Starting from January 1, 2024, the Revenue Department of Thailand will implement a new tax rule that includes income earned from foreign sources. This rule applies to individual residents who have spent over 180 days in the country. It encompasses cryptocurrency traders and individuals involved in foreign stock markets. The purpose of this regulation is to close a loophole that previously taxed only overseas income directly remitted into Thailand. The new rule requires individuals to report all earnings from abroad, regardless of their usage within the local economy. Tax forms that include foreign income will be distributed in 2025. This policy highlights an increased focus on crypto-related activities in Thailand, particularly targeting residents with offshore accounts and those trading in foreign stock markets.
In terms of the political landscape, there may be some potential changes in relation to the new tax rule. The recently appointed Prime Minister, Srettha Thavisin, has demonstrated support for the crypto industry in the past. As evidence of this support, Thavisin participated in a $225-million funding round for a crypto-friendly investment management firm and launched its own token through XSpring in 2022. However, it is important to note that the article does not suggest any direct influence of Thavisin’s stance on the implementation of the new tax regulations. It simply highlights his previous involvement in the crypto industry, adding context to the overall story.
Based on an analysis of the article, it is mostly factual and presents the new tax regulations imposed by Thailand’s Revenue Department. While the mention of Prime Minister Thavisin’s support for the crypto industry adds some additional information, it does not significantly impact the neutrality of the article. Therefore, it can be considered a reliable source of news, with approximately 90% likelihood of being factual. There is a minor space for interpretation and opinion, which accounts for the remaining 10%.
This article is 90% likely factual news based on my current analysis.
