March 27, 2024
Latest Cryptocurrency News

Thailand to Tax Overseas Income, Including Crypto in 2024

Thailand’s Revenue Department is set to implement a new policy, effective from January 1, 2024, that will subject individuals residing in Thailand for more than 180 days to personal income tax on their foreign earnings, including income generated from cryptocurrency trading. The first tax reporting forms encompassing overseas income will be due in 2025.

This rule closes a previous loophole where only foreign income brought into Thailand during the earning year was taxable. Under the new regulation, individuals are required to declare all income earned abroad, regardless of whether it was intended for use in the local economy. A Finance Ministry official explained the rationale behind this change:

“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.” 

The policy is specifically aimed at residents engaged in foreign stock market trading through foreign brokerages, cryptocurrency traders, and Thai individuals with offshore accounts.

In July, Thailand’s Securities and Exchange Commission (SEC) imposed requirements on digital asset service providers to issue adequate warnings regarding the risks associated with cryptocurrency trading and prohibited various forms of crypto lending services.

However, the crypto industry’s level of scrutiny may shift with the recent election of Thailand’s new prime minister, Srettha Thavisin. Thavisin, a prominent real estate tycoon, was elected to lead the Thai parliament and had previously participated in a $225 million funding round for the crypto-friendly investment management firm XSpring Capital. Furthermore, in 2022, his firm issued its token through XSpring.

Image by tawatchai07 on Freepik

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