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.

 

[JBChiangRai]

13 hours ago, ukrules said:

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.

 

 

I think it is an area that needs exploring and professional advice.  

 

If you bought on BX the TRD probably don't have those records.

[zepplin]

13 hours ago, ukrules said:

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.

 

The tax rate is 15%

[zepplin]

19 hours 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) 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).

 

 

 

 

Totally wrong , if you transfer it to a Thai bank account to spend it , your gains are taxed at 15% , plus penalties if you think you can not pay it! 

[JBChiangRai]

23 minutes ago, zepplin said:

Totally wrong , if you transfer it to a Thai bank account to spend it , your gains are taxed at 15% , plus penalties if you think you can not pay it! 

 

Sorry you are wrong, Tax is paid under PIT rates, it could be as high as 35%.

 

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.

 

I'm not posting what I think to be the case, I'm posting what I know to be the case.

[Democracy74]

On 24 September 2024, royal decrees no. 788 and 789 issued under the Revenue Code were published in the Royal Gazette, granting tax exemptions for digital assets.

Royal decree no. 788 extends a VAT exemption for the sale of cryptocurrency and utility tokens through licensed digital exchanges, as well as expanding the exemption to sales made through licensed brokers and dealers, effective from 1 January 2024 onwards. A VAT exemption for sales made through licensed digital exchanges under royal decree no. 744 expired on 31 December 2023.

Royal decree no. 789 allows individuals to exclude from their personal income tax returns the share of profits or other similar benefits obtained from holding cryptocurrency and utility tokens received from 1 January 2024 if 15% withholding tax has been deducted from such income. The taxpayer cannot ask for a refund of the tax deducted or use it as a tax credit.  https://www.hlbthai.com/tax-exemptions-for-digital-assets/