Thailand: Tax & Auditing Requirements

Tax Requirements for Digital Tokens

Shares of profits or any gains derived from holding digital tokens and an excess of the proceeds over an acquisition cost arising from a transfer of cryptocurrencies or digital tokens are subject to Thai income tax in a manner similar to other ordinary income. Such income received by a foreign person would generally be subject to the 15% withholding tax. (Taken from Ernst&Young here.)

On 15 May 2018, the Ministry of Finance and the Revenue Department held a press conference to explain the Amendment of the Revenue Code Decree. At the press conference, the Revenue Department explained that Digital Assets are regarded as intangible assets under the existing VAT law; therefore, the trading of Digital Assets would be subject to VAT.
According to the press conference, the Revenue Department will issue subordinate pieces of legislation in the near future to determine the withholding tax rate for corporate entities, which is likely to be at 15% and to exempt VAT on the trading of Digital Assets by individuals through authorized exchanges.
However, an ICO issuer will be subject to both corporate income tax and VAT as a result of the ICO. This means that the ICO transaction, i.e., an ICO issuer issuing Digital Tokens in exchange for either cash or Cryptocurrencies from investors, would potentially trigger taxes on both ICO issuer and investors. Nevertheless, the tax regulation on Digital Assets may change in the near future to ease the tax liabilities on ICO issuers and to promote the Thai digital economy. (Taken from Baker McKenzie [here]( 

Tax, Company Tax, Value Added Tax

A newly established company liable for income tax must obtain a tax I.D. card and number for the company from the Revenue Department within 60 days of incorporation or the start of operations. If it is expected that its gross income will exceed 1.8 million baht per anum it must register for VAT (Value Added Tax) within 30 days of the date they reach 1,8 million baht in sales.  A newly established company must keep books and follow accounting procedures specified in the Civil and Commercial Code, the Revenue Code and the Accounting Act. Documents may be prepared in any language, provided that a Thai translation is attached. All accounting entries should be written in ink, typewritten, or printed. A newly-established company or partnership should close accounts within 12 months from the date of its registration. The general corporate tax rate in Thailand is 30% for companies with a paid up share capital of more than 5 Million Thai Baht. The government has reduced corporate tax rates to promote specific business sectors and small and medium enterprises. The tax rate for companies with a paid up share capital not more than 5 Million Thai Baht at the end of its tax year shall be taxed at rate of 15% over the first one million Thai Baht profit, 25% over the profit between one million and three million and 30% for profits over three million Thai Baht. (Taken from SamuiforSale here.) (See also this Thailand Law Online guide.) (See the Revenue Department guide here.)

Auditing Requirements

Audited financial statements of juristic entities (that is, a limited company, a registered partnership, a branch, or representative office, or a regional office of a foreign corporation, or a joint venture in Thailand) must be certified by an authorized auditor and submitted to the Revenue Department and (except for joint ventures) to the Commercial Registrar for each accounting year. At the end of fiscal year certified financial statement must be submitted to the Commercial Department. Accounting transactions may be recorded in a foreign language, but there should be a Thai translation. (From Thailand Law Online here.)


Crypto Tax

  • (Taken from Ernst&Young here.)
  • (Taken from Baker McKenzie here.)

Corporate Tax

  • (Taken from SamuiforSale here.)
  • (See also this Thailand Law Online guide.)
  • (See the Revenue Department guide here.)


  • (From Thailand Law Online here.)
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