coinspress.com
Starting on January 1, 2024, Thailand is set to overhaul its income tax laws, encompassing earnings from various sources such as cryptocurrency trading, offshore accounts, and international stock brokerages.
The initial tax forms reflecting these changes are scheduled for release in 2025, as reported by the Bangkok Post on September 19.
One notable change is the removal of the previous distinction between foreign income repatriated in the same year it was earned and income earned abroad.
All overseas earnings must be reported, regardless of when they were acquired or their intended use. The Ministry of Finance justifies this shift by emphasizing the principle of taxing all foreign-derived income.
These tax revisions primarily target specific groups, including Thai citizens involved in cryptocurrency trading, individuals with offshore accounts, and those using international brokerages for foreign stock market investments. These categories will be the primary focus of the updated tax regulations.
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Furthermore, these regulatory changes align with the Thai government’s broader efforts to exert greater control over digital assets, including mandates for comprehensive risk warnings in the digital asset sector and a ban on cryptocurrency loan services.
Political dynamics may also play a role in shaping these regulations, as the newly elected Prime Minister, Srettha Thavisin, has shown a more favorable stance toward digital currencies, making significant investments in crypto-friendly ventures and launching Thailand’s digital currency in 2022.