The Revenue Department of Thailand is implementing significant changes to its tax regulations, targeting individuals residing in the country for more than 180 days. Effective January 1, 2024, these residents will be required to declare and pay personal income tax on foreign revenues, including income generated from cryptocurrency trading. This new rule marks a shift from the previous system, where only foreign income remitted to Thailand in the same year of earnings was taxable.
The updated regulation aims to close the tax loophole that allowed individuals to avoid paying taxes on foreign income unless it was remitted to Thailand. Under the new policy, all income earned abroad must be declared, regardless of whether it was intended for use within the local economy.
This change is expected to impact various individuals, including residents engaged in foreign stock market trading through foreign brokerages, cryptocurrency traders, and Thai nationals holding offshore accounts. The Thai government is taking a comprehensive approach to ensure that all forms of overseas income are accounted for and subject to taxation.
In addition to changes in tax regulations, Thailand has also introduced regulations targeting the digital asset industry. These regulations include mandates for digital asset service providers to provide sufficient warnings about the risks of cryptocurrency trading and a ban on cryptocurrency lending services within the country.
There is speculation that the recent election of Srettha Thavisin as the new prime minister could lead to a more crypto-friendly environment in Thailand. Thavisin’s involvement in a significant fundraising effort for a crypto-focused investment management firm and the issuance of a token by that firm indicate a potential shift in regulatory approach to the cryptocurrency industry in the country.
By FCCT Editorial Team freeslots dinogame telegram营销
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