Nous utilisons des cookies essentiels pour faire fonctionner notre site et améliorer l'expérience utilisateur, personnaliser les publicités et analyser le trafic Web. En cliquant sur « Accepter », vous acceptez l'utilisation des cookies sur notre site Web, comme décrit dans notre Politique en matière de cookies.
Thailand, a country recognized for its forward-thinking approach to cryptocurrencies, has introduced a fresh tax regulation focusing on the foreign earnings of crypto traders. This initiative is part of the government's larger plan to finance its economic stimulus efforts, including a countrywide airdrop program.
Under Section 48 of the Revenue Code, individuals residing in Thailand for more than 180 days per year and earning income from work or assets abroad will be liable for personal income tax.
Starting January 1, 2024, authorities will have the authority to tax individuals' foreign income for the year 2025.
As per a report from the Bangkok Post on September 19, the Thai Revenue Department is focusing on overseas income, particularly honing in on cryptocurrency traders.
Under the new rule, individuals earning income from foreign sources, whether from work or assets, will now be liable for personal income tax. This applies to both Thai citizens and foreign residents spending more than 180 days annually in Thailand.
Previously, only foreign income transferred to Thailand within the same year was taxed. However, the new regulation closes this gap. Now, individuals must report all income earned abroad, regardless of whether they plan to use it locally.
It's essential to pay tax on any income earned abroad, regardless of its source or when it was earned.
Legal experts suggest this policy targets specific groups, including residents trading in foreign stock markets via foreign brokers, and notably, cryptocurrency traders.
A source from the Finance Ministry explained to the Bangkok Post, "The aim of taxation is to ensure fairness. The government is seeking new revenue sources for economic stimulus, and this is one approach."
Thailand has been active in regulating crypto activities. In January 2022, the government introduced a 15% capital gains tax on profits made from cryptocurrency trading.
Then, in March 2022, there was news that crypto traders were exempt from the 7% VAT on authorized exchanges.
Moreover, investors who pledged to support crypto startups in Thailand for at least two years were eligible for tax exemptions lasting up to ten years.
The Thai government's updated tax rules on foreign income aim to strengthen the economy, affecting various groups, including cryptocurrency traders.
This new policy has two main goals: to ensure fair tax contributions from everyone and to generate extra revenue to support economic growth initiatives.
Thailand's recent focus on overseas crypto trading income reflects the increasing importance of digital currencies globally. As the government strives to encourage innovation while maintaining fiscal responsibility, it'll be intriguing to see how these regulations shape the country's crypto scene in the years ahead.
Ready to simplify your crypto tax journey? Sign up for Kryptos and start for free.
1. What is Thailand's new tax policy regarding crypto?
Thailand is targeting the foreign income of crypto traders with a new tax policy to fund its economic stimulus measures.
2. Who will be affected by this new tax regulation?
Both Thais and foreign nationals residing in Thailand for more than 180 days annually will be subject to this tax on overseas income.
3. Was foreign income previously taxed in Thailand?
Only foreign income remitted to Thailand within the year it was earned was previously taxed.
4. Has Thailand imposed any other crypto-related taxes before?
Yes, in January 2022, a 15% capital gains tax was imposed on crypto trading profits.
