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Cryptocurrency tax - 35% is correct?


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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

 

 

 

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Tax Guidelines for Cryptocurrency Trading

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Bitkub Support
Updated 3 days ago
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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

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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.   

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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.

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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

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

Tax Guidelines for Cryptocurrency Trading

Avatar
 
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.

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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.

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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?

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