Cryptocurrency tax - 35% is correct?

[billybow]

Hi

 

I have been giving some thought to selling some bitcoins I have held for 5 years. I bought it before I moved to Thailand. It is now worth around a few hundred thousand dollars. I did some googling and research for Thai crypto tax law and if I am correct it would be 35% income tax? Has anyone ever cashed out a large sum here and know if this is correct. I know there is the 15% tax but it seems that this is only the lower figure, with 35% still being the tax level if you exceed a certain threshold.

 

All the best

 

 

 

[Leffe]

Tax Guidelines for Cryptocurrency Trading

 

Bitkub Support

Updated 3 days ago

Follow

Ordinarily, Bitkub pays 7% VAT. On the other hand, we will not deduct any income tax (10-15% tax) for each trader on our platform due to we do not record each trader’s profit and loss amount, including no service on analyzing profit or loss provided for our customers. Users can calculate the profit or loss by checking from the transaction history that can be downloaded through Bitkub website. You can check how to download the transaction history here.

In case you have an income from our Referral Program over 1,000 THB/month, Bitkub will automatically deduct a withholding tax for our customers. You can also request a tax invoice by reaching out to Bitkub Support Team specifying the period that you would like to get the invoice.

Additionally, we suggest you declare your income from the tradings with The Revenue Department in order to prevent retroactive tax collection.

 

For questions and inquiries, please feel free to contact us.
BITKUB ONLINE Co., Ltd.
Website: www.bitkub.com
Contact us: Bitkub Support
Telephone: +66 2-032-9555

[Heng]

Or only sell your crypto in countries with no capital gains taxes.  

 

I like to look at the mammoth US cruise industry as to how to best take advantage of global tax and labor laws.   

[Neeranam]

9 hours ago, Heng said:

Or only sell your crypto in countries with no capital gains taxes.  

 

I like to look at the mammoth US cruise industry as to how to best take advantage of global tax and labor laws.   

I'm thinking of taking a trip to Liechtenstein.

[SbuxPlease]

On 5/2/2021 at 1:13 PM, Heng said:

Or only sell your crypto in countries with no capital gains taxes.  

 

I like to look at the mammoth US cruise industry as to how to best take advantage of global tax and labor laws.   

I think this is the way. Get it wired to you from a buyer/exchange abroad

[TigerandDog]

On 5/1/2021 at 6:54 PM, Leffe said:

Tax Guidelines for Cryptocurrency Trading

 

Bitkub Support

Updated 3 days ago

Follow

Ordinarily, Bitkub pays 7% VAT. On the other hand, we will not deduct any income tax (10-15% tax) for each trader on our platform due to we do not record each trader’s profit and loss amount, including no service on analyzing profit or loss provided for our customers. Users can calculate the profit or loss by checking from the transaction history that can be downloaded through Bitkub website. You can check how to download the transaction history here.

In case you have an income from our Referral Program over 1,000 THB/month, Bitkub will automatically deduct a withholding tax for our customers. You can also request a tax invoice by reaching out to Bitkub Support Team specifying the period that you would like to get the invoice.

Additionally, we suggest you declare your income from the tradings with The Revenue Department in order to prevent retroactive tax collection.

 

For questions and inquiries, please feel free to contact us.
BITKUB ONLINE Co., Ltd.
Website: www.bitkub.com
Contact us: Bitkub Support
Telephone: +66 2-032-9555

 

Satang is the same as Bitkub. 0.2% fee plus 7% VAT deducted when you buy. No tax deducted when you sell. That;'s been my exsperience when withdrawing profits thus far.

[JBChiangRai]

Thailand has currency control laws.

 

Selling BTC you bought in another country is money laundering, be careful, do it anonymously with localcoins, not on an exchange.

 

All exchanges here ask you to tick a box when you register saying you won’t do that. If you absolutely must, do less than 2M baht per day.

[SbuxPlease]

22 hours ago, JBChiangRai said:

Thailand has currency control laws.

 

Selling BTC you bought in another country is money laundering, be careful, do it anonymously with localcoins, not on an exchange.

 

All exchanges here ask you to tick a box when you register saying you won’t do that. If you absolutely must, do less than 2M baht per day.

Is there a specific reason for 2m?

[JBChiangRai]

All financial institutions are required to report all suspicious transactions and all transactions involving cash over 2M baht.

[Jenkins9039]

On 5/3/2021 at 5:06 PM, TigerandDog said:

 

Satang is the same as Bitkub. 0.2% fee plus 7% VAT deducted when you buy. No tax deducted when you sell. That;'s been my exsperience when withdrawing profits thus far.

