It's my first year paying thai taxes, got a tax ID already, I only have a tax liability with my crypto withdrawls from 2024, nothing else

any suggestion for a Crypto Tax agent hopefully in Chiang mai, time is getting away, 10 weeks left to submit.

T.V. assist in CM can refer a normal tax agent, not a particular crypto one, any suggestions?

Do you need one?  it may be fairly simple.

 

Where did you buy your crypto? Was it prior to 2024?

Good luck finding one... Let us know if you have any positive results. Cheers.

Phil

On 1/19/2025 at 2:51 PM, JBChiangRai said:

Do you need one?  it may be fairly simple.

 

Where did you buy your crypto? Was it prior to 2024?

I dont know what I'm supposed to declare, maybe do it myself next year but I don't want to risk stuffing it up

It's actually very simple, if you didn't buy your crypto on an authorised Thai exchange but you did sell them on one, then you pay personal income tax (PIT) on the entire sales amount.

 

If you bought them on an authorised Thai exchange then you pay PIT on the profit.

 

Any tax accountant should be able to handle it.

I'd like to know how exchanges like Bitkub determine tax. I've transferred so much money to them over the years, buying crypto for myself, and friends. If I have put in $1,000,000 and withdraw $1,000,000, I have no profit, or do I?

Is is better to use Binance P2P, or use some of the local agents?

 

On 1/21/2025 at 3:00 PM, JBChiangRai said:

It's actually very simple, if you didn't buy your crypto on an authorised Thai exchange but you did sell them on one, then you pay personal income tax (PIT) on the entire sales amount.

 

If you bought them on an authorised Thai exchange then you pay PIT on the profit.

 

Any tax accountant should be able to handle it.

This seems unfair, doesn’t it? When buying cryptocurrency, there’s usually a cost involved, right? Take USDT for example—it’s bought in terms of USD, and that’s the cost basis. It doesn’t make sense to pay tax on the entire sales amount without accounting for the initial investment.

 

Shouldn’t the tax be calculated based on the profit, where the cost is determined at the time of transferring the crypto to a regulated exchange, rather than on the full sales amount? This way, it would be much fairer to reflect the actual gain.

22 minutes ago, youke said:

This seems unfair, doesn’t it? When buying cryptocurrency, there’s usually a cost involved, right? Take USDT for example—it’s bought in terms of USD, and that’s the cost basis. It doesn’t make sense to pay tax on the entire sales amount without accounting for the initial investment.

 

Shouldn’t the tax be calculated based on the profit, where the cost is determined at the time of transferring the crypto to a regulated exchange, rather than on the full sales amount? This way, it would be much fairer to reflect the actual gain.

I agree, it’s unfair, the issue from their side is how do they know what price you bought at?

 

For example, you could sell overseas making a vast profit, then buy them back overseas.  Then sell in Thailand claiming a very small profit.

 

They have thought this through.

4 hours ago, JBChiangRai said:

I agree, it’s unfair, the issue from their side is how do they know what price you bought at?

 

For example, you could sell overseas making a vast profit, then buy them back overseas.  Then sell in Thailand claiming a very small profit.

 

They have thought this through.

 

Not really, I use Kraken in the US. Nothing Thai involved at all.

 

I would however like to read this law which specifies that foreign purchased crypto assets are taxed using a cost basis of zero Baht instead of the actual cost.

25 minutes ago, ukrules said:

 

Not really, I use Kraken in the US. Nothing Thai involved at all.

 

I would however like to read this law which specifies that foreign purchased crypto assets are taxed using a cost basis of zero Baht instead of the actual cost.

Mike Lister posted a tax guide 6 months or so ago, you’ll find the rules in there.

3 minutes ago, JBChiangRai said:

Mike Lister posted a tax guide 6 months or so ago, you’ll find the rules in there.

 

lol

 

On 1/21/2025 at 2:00 PM, JBChiangRai said:

It's actually very simple, if you didn't buy your crypto on an authorised Thai exchange but you did sell them on one, then you pay personal income tax (PIT) on the entire sales amount.

 

If you bought them on an authorised Thai exchange then you pay PIT on the profit.

 

Any tax accountant should be able to handle it.

 

This is not correct, it does not matter what anyone else has written on this forum.

