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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.

So, how would I calculate my crypto taxes?

If you made a capital gain [profit] on cryptocurrency then, immediately upon realizing such gain [ie: you sold cryptocurrency for a capital gain] during any fiscal [same as calendar] year, within [or brought into] Thailand then, you are required to declare such gains and pay 15% WHT of those gains [profit] to the Revenue Department immediately upon realizing the gain. Your accountant can/will also help you assess the PIT applicable to those gains [cumulatively] for that entire tax [same as calendar] year, per the chart below and, any/all WHT previously paid on such gains shall be credited against the total PIT payable.

Note: Personal Income Tax [PIT] table can be found here!

And, if you answer yes to both questions below, you may be liable for tax assessment and payment of tax:

1. Do you currently own any cryptocurrency?
2. Did you already, or will you soon, realize a capital gain [profit] on cryptocurrency?

Have you answered YES to both questions? If yes, please seek clarity from a qualified accountant!

Request a consultation with our CPA / Auditor via our Contact Us page.