BDO Tax Newsletter: Thai Value Added Tax and Personal Income Tax implications on Digital Assets


The Royal Decree (RD) No 788 is granting exemption to Value Added Tax on transfer of cryptocurrency and digital utility token made on a digital assets exchange through or by digital asset brokers, or transfers to digital asset trader from 1 January 2024.
The Royal Decree (RD) No 789 granting the right to exempt income derived from digital tokens for investment purposes.
Since January 1, 2024, share of profits, or other similar benefits obtained from holding or possessing digital tokens for investment purposes under Section 40 (4)(H) of the Revenue Code shall be excluded from Thai personal income tax calculation if it meets the following criteria:
  • Share of profits or other benefits has already been subject to withholding tax under Section 50 (2) of the Revenue Code at the rate of fifteen percent.
  • The taxpayer does not use the tax credit or request a refund for withholding tax related to that share of profits or other benefits.
BDO Insights: Royal Decree (RD) No 789 would be beneficial to personal income taxpayer who has a net income of 750,000 baht or more per year because every amount exceeding 750,000 baht will be subject to a tax rate of more than 15%.