So, how do I calculate my crypto taxes?
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 deducated from [capital gains] profit, earned or received from Crypto during tax year. The 15% WHT [paid at realization of such profit] 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.
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:
- Do you currently own any cryptocurrency?
- 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.