5. Why is the Thai government implementing this new tax policy?
The aim is to ensure equitable tax contributions and generate additional revenue to support economic stimulus measures.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
| Country | Issue | Kryptos Use Case |
|---|---|---|
| India | Cryptocurrency transactions are taxed as capital gains, with evolving legislation creating uncertainty. | Kryptos.io streamlines the process by automatically tracking transactions and computing capital gains, adjusting to new regulations for precise reporting. |
| Brazil | Cryptocurrencies are subject to capital gains tax and must be reported, posing challenges with complex requirements. | Kryptos.io simplifies compliance by offering real-time transaction tracking and detailed tax calculations, making it easier to meet Brazil’s tax obligations. |
| Nigeria | Regulatory framework for cryptocurrencies is evolving, with uncertainty around taxation and restrictions from the Central Bank. | Kryptos.io provides an adaptable solution by maintaining detailed records and generating flexible reports, helping users stay compliant despite regulatory changes. |
| USA | Cryptocurrency transactions are subject to capital gains tax, with detailed IRS reporting requirements. | Kryptos.io enhances compliance by automating the tracking of transactions and generating comprehensive tax reports, facilitating adherence to IRS requirements. |
| UK | Cryptocurrencies are taxed under both capital gains tax and income tax, requiring careful tracking and reporting. | Kryptos.io aids UK users by monitoring both capital gains and income from crypto transactions, ensuring accurate and straightforward tax reporting. |
| Australia | Cryptocurrencies are subject to capital gains tax, and users must report their gains and losses to the ATO. | Kryptos.io assists Australian users by providing seamless transaction tracking and precise capital gains calculations, ensuring efficient compliance with ATO reporting requirements. |
| Germany | Cryptocurrencies are taxed as private assets with gains subject to tax if held for less than a year. | Kryptos.io supports German users by tracking holding periods and computing taxes on cryptocurrency transactions, ensuring adherence to German tax regulations. |
| Japan | Cryptocurrency gains are treated as miscellaneous income and are subject to high tax rates. | Kryptos.io helps Japanese users by offering a detailed tracking system and calculating taxes on miscellaneous income, efficiently managing high tax obligations. |
| Scenario | Description | Kryptos Features that can be of aid |
|---|---|---|
| Multiple Exchanges and Wallets | Consolidating records from various exchanges and wallets to maintain a comprehensive overview of crypto activities. | Seamless integration with numerous exchanges and wallets, automatic import, and consolidation of records. |
| International Transactions | Managing records for cross-border transactions, including currency conversions and compliance with international tax laws. | Support for multiple currencies, efficient management of cross-border activities, accurate currency conversion for reporting. |
| Complex Transactions | Handling trades, swaps, staking, lending, and other sophisticated crypto activities. | Advanced tracking, reporting, and documentation for various transaction types. Kryptos' DeFi and NFT modules offer specialized tools for managing decentralized finance and NFT activities, ensuring precise records and comprehensive oversight. |
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
Thailand, a country recognized for its forward-thinking approach to cryptocurrencies, has introduced a fresh tax regulation focusing on the foreign earnings of crypto traders. This initiative is part of the government's larger plan to finance its economic stimulus efforts, including a countrywide airdrop program.
Under Section 48 of the Revenue Code, individuals residing in Thailand for more than 180 days per year and earning income from work or assets abroad will be liable for personal income tax.
Starting January 1, 2024, authorities will have the authority to tax individuals' foreign income for the year 2025.
As per a report from the Bangkok Post on September 19, the Thai Revenue Department is focusing on overseas income, particularly honing in on cryptocurrency traders.
Under the new rule, individuals earning income from foreign sources, whether from work or assets, will now be liable for personal income tax. This applies to both Thai citizens and foreign residents spending more than 180 days annually in Thailand.
Previously, only foreign income transferred to Thailand within the same year was taxed. However, the new regulation closes this gap. Now, individuals must report all income earned abroad, regardless of whether they plan to use it locally.
It's essential to pay tax on any income earned abroad, regardless of its source or when it was earned.
Legal experts suggest this policy targets specific groups, including residents trading in foreign stock markets via foreign brokers, and notably, cryptocurrency traders.
A source from the Finance Ministry explained to the Bangkok Post, "The aim of taxation is to ensure fairness. The government is seeking new revenue sources for economic stimulus, and this is one approach."
Thailand has been active in regulating crypto activities. In January 2022, the government introduced a 15% capital gains tax on profits made from cryptocurrency trading.
Then, in March 2022, there was news that crypto traders were exempt from the 7% VAT on authorized exchanges.
Moreover, investors who pledged to support crypto startups in Thailand for at least two years were eligible for tax exemptions lasting up to ten years.
The Thai government's updated tax rules on foreign income aim to strengthen the economy, affecting various groups, including cryptocurrency traders.
This new policy has two main goals: to ensure fair tax contributions from everyone and to generate extra revenue to support economic growth initiatives.
Thailand's recent focus on overseas crypto trading income reflects the increasing importance of digital currencies globally. As the government strives to encourage innovation while maintaining fiscal responsibility, it'll be intriguing to see how these regulations shape the country's crypto scene in the years ahead.
Ready to simplify your crypto tax journey? Sign up for Kryptos and start for free.
1. What is Thailand's new tax policy regarding crypto?
Thailand is targeting the foreign income of crypto traders with a new tax policy to fund its economic stimulus measures.
2. Who will be affected by this new tax regulation?
Both Thais and foreign nationals residing in Thailand for more than 180 days annually will be subject to this tax on overseas income.
3. Was foreign income previously taxed in Thailand?
Only foreign income remitted to Thailand within the year it was earned was previously taxed.
4. Has Thailand imposed any other crypto-related taxes before?
Yes, in January 2022, a 15% capital gains tax was imposed on crypto trading profits.
5. Why is the Thai government implementing this new tax policy?
The aim is to ensure equitable tax contributions and generate additional revenue to support economic stimulus measures.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
