Thai Tax related to trade digital assets on the exchange
According to the Act Amending the Revenue Code (No. 19) B.E. 2561 (2018), there is amendment under Section 40 and 50 as follows
“(1) Profit shares or other similar benefits derived from holding or possessing digital tokens.
(2) Benefits received from the transfer of cryptocurrency or digital tokens, provided that the value exceeds the investment, are considered taxable under Section 40 (4) (h) and (i) of the Revenue Code.
(3) Under Section 50 of the Revenue Code, in the case of assessable income under Section 40 (4) (h) and (i), a 15% withholding tax rate shall be applied.”
In other words, the taxation for digital assets will be calculated based on the returns from the investment, which include:
- Capital gains from the sale of tokens through digital asset businesses regulated by the Securities and Exchange Commission (SEC). These gains will not be subject to withholding tax but must be included in personal income tax calculations.
- The benefit from investment tokens. For returns received from January 1, 2024, onwards, which have already been subject to a 15% withholding tax, this will be considered as final tax and will not need to be included in personal income tax calculations. However, if the investor has paid less than 15% in taxes, they can request a refund for the difference.
Reference: https://www.rd.go.th/publish/fileadmin/user_upload/kormor/newlaw/prk19.pdf
Learn more : https://www.rd.go.th/fileadmin/user_upload/lorkhor/information/manual_crypto_310165.pdf