If someone lives in Thailand for up to 180 days, they will need to pay income tax on assets from other countries, including cryptocurrency.
Thailand’s Revenue Department is planning to start taxing the foreign income of people who live in Thailand for more than 180 days, including money made from trading cryptocurrencies.
Starting from January 1, 2024, this new rule will come into effect, and the first tax forms, which include reporting overseas income, will be due in 2025.
Before this change, only income earned abroad and brought into Thailand in the same year was taxed. With the new rule, individuals will need to report any income earned overseas, even if they don’t plan to use it in the local economy.
A Finance Ministry official clarified the reasoning behind this change to reporters: “The basic rule of taxation is that you have to pay taxes on income earned from overseas, regardless of how it was earned and regardless of the tax year in which you earned the money.”
According to other sources at the Bangkok Post, this policy is primarily aimed at residents who trade in foreign stock markets using foreign brokers, people who trade cryptocurrencies, and Thai individuals with offshore bank accounts.
Thailand’s Crypto Regulations May Change Under New Prime Minister
In July, Thailand’s SEC mandated that digital asset service providers must provide clear warnings about the risks of cryptocurrency trading and banned crypto lending services.
However, there might be a shift towards a more crypto-friendly approach with the election of the new prime minister, Srettha Thavisin, who is involved in a crypto-friendly investment firm called XSpring Capital. He also issued his own token through XSpring in 2022.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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