Thailand Plans to Tax Overseas Income of Cryptocurrency Traders

The Thai government is currently planning to impose taxes on the overseas income of cryptocurrency traders. It is understood that the newly appointed government appears to be eager to secure funds for planned economic stimulus measures, including nationwide airdrop campaigns.

The Thai Revenue Department is targeting overseas income, with a specific mention of cryptocurrency traders. The proposed tax regulations will apply to both Thai citizens and foreign nationals who reside in Thailand for more than 180 days annually.

Under these new regulations, individuals who earn income from work or assets abroad will be required to pay personal income tax. Legal experts suggest that this new policy appears to have specific targets, including “residents trading in foreign stock markets through foreign brokerage firms and cryptocurrency traders.”

A spokesperson from the Ministry of Finance stated, “The principle of taxation is that you must pay tax on income earned abroad, regardless of how you earn that income or in which tax year the money is earned.” (BeInCrypto)