Thailand has announced its readiness to take a significant step towards taxing foreign income, including cryptocurrencies, starting in 2024. According to the Bangkok Post, the Thai Revenue Department aims to subject foreign income, including cryptocurrency, to personal income tax for anyone residing in the country for more than 180 days.
Full Declaration of Foreign Income
Under the new regulation, any individual residing in Thailand for more than 180 days will be required to report and tax their income earned abroad. This represents a significant change compared to Thailand’s previous regulations. Previously, only foreign income transferred to Thailand was subject to taxation, but the new regulation will require the declaration of all types of foreign income.
“The principle of taxation is that you have to pay tax on the income you earn from abroad, no matter how you earn it or in which tax year the money was earned.”Thailand Ministry of Finance
Inclusion of Cryptocurrency Trading
Thailand’s Revenue Department’s new policy particularly targets users who trade on foreign exchanges through foreign intermediaries, cryptocurrency traders, and Thai nationals with offshore accounts. Cryptocurrency trading is also included in the scope of this policy, and the incomes of those operating in this field will be subject to taxation.
The new regulation will come into effect on January 1, 2024, with the first tax declarations including foreign income expected to be submitted in 2025. The Thai government also emphasizes that this policy is implemented with the goal of contributing to the Thai economy and increasing tax revenues.