Thailand is one of top trading hubs for crypto out of the ten ASEAN countries. 9.3% of its population holds crypto and the government is also receptive towards crypto. The Project Inthanon has been established to develop the central bank digital currency of Thailand and it had to give its recommendations in late 2022.
Do you have to pay crypto tax in Thailand?
Yes, crypto currency is taxable in Thailand as personal income tax, withholding tax and value added tax.
When do you have to pay tax on crypto in Thailand?
Crypto is taxed as income tax when it is sold, exchanged, transferred or disposed of by individual taxpayers.
Crypto is taxed under WHT on any gains from them, by the individual payers or firms.
Crypto is taxed as VAT on firms that sell crypto services.
What crypto transactions are taxable in Thailand?
- Selling, exchanging, transferring
- Mining
- Receiving remuneration in crypto
What are the Crypto Tax Rates in Thailand?
- AS PERSONAL INCOME TAX
| Net income (THB*) | PIT rate (%) |
| 0 to 150,000 | Exempt |
| 150,001 to 300,000 | 5 |
| 300,001 to 500,000 | 10 |
| 500,001 to 750,000 | 15 |
| 750,001 to 1,000,000 | 20 |
| 1,000,001 to 2,000,000 | 25 |
| 2,000,001 to 5,000,000 | 30 |
| Over 5,000,000 | 35 |
- AS WHT:
15% on all digital gains
- AS VAT:
Generally 10% but reduced to 7% till September, 2023.
Thailand Income Tax Brackets (2023)
| Net income (THB*) | PIT rate (%) |
| 0 to 150,000 | Exempt |
| 150,001 to 300,000 | 5 |
| 300,001 to 500,000 | 10 |
| 500,001 to 750,000 | 15 |
| 750,001 to 1,000,000 | 20 |
| 1,000,001 to 2,000,000 | 25 |
| 2,000,001 to 5,000,000 | 30 |
| Over 5,000,000 | 35 |
Thailand Capital Gain Tax Rates (2023)
There are no capital gains tax in Thailand, only the WHT.
How is Tax Calculated on Cryptocurrency in Thailand?
For crypto treated as income, FIFO and ACB methods are used to calculate your cost basis and then to service the income made.
WHT is levied as a fixed rate on all gains made from digital assets.
VAT is levied only on the service providers of crypto services.
Now, for calculating the cost basis, there can be two methods used but they have to be kept consistent for the whole year after that.
According to FIFO Method, you sell your oldest acquired coin first and cost is calculated according to the respective prices at which the coin was bought. Whereas, in ACB, time of buying doesnt matter and average cost is taken into account.
Let’s take an example,
Say you bought 2 BTC for THB 20,000 in 2020 and 4 BTC for THB 60,000 in 2021. Then you sold 4 BTC in 2022 for THB 1,00,000:
- FIFO METHOD
You sell 2 BTC from 2020 and 2 BTC from 2021. So cost price is:
= 20,000 + (2/4)*60,000
= THB50,000
Profit = 1,00,000 – 50,000
= 50,000
Here, taxes are levied THB 50,000.
- ACB METHOD:
All coins are of the same denomination. Therefore, cost price for one coin:
= (20,000 + 60,000)/6
= THB13,333
So, cost price of 4 coins:
= THB53,333
Profit = 1,00,000 – 53,333
= 46,666
Here, taxes are levied THB 46,666.
Is there any Crypto Tax Free in Thailand?
- Buying crypto is free from taxes.
Crypto Tax in Thailand – FAQs
Do you have to pay tax when you buy crypto in Thailand?
No, you don’t have to pay tax when you buy crypto in Thailand
Do you have to pay tax when you sell crypto in Thailand?
Yes, you have to pay tax when you sell crypto in Thailand
Do you have to pay tax when transferring crypto in Thailand?
Yes, you have to pay tax when transferring crypto in Thailand
Do you have to pay tax when spending crypto in Thailand?
Yes, you have to pay tax when spending crypto in Thailand
Is swapping crypto taxable?
Yes, swapping crypto is taxable.
How much tax on crypto gains in Thailand?
AS PERSONAL INCOME TAX
| Net income (THB*) | PIT rate (%) |
| 0 to 150,000 | Exempt |
| 150,001 to 300,000 | 5 |
| 300,001 to 500,000 | 10 |
| 500,001 to 750,000 | 15 |
| 750,001 to 1,000,000 | 20 |
| 1,000,001 to 2,000,000 | 25 |
| 2,000,001 to 5,000,000 | 30 |
| Over 5,000,000 | 35 |
AS WHT:
15% on all digital gains
AS VAT:
Generally 10% but reduced to 7% till September, 2023.
How do I avoid capital gains tax on crypto in Thailand?
There are no capital gains tax.
Market Research Intern, Octaloop
Maitreyee takes a keen interest in financial technologies and their potential to transform lives at the grassroots. Put together with her penchant for Economic Research, she brings tonnes of academic and actionable insight into our products. Maitreyee is contributing at Binamite as a Market Research Intern, and when she's not doing that, you can find her exploring the city or buried in a book.