Retroactive tax -> That's where they will get you, having said that, surely as it is not enforced currently, they can't retroactively enforce later... who knows.

[Jenkins9039]

On 5/8/2021 at 9:05 PM, JBChiangRai said:

All financial institutions are required to report all suspicious transactions and all transactions involving cash over 2M baht.

1.8m for crypto..... and anything over 300k for FINCEN... (*suspicious transaction blackhole*)

[Jenkins9039]

On 5/3/2021 at 5:07 PM, JBChiangRai said:

Thailand has currency control laws.

 

Selling BTC you bought in another country is money laundering, be careful, do it anonymously with localcoins, not on an exchange.

 

All exchanges here ask you to tick a box when you register saying you won’t do that. If you absolutely must, do less than 2M baht per day.

I had an interview a few months ago, was an American from Bitkub, they were specifically asking me the following on a EDD.

- Do i transfer funds out of Thailand (Crypto/Fiat). -> appears a big no no.

- Source of funds (Crypto) 

 

Its technically not money laundering what you've described, but in Thailand it would be enforced as such.

This tax 35% though is a tad crazy.... They were trying to Bring Crypto Traders here earlier this year, they'd be fleeing in droves with that introduced.

[Neeranam]

9 minutes ago, Jenkins9039 said:

I had an interview a few months ago, was an American from Bitkub, they were specifically asking me the following on a EDD.

- Do i transfer funds out of Thailand (Crypto/Fiat). -> appears a big no no.

- Source of funds (Crypto) 

 

Its technically not money laundering what you've described, but in Thailand it would be enforced as such.

This tax 35% though is a tad crazy.... They were trying to Bring Crypto Traders here earlier this year, they'd be fleeing in droves with that introduced.

There is no 35% on cryptos here.

I bought my crypto using cash earned from the US. 

I plan to buy a new car soon using my Crypto.com card. Might buy some gold too. 

[Jenkins9039]

19 minutes ago, Neeranam said:

There is no 35% on cryptos here.

I bought my crypto using cash earned from the US. 

I plan to buy a new car soon using my Crypto.com card. Might buy some gold too. 

There's 35% as 'income' and crypto.com already notify the US IRS...

 

Edited May 10, 2021 by Jenkins9039

[Jenkins9039]

On 5/2/2021 at 11:12 PM, Neeranam said:

I'm thinking of taking a trip to Liechtenstein.

Better off with Antigua (Citizenship)...

[Neeranam]

Just now, Jenkins9039 said:

Better off with Antigua (Citizenship)...

Well easier to get for sure. 

[Neeranam]

9 minutes ago, Jenkins9039 said:

There's 35% as 'income' and crypto.com already notify the US IRS...

 

Where did thet 35% come from? I am not a yank.

[Jenkins9039]

2 hours ago, Neeranam said:

Where did thet 35% come from? I am not a yank.

Income tax (my bracket) your bracket may be less, but over 5m is 35% (my tax bill would be approx 6mTHB) -> Top of page mentions 10-15%, that's for low end withdrawals (sales). It rises to 35% (over 5mTHB) 

Edited May 10, 2021 by Jenkins9039

[GrandPapillon]

I guess it will depending on your tax residency, so it could be anything

 

that's the problem with Bitcoins, active traders in those instruments might get a huge tax bill at the end

[Neeranam]

If I sell my Bitcoin P2P on exchange for GBP, and send to UK bank account then Thai bank account, wh do I pay tax to? 

 

[Heng]

10 hours ago, GrandPapillon said:

I guess it will depending on your tax residency, so it could be anything

 

that's the problem with Bitcoins, active traders in those instruments might get a huge tax bill at the end

 

Are we supposed to be keeping records?   ????

[GrandPapillon]

1 hour ago, Heng said:

 

Are we supposed to be keeping records?   ????

if you don't, they will use the highest tax rate and use it on the proceeds instead of the profits LOL ????

 

there was some GameStop $GME player that was doing round trips up to 5M USD in proceeds and made some small profits like 50,000 USD and got something like 1M USD in tax bill LOL ????

 

had to hire an expensive tax lawyer to clean it up with the IRS LOL

[nausea]

Yeah, crypto currency guys might think they"re bucking the system, but their are two things sure in this life - death and taxes; better put a big chunk aside for the latter.

 

[Heng]

7 hours ago, GrandPapillon said:

if you don't, they will use the highest tax rate and use it on the proceeds instead of the profits LOL ????

 

there was some GameStop $GME player that was doing round trips up to 5M USD in proceeds and made some small profits like 50,000 USD and got something like 1M USD in tax bill LOL ????

 

had to hire an expensive tax lawyer to clean it up with the IRS LOL

 

LOL????