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Posted

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?

  • Like 1
Posted
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

Posted

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.

Posted

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?

 

Posted
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.

Posted
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.

Posted
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.

Posted
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.

Posted
3 minutes ago, JBChiangRai said:


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

 

lol

 

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