Thailand Crypto Tax Update
- Thread starter Wellington
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Well this is not a final 15% capital gains tax, it's a 15% withholding tax that could be used as a tax credit deduction on year+1 income tax return.
Personal income progressive tax rates (max 35% over 5M THB ~ 150K USD) will be applied to all taxable income including crypto capital gains.
It is important that once the seller is subject to withholding tax, the profits from crypto transfers must also be filed for annual income tax returns, as such withholding is not considered a final withholding tax, he said.
Sellers can use the deducted tax as a tax credit for a deduction next year under Section 60 of the Revenue Code, Mr Anon said.
Personal income progressive tax rates (max 35% over 5M THB ~ 150K USD) will be applied to all taxable income including crypto capital gains.
It is important that once the seller is subject to withholding tax, the profits from crypto transfers must also be filed for annual income tax returns, as such withholding is not considered a final withholding tax, he said.
Sellers can use the deducted tax as a tax credit for a deduction next year under Section 60 of the Revenue Code, Mr Anon said.
Interesting to see how they work out USDT/USDC deposits to THB .
Also. when they are going from.
Also. when they are going from.
Well, at least the disbelievers (of Thailand actively working on broadenIng its tax base) will now be able to enjoy "attentive services".
By reading this -> https://www.rd.go.th/fileadmin/user_upload/news/2565eng/englishnews6_2565.pdf it should be clear in which direction the country is heading. Soon they wil abolish the "one-year remittance rule".
By reading this -> https://www.rd.go.th/fileadmin/user_upload/news/2565eng/englishnews6_2565.pdf it should be clear in which direction the country is heading. Soon they wil abolish the "one-year remittance rule".
Well, I can't wait to see how they will enforce such strict tax rules.
From what I see, majority of Thai people don't declare/pay income tax or only a tiny % of what they really should.
In any country, as long as corruption and bribes are standard business, beginning from the top elite, any strict law enforcement attempt is irrelevant.
From what I see, majority of Thai people don't declare/pay income tax or only a tiny % of what they really should.
In any country, as long as corruption and bribes are standard business, beginning from the top elite, any strict law enforcement attempt is irrelevant.
35%~ roughly pay taxes in Thailand, but those that do pay taxes pay up to 35%
Note the crypto tax is income taxes tax up to 35%
Capital gains 15%
Then another 15% for GsT
Note the exchanges won’t pay taxes except corporate tax
It’s a kinda mute point.
For example, Brit’s living in Thailand don’t have to pay UK tax except certain cap gains tax, Thailand traditionally hasn’t taxed expats because
-They couldn’t prove easily funds were made in the same year
-They see the money flowing into the grey/white economy
It’s not in︀ thailands interest to tax funds earned overseas for expats which would usually be taxed in︁ country opposed to their home country, even with their tax domciled being Thailand, because that︂ drives people away from Thailand both short term and long term, especially with the heavy︃ tax levels (up to 35%) which in return destroys their local economies in Phuket, Krabi,︄ Pattaya and Samui, Phuket of which provides a huge amount of revenues to Thailand in︅ the grey, black, white economies - they’d be poorer for it.
Note the crypto tax is income taxes tax up to 35%
Capital gains 15%
Then another 15% for GsT
Note the exchanges won’t pay taxes except corporate tax
It’s a kinda mute point.
For example, Brit’s living in Thailand don’t have to pay UK tax except certain cap gains tax, Thailand traditionally hasn’t taxed expats because
-They couldn’t prove easily funds were made in the same year
-They see the money flowing into the grey/white economy
It’s not in︀ thailands interest to tax funds earned overseas for expats which would usually be taxed in︁ country opposed to their home country, even with their tax domciled being Thailand, because that︂ drives people away from Thailand both short term and long term, especially with the heavy︃ tax levels (up to 35%) which in return destroys their local economies in Phuket, Krabi,︄ Pattaya and Samui, Phuket of which provides a huge amount of revenues to Thailand in︅ the grey, black, white economies - they’d be poorer for it.
Thai people are not falangs 😉 therein lies a small but very important difference.
They can just make you pay tax as a condition to your visa (you need to show tax returns etc.) as creatively as they are.
They can just make you pay tax as a condition to your visa (you need to show tax returns etc.) as creatively as they are.
LOL if you really understand Thai's: The TWB program is just an excuse for free field trips to Switzerland and Luxembourg...so that they can open their own accounts.
Cryptocurrency tax exempt for trades on approved exchanges until end of 2023. Cryptocurrency tax exempt for trades on approved exchanges until end of 2023
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