If you’re residing in Thailand for over 180 days, be prepared for a change in how your foreign assets, including cryptocurrency, are taxed.
The Revenue Department of Thailand sets out to implement a new tax rule targeting foreign revenues, including gains from crypto trading. As per a recent report from the Bangkok Post dated Sept. 19, this regulation will be effective Jan. 1, 2024. Consequently, the first tax declarations covering overseas income will occur in 2025.
Previously, only foreign income brought into Thailand within its earning year was taxable. This new directive ensures individuals declare all overseas income, irrespective of its intended use within Thailand. A representative from the Finance Ministry clarified,
“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.”
This policy mainly focuses on residents engaged in foreign stock markets via international brokerages, cryptocurrency traders, and Thais holding offshore accounts.
Earlier in July, the country’s Securities and Exchange Commission mandated digital asset service providers to emphasize the risks tied to cryptocurrency trading and banned crypto lending services.
Yet, the crypto landscape in Thailand might see a shift. The newly elected Prime Minister, real estate magnate Srettha Thavisin, has shown crypto-friendly inclinations. Notably, he was involved in a $225-million fundraiser for XSpring Capital, a pro-crypto investment firm, and even launched a token via XSpring in 2022.
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