How to Report Staking Rewards in Thailand: A Complete Tax Guide

Understanding Staking Rewards and Thai Tax Laws

Staking rewards—earned by locking cryptocurrencies like Ethereum or Cardano to support blockchain networks—are considered taxable income in Thailand. The Revenue Department classifies them as “income from other sources” under Section 40(8) of the Thai Revenue Code. Whether you’re a resident or non-resident earning rewards from Thai-based platforms, you must report them annually. Failure to comply can result in penalties up to double the owed tax plus 1.5% monthly interest.

Step-by-Step Guide to Reporting Staking Rewards

Follow this process to ensure compliant reporting:

1. Track All Rewards: Log every reward transaction date, cryptocurrency type, and market value in THB at receipt time using exchanges like Bitkub or Binance TH.
2. Convert to THB: Use the exchange rate on the day you received rewards. Document sources for audit proof.
3. Calculate Total Income: Sum all THB-converted rewards earned between January 1–December 31.
4. Deduct Allowable Expenses: Subtract direct costs like blockchain transaction fees (gas fees). Keep receipts.
5. File Tax Return: Report net income via:
   • P.N.D.90 for individuals (March 1–March 31)
   • P.N.D.91 for online filing (extended to April 8)
6. Pay Taxes Due: Settle payments by April 30th via bank transfer or Revenue Department portals.

How Staking Rewards Are Taxed in Thailand

Staking income faces progressive tax rates after combining with other earnings:

• 0% on first ฿150,000
• 5% on ฿150,001–300,000
• 10% on ฿300,001–500,000
• 15% on ฿500,001–750,000
• 20% on ฿750,001–1,000,000
• 25% on ฿1,000,001–2,000,000
• 30% on ฿2,000,001–5,000,000
• 35% above ฿5,000,000

Example: If you earn ฿400,000 from staking with no other income, tax due is ฿12,500 (5% of ฿150,000 + 10% of ฿100,000).

Critical Mistakes to Avoid

• Ignoring Small Rewards: All rewards—even fractional amounts—must be reported.
• Using Incorrect Exchange Rates: Always use THB values at time of receipt, not when selling.
• Missing Deductions: Claim valid expenses like wallet maintenance fees.
• Late Filing: Penalties include 1.5% monthly interest on unpaid tax plus fines up to 200% of tax owed.

Frequently Asked Questions (FAQ)

• Q: Do I pay tax if I haven’t sold my staking rewards?
  A: Yes. Taxation occurs upon receipt, not when you sell or exchange the crypto.
• Q: How do I report rewards from foreign platforms?
  A: The same rules apply. Convert to THB using the exchange rate on the reward date and include in your annual filing.
• Q: Are there tax treaties for foreigners staking in Thailand?
  A: Thailand has DTAs with 61 countries. Consult a tax professional to avoid double taxation.
• Q: Can I offset staking losses?
  A: No. Thailand doesn’t allow loss carryforwards for cryptocurrency activities.
• Q: What documents should I keep?
  A: Retain wallet histories, exchange records, and THB conversion proofs for 5 years.

Conclusion: Stay Compliant and Protected

Reporting staking rewards in Thailand requires meticulous record-keeping and adherence to tax deadlines. As Thai regulators increase crypto tax enforcement, transparency minimizes legal risks. For complex cases—especially involving DeFi platforms or large sums—consult a Thailand-based crypto tax specialist. Proper compliance ensures you contribute to Thailand’s digital economy while safeguarding your investments.