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/

[Jenkins9039]

Wife pays income tax on Stablecoin deposits as income.

[Seppius]

I've just done KYC with Bitkub, I am holding a coin that is doing very well in an off-exchange wallet from where I could send straight to Bitkub,. If not, they would have to go to Coinbase-UK bank-Thai bank

 

I will check with an accountant here about tax/VAT situation first, as there seems different views on this thread

[john donson]

On 12/12/2024 at 11:38 AM, Celsius said:

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!!!

 

 

are you the same cry baby that wrote he is on his last million baht?

[Celsius]

5 minutes ago, john donson said:

 

are you the same cry baby that wrote he is on his last million baht?

 

WRONG THREAD

[BigStar]

Are Americans welcome on BitKub? FATCA paperwork?

[richard_smith237]

6 hours 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! 

 

I'm outside of the 180 days rule - penalties still count then ?

I've not yet tried brining in Massive Crypto sums via Cold Wallet into BitKub then to my account, but I could investigate dropping into my Wifes account as a 'Gift'.

 

I usually transfer into my Wife's account as a Gift directly from my overseas account anyway as if I'm not mistaken we can transfer up 15 MB...  (but I must admit, this is all muddy water for me - I also fall outside of the 180 days so am not a Thai tax resident anyway).

 

 

[JBChiangRai]

3 hours ago, Seppius said:

I've just done KYC with Bitkub, I am holding a coin that is doing very well in an off-exchange wallet from where I could send straight to Bitkub,. If not, they would have to go to Coinbase-UK bank-Thai bank

 

I will check with an accountant here about tax/VAT situation first, as there seems different views on this thread

 

There's no VAT currently.

 

I explained the tax situation very clearly for (say) BitKub if you are tax resident here.  I'm aware some people dispute this because they are ignorant of the tax situation.  

Thailand Cryptocurrency Income Personal Tax - SHERRINGS

 

The issue with Coinbase-UK bank-Thai bank is you could incur a CGT liability in the UK if you're a British Citizen, your UK bank should ask questions if it's over 10,000 GBP due to AML, when you bring it into a Thai bank, if you're tax resident you still have a liability here in Thailand even though you're bringing FIAT (overseas capital gains are subject to PIT here when remitted unless following year with LTR visa).

 

[Democracy74]

54 minutes ago, JBChiangRai said:

 

There's no VAT currently.

 

I explained the tax situation very clearly for (say) BitKub if you are tax resident here.  I'm aware some people dispute this because they are ignorant of the tax situation.  

Thailand Cryptocurrency Income Personal Tax - SHERRINGS

 

The issue with Coinbase-UK bank-Thai bank is you could incur a CGT liability in the UK if you're a British Citizen, your UK bank should ask questions if it's over 10,000 GBP due to AML, when you bring it into a Thai bank, if you're tax resident you still have a liability here in Thailand even though you're bringing FIAT (overseas capital gains are subject to PIT here when remitted unless following year with LTR visa).

 

https://sherrings.com/digital-investment-tokens-income-tax-thailand.html 

read the section related to Royal Decree (789) BE 2567 

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

[JBChiangRai]

3 minutes ago, Democracy74 said:

https://sherrings.com/digital-investment-tokens-income-tax-thailand.html 

read the section related to Royal Decree (789) BE 2567 

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 key words is there are "holding cryptocurrency and utility tokens", not trading them.

[Democracy74]

Just now, JBChiangRai said:

 

The key words is there are "holding cryptocurrency and utility tokens", not trading them.

Yes, agreed. I wonder how long you have to hold them for to not be classed a trader?

[ukrules]

53 minutes ago, Democracy74 said:

if 15% withholding tax has been deducted from such income

 

That 'if' is the important part - as none of the crypto exchanges currently withhold any tax at all leaving it all subject to PIT

Right?

[youke]

On 12/12/2024 at 5:14 PM, JBChiangRai said:

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

My understanding is that if you transfer cryptocurrency from a foreign exchange(or cold wallet) to a Thai exchange, you only need to pay personal income tax on the profit portion. The cost basis of the cryptocurrency is calculated based on the price on the day it is transferred to the Thai exchange, not on the entire sale amount.

[JBChiangRai]

2 hours ago, youke said:

My understanding is that if you transfer cryptocurrency from a foreign exchange(or cold wallet) to a Thai exchange, you only need to pay personal income tax on the profit portion. The cost basis of the cryptocurrency is calculated based on the price on the day it is transferred to the Thai exchange, not on the entire sale amount.

 

That would be nice but unfortunately, it's not the case.