Thais and expats (subject to double-taxation agreements) are required to file annual personal income tax returns by March 31 based on their income earned in the previous year.

The tax handbook is the result of extensive discussions between revenue officials and representatives from the crypto community who had strongly objected to levying capital gains tax on crypto investment.

The Revenue Department has made some concessions to investors’ demands, including allowing the investment cost to be deducted from the sales amount and scrapping the mandatory 15 percent withholding tax if the trading is via licensed digital asset exchanges.

Trading in digital assets has been booming over the past two years. From a modest 170,000 investors in early 2020, the number has shot up close to 2 million currently with a daily trade volume of Bt4.8 billion on average, up from Bt240 million less than two years ago.

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