How to Pay Taxes on Crypto Income in Thailand: Your Complete 2024 Guide

As cryptocurrency adoption surges in Thailand, understanding how to properly pay taxes on crypto income has become crucial for investors and traders. The Thai Revenue Department now treats digital assets as taxable property, meaning profits from crypto activities are subject to taxation. This guide breaks down everything you need to know about Thailand’s crypto tax regulations, helping you stay compliant while maximizing your returns.

Understanding Thailand’s Crypto Tax Framework

Thailand’s Revenue Department clarified in 2022 that cryptocurrencies fall under “digital assets” subject to existing tax laws. Key principles include:

• Taxable Events: Selling crypto for fiat, trading between coins, earning staking rewards, and receiving airdrops
• Tax Rates: Progressive personal income tax rates from 0% to 35% based on annual earnings
• Reporting: Crypto gains must be declared in annual personal income tax returns (PND 90/91)
• Exemptions: Transfers between your own wallets and purchases with crypto aren’t taxed

Types of Crypto Activities Subject to Tax in Thailand

1. Trading & Capital Gains

Profits from selling crypto (THB or other crypto) are taxable. Calculate gains as:

Sale Price – Purchase Price – Fees = Taxable Gain

Losses can offset gains but can’t reduce other income types.

2. Crypto Mining & Staking

Rewards from mining or staking are taxed as ordinary income at market value when received. Deduct operational costs like electricity and hardware depreciation.

3. Airdrops & Forks

Free tokens received through airdrops or hard forks are taxable as miscellaneous income based on fair market value at receipt.

4. Crypto Payments for Services

Freelancers/businesses receiving crypto as payment must declare income at THB conversion rate during transaction.

Step-by-Step Guide to Filing Crypto Taxes

1. Track All Transactions: Use tools like Koinly or Accointing to log buys/sells with timestamps and THB values
2. Calculate Gains/Losses: Separate short-term (<1 year) and long-term holdings
3. Report on PND 90/91 Form: Include crypto income under:
   • Section 40(4)(ก): Trading profits
   • Section 40(8): Other income (mining/staking)
4. Pay by March 31: Submit forms electronically via the Revenue Department’s e-Filing portal

Critical Compliance Tips for Thai Crypto Investors

• Keep Detailed Records: Maintain 5+ years of transaction history including wallet addresses
• Use Official Exchange Rates: Convert crypto values using Bank of Thailand rates on transaction dates
• Declare Foreign Exchanges: Report income from overseas platforms like Binance
• Consider Withholding Tax: Thai exchanges deduct 15% withholding tax on trading profits

Future Regulatory Changes to Monitor

Thailand’s SEC is developing clearer crypto tax guidelines, with potential updates including:

• Separate tax brackets for digital assets
• Revised VAT treatment for crypto transactions
• Stricter reporting requirements for exchanges
• Tax incentives for blockchain businesses

Subscribe to Revenue Department announcements to stay ahead of changes.

Frequently Asked Questions (FAQ)

Do I pay tax if I hold crypto without selling?

No. Thailand only taxes realized gains from selling, trading, or earning crypto – not unrealized gains from holding.

How is crypto taxed for foreign residents in Thailand?

Tax residents (staying 180+ days/year) pay tax on worldwide crypto income. Non-residents pay only on Thai-sourced crypto income.

Can I deduct crypto trading losses?

Yes, but only against crypto gains – not against salary or business income. Unused losses carry forward 5 years.

Are NFT sales taxable in Thailand?

Yes. Profits from NFT sales follow the same capital gains rules as cryptocurrency transactions.

What happens if I don’t report crypto income?

Penalties include 1.5% monthly interest on unpaid tax, fines up to 200% of tax owed, and potential criminal charges for severe evasion.

Do Thai crypto exchanges report to tax authorities?

Yes. Licensed exchanges like Bitkub and Zipmex must report user transactions to the Revenue Department under AML regulations.

Disclaimer: This guide provides general information only. Consult a Thai tax professional like Baker Tilly or PwC Thailand for personalized advice regarding your crypto tax obligations.