Thailand Targets Crypto Traders With New Tax Policy | Bitcoinist.com
Thailand’s Revenue Department has unveiled its plans to impose personal income tax on the foreign earnings of residents. According to reports, this proposed...
- Thailand's Revenue Department plans to impose personal income tax on the foreign earnings of residents.
- The new tax policy targets residents who live in Thailand for at least 180 days a year and earn foreign income from work or assets.
- The policy specifically affects residents who participate in foreign stock markets, cryptocurrency traders, and those who exploit the current taxation system.
- Previously, residents with overseas earnings were only taxed if the money was remitted into Thailand in the same year it was earned.
- The new tax policy aims to close the loophole of deferring the transfer of foreign income to a different year.
- The policy will take effect on January 1, 2024, with reporting of income expected in 2025.
- The impact on earnings from overseas crypto trading remains uncertain.
- Critics argue that the new tax rule could worsen Thailand's existing income disparity.
The sentiment of the article is mixed. On one hand, the new tax policy is seen as a way to close loopholes and ensure residents pay taxes on their foreign earnings. On the other hand, critics argue that it could worsen income disparity in Thailand.