 

 

19 hours ago, JBChiangRai said:

Mike Lister posted a tax guide 6 months or so ago, you’ll find the rules in there.

Mike, would you repost that please? 

16 hours ago, paddypower said:

Mike, would you repost that please? 

You're addressing to a ghost.

7 hours ago, Yumthai said:

You're addressing to a ghost.

It doesn't matter, there is no such rule.

Capital gains are capital gains and all are treated the same.

On 1/21/2025 at 2:00 PM, JBChiangRai said:

It's actually very simple, if you didn't buy your crypto on an authorised Thai exchange but you did sell them on one, then you pay personal income tax (PIT) on the entire sales amount.

 

If you bought them on an authorised Thai exchange then you pay PIT on the profit.

 

Any tax accountant should be able to handle it.

So let's say I invested 50k thb in BitKub and now have 100k thb i.e. my profit is 50k.

Do I just pay tax on 50k and that's it or also have to add these 50k to my annual income and thus potentially be in a higher tax bracket?

25 minutes ago, WebGuy said:

So let's say I invested 50k thb in BitKub and now have 100k thb i.e. my profit is 50k.

Do I just pay tax on 50k and that's it or also have to add these 50k to my annual income and thus potentially be in a higher tax bracket?

You add it to your taxable income.

9 minutes ago, JBChiangRai said:

You add it to your taxable income.

Add it to my taxable income and pay the taxes accordingly or first pay 15% on crypto capital gain (on 50k thb) and plus add it to my taxable income increasing my taxes?

1 minute ago, WebGuy said:

Add it to my taxable income and pay the taxes accordingly or first pay 15% on crypto capital gain (on 50k thb) and plus add it to my taxable income increasing my taxes?

My understanding is you would add the 50k to your taxable income.

I believe Thailand has capital gain tax so would need to pay tax on it.

The Thai tax code specifically defines crypto and if you bought it on an authorized Thai exchange, you add the profit to your taxable income.

49 minutes ago, WebGuy said:

I believe Thailand has capital gain tax so would need to pay tax on it.

 

Thailand taxes capital gains but they do not have what we might refer to as a 'capital gains tax' back home - something that is normally taxed at different rates to personal income tax.

It's all personal income tax in Thailand. Their system is VERY primitive and not suited to the modern wider financial world. In any competition they will lose as the more money you have (if remitted) the more you will pay - and it's more than you would pay elsewhere which can be reduced to zero with careful planning and a little luck depending on where you come from and where else you live each year.
 

I've found out. I have a choice to make. I can pay 15% tax right away and forget about it or I can add the crypto profit to my aggregated annual income and then depending on which bracket I am, I pay the taxes.

44 minutes ago, WebGuy said:

I've found out. I have a choice to make. I can pay 15% tax right away and forget about it or I can add the crypto profit to my aggregated annual income and then depending on which bracket I am, I pay the taxes.

 

Oh really? Where did you get this information from?

 

I believe you're referring to the mythical 15% withholding tax that while discussed was not implemented on any Thai exchange - has something changed since I looked it up last year?

 

Not referring to crypto exchanges taking off the tax but when the ones who must pay the crypto tax how to count it. 

8 hours ago, WebGuy said:

Not referring to crypto exchanges taking off the tax but when the ones who must pay the crypto tax how to count it. 

 

Who told you this exists?

 

Which part?

On 2/15/2025 at 4:13 PM, WebGuy said:

So let's say I invested 50k thb in BitKub and now have 100k thb i.e. my profit is 50k.

Do I just pay tax on 50k and that's it or also have to add these 50k to my annual income and thus potentially be in a higher tax bracket?

 

On 1/21/2025 at 2:00 PM, JBChiangRai said:

It's actually very simple, if you didn't buy your crypto on an authorised Thai exchange but you did sell them on one, then you pay personal income tax (PIT) on the entire sales amount.

 

If you bought them on an authorised Thai exchange then you pay PIT on the profit.

 

Any tax accountant should be able to handle it.

I'm easily confused. what if you buy and sell on exchanges via Metamask, Pulsechain?

this is off topic - I am looking for a referral to the correct forum please. I use Rabby.io wallet app. on my PC. I am unable to download it to my mobile (Huawei Pro 3 Android OS) . anyone having similar problems.? tia

I still haven't found a tax accountant here in Chiang Mai, time is running out.