Crypto traders in Thailand to face stricter tax regulations on overseas income.
Thailand, a country that has previously been known for its crypto-friendly policies, is planning to tax the foreign income of crypto traders to fund its economic stimulus measures, which include a nationwide airdrop.
The newly appointed government is scrambling to find ways to pay for its planned economic stimulus measures. On September 19, the Bangkok Post reported that the Thai Revenue Department is targeting overseas income, specifically mentioning cryptocurrency traders.
According to the new ruling, those who earn overseas income from work or assets will be subject to personal income tax. The proposed new tax would target Thais and foreign nationals living in the Kingdom for more than 180 days per year.
Legal experts have said that the new policy appears to have specific targets, including “residents trading in foreign stock markets through foreign brokerages and cryptocurrency traders.”
“The principle of tax is to ensure that everyone pays their fair share. The government needs to find new sources of revenue to fund its economic stimulus measures, and this is one way to do it,” a Finance Ministry source told Bangkok Post.
It is worth noting that this is not the first time Thailand has implemented tax regulations on crypto traders. In January 2022, profits from cryptocurrency trading were subject to a 15% capital gains tax. However, in March 2022, the Thai government reportedly exempted crypto traders from the mandatory 7% VAT on authorized exchanges while offering tax exemptions of up to 10 years for investors who invest for at least two years in crypto startups in the country.
Overall, the Thai government is tightening tax rules on overseas income to aid its economy, and crypto traders are among those who will be affected. The new policy is aimed at ensuring that everyone pays their fair share and generating additional revenue to fund economic stimulus measures.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
