Connect with us


Thailand to tax overseas income, including crypto, next year



Thailand will subject anyone staying in the country for up to 180 days in a given tax year to Thai personal income tax on their foreign income and assets, including their cryptocurrency holdings.

Similarly, the Thailand Revenue Department will impose a personal income tax on any person earning income from crypto trading and spending over 180 days in Thailand, regardless of their place of residence.

The Bangkok Post reported on September 19 that the new tax regulations will take effect on January 1, 2024, and taxpayers will need to report their foreign income and assets by submitting the first set of forms in 2025.

Under the previous regulations, Thailand only taxed foreign income that individuals brought into the country. However, the new rules will require individuals to declare all their foreign income, regardless of whether they remit it to Thailand or not. A finance Ministry official explained:

“The principle of tax is that you must pay tax on income you earn from abroad no matter how you earn it and regardless of the tax year in which the money is earned.”

Additional sources cited by the Bangkok Post indicate that the new regulations intend to target specific groups of individuals who have been able to avoid paying taxes on their overseas income. These groups include residents who trade in foreign stock markets through foreign brokerages, cryptocurrency traders, and Thais with offshore accounts.

In July, the Securities and Exchange Commission of Thailand (SEC) enacted new regulations that require digital asset service providers to provide adequate risk warnings to their customers regarding cryptocurrency trading. The SEC has also prohibited any forms of crypto lending services.

However, the recent election of Srettha Thavisin as the new Thai prime minister could indicate a shift in the government’s approach to crypto regulation. Thavisin, a real estate tycoon, has invested in crypto and has even issued a token through XSpring Capital, a crypto-friendly investment firm.

Read also: 

Xeenon, a web3 streaming platform, to shut down

Mina becomes the first non-EVM protocol  on MetaMask Snaps


0 0 votes
Article Rating
1 Comment
0 0 votes
Article Rating
Notify of

1 Comment
Newest Most Voted
Inline Feedbacks
View all comments

Crypto News Update

Latest Episode on Inside Blockchain

Crypto Street



ALL Sections

Recent Posts

Would love your thoughts, please comment.x