Personal income tax on foreign assets, including cryptocurrency, would apply to everyone who stays in Thailand for up to 180 days.
Any person who lives in Thailand for more than 180 days will be subject to personal income tax on their overseas earnings, including any profits from cryptocurrency trading according to Thailand’s Revenue Department plans.
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The Bangkok Post reported on September 19 that the new regulation would go into force on January 1, 2024, and that the first tax returns, including those for foreign income, would be sent out in 2025.
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Only the foreign income that was remitted to Thailand in the earning year was taxed under the previous regulation. The new regulation addresses this loophole and requires everyone to report any foreign income, even if it isn’t going to be spent locally. This reasoning was given to journalists by a representative of the Finance Ministry:
“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”.
Other Bangkok Post sources claim that the law explicitly targets people who trade on overseas stock exchanges through foreign brokerages, cryptocurrency investors, and Thai citizens who have accounts abroad.
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The Securities and Exchange Commission (SEC) of Thailand mandated that digital asset service providers publish proper warnings outlining dangers related to cryptocurrency trading in July. Additionally, all sorts of crypto financing services are now forbidden.
The recent election of a new prime minister, however, may disrupt the trend of intense examination of the cryptocurrency industry. Srettha Thavisin, a real estate magnate who was chosen to head the Thai parliament, took part in a $225 million fundraising effort for the cryptocurrency-friendly investment management company XSpring Capital, which even planned to launch its own coin in 2022.
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