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Taxes on crypto in Thailand
As of the 14th of May 2018, The Royal Decree on Amendment to the Revenue Code, introduced new measures for the taxation of Blockchain income. These amendments are as follows:
- 15% Withholding Tax (WHT) must be deducted from the receipt of Crypto income.
- 0-35% rates of Personal Income Tax (PIT) must be deducted from income derived, earned or received from Crypto between January & December of the tax year. The 15% WHT paid at the source can be claimed as a tax credit against any due PIT.
These measures are applicable to both residents and non-residents of Thailand.
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Our blockchain tax service will analyze your blockchain transactions to assess what taxable deductions are necessary and provide assistance for the payment of any taxes due.
Our team will assess each individual transaction and calculate the amount of WHT which needs to be deducted. Assistance will also be provided for declaring any income to the Revenue Department in order to ensure full compliance and prevent any form of retroactive tax collection. Additionally, at the end of the tax year, our experts will calculate the Personal Income Tax deduction (taking into consideration any tax credits earned from the payment of WHT) required for the tax year.
The Belaws blockchain tax service provides reliable advice and feedback relating to blockchain tax best practices to ensure our clients are in full compliance with the current legislation at all times.
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