Taxes on Crypto profits in Thailand!

Accounting, Crypto , , ,

As of the 14th of May 2018, The Royal Decree on Amendment to the Revenue Code, introduced new measures for the taxation of Blockchain income. These amendments include a) 15% withholding tax [WHT] must be deducted from the receipt of Crypto [capital gains] profit and b) 0-35% rates of Personal Income Tax [PIT] must be deducted from [capital gains] profit, earned or received from Crypto during any tax year. The 15% WHT [already paid at realization] can be claimed as a tax credit against any further PIT due. Assessment is applicable to both residents and non-residents of Thailand and a further breakdown of these applicable taxes can be found below.

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Is foreign income taxed from January 1st, 2024?

Accounting, Investment, Property, Retirement, Tax , , , , ,

Effective January 1st, 2024, any foreign-earned income [example; salary, interest earned on savings, capital gain on assets etc] brought into Thailand that was earned and realized during any tax year, shall be subject to Thai personal income tax [ PIT ] assessment in the year it was brought/sent to Thailand. The main difference between this law previously and moving forward [from 1st January, 2024], is that personal income tax on any/all foreign-earned income shall now be applicable regardless of which [fiscal] year that income was earned and realized.

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