

[Celsius]

28 minutes ago, richard_smith237 said:

I do get taxed by BitKub - but its not a large amount (and I don't really understand their taxation system anyway)

 

I think this is VAT.

 

Bitkub site specifically says 

 

"As per the Revenue Department's latest announcement on guidelines for collecting cryptocurrency tax as of 31 January 2022 and 2 Decrees announced on 24 May 2022, the details can be summarized as follows."

 

yada yada yada 

[Seppius]

Had a BitKub account for a while but never did KYC, It's saying my devise cannot scan my passport, is there a fix for this?

[JBChiangRai]

There is crypto tax if you are tax resident.

 

if you bought your coins on a authorized thai exchange, then you pay personal income tax on the profit.

 

If you bought your coins on a foreign or unauthorized exchange, then you pay personal income tax on the entire sale amount.

[Celsius]

4 minutes ago, JBChiangRai said:

There is crypto tax if you are tax resident.

 

if you bought your coins on a authorized thai exchange, then you pay personal income tax on the profit.

 

it seems like you are right.

 

There is no withholding tax, but you're still supposed to pay income tax.

 

Scrap this dumb thread.

[JBChiangRai]

Well, there is an interesting point.

 

If you are not tax resident, can you avoid the crypto tax? Or does the TRD consider it revenue earned in Thailand? (In which case tax is due).

 

 

[ukrules]

Never sell in Thailand or any profit is treated as personal income which means taxes far higher than which might be considered normal capital gains levels depending on which country you're from.

 

Now I'm not 100% sure on this but I would treat anything bought, traded and eventually sold on a Thai exchange as Thai income which means it would be taxed even if you're non resident - for example, less than 180 days.