Thailand’s Revenue Department is planning to impose personal income tax on the foreign revenues, including those made from crypto trading, of any person who resides in Thailand for more than 180 days.
According to the Sept. 19 report from the Bangkok Post, the new rule will take effect on Jan. 1, 2024, with the first tax forms, including those for overseas income, to be delivered in 2025.
Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed. The new rule closes this loophole and will oblige an individual to declare any income earned overseas, even if it wasn’t going to be used in the local economy. A Finance Ministry official explained this logic to journalists:
“The principle of tax is that you must pay tax on income you earn from abroad no matter how you earn it and regardless of the tax year in which the money is earned.”
According to other Bangkok Post sources, the policy specifically targets residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders and Thais with offshore accounts.
In July, Thailand’s Securities and Exchange Commission obliged digital asset service providers to offer adequate warnings highlighting the risks associated with cryptocurrency trading. It has also prohibited any forms of crypto lending services.
However, the trend for tight scrutiny over the crypto industry might change with the recent election of the new prime minister. Real estate tycoon Srettha Thavisin, elected to lead the Thai parliament, participated in a $225-million raise for a crypto-friendly investment management firm, XSpring Capital, and even issued its own token through XSpring in 2022.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
For decades he was the dissident backbencher, then unlikely Labour leader. She was a firebrand left-wing Labour MP with a huge online presence. To the left – on paper – it looked like the perfect combination.
Coupled with the support of four other independent MPs, it held the blueprints of a credible party. But ever since the launch of Your Party (working title) the left-wing movement has faced mockery and exasperation over its inability to look organised.
First, we learned Jeremy Corbyn’s team had been unaware of the exact timing of Zarah Sultana’s announcement that she would quit the Labour Party. Then a much bigger row emerged when she launched a membership drive linking people to sign up to the party without the full consent of the team.
It laid bare the holes in the structure of the party and pulled focus away from its core values of trying to be a party to counter Labour and Reform UK, while also drawing out some pretty robust language from their only woman MP calling the grouping a “sexist boys club”. It gave the impression that she was being sidelined by the four other male MPs behind the scenes.
This week, they tried to come together for the first time at a rally I attended in Liverpool and then, in quick succession, another event at The World Transformed conference the day after. But not everyone I spoke to who turned up to see the two heroes of the left found them all that convincing.
Jeremy Corbyn admitted to me that “there were some errors made about announcements and that caused a problem”. He said he was disappointed but that “we’re past that”.
Image: Jeremy Corbyn and Zarah Sultana take part in a discussion on Your Party at The World Transformed conference in Manchester. Pic: PA
Zarah Sultana said they were like Liam and Noel, who managed to “patch things up and have a very successful tour – we are doing the same”.
The problem is, it didn’t really explain what happened, or how they resolved things behind the scenes, and for some, it might have done too much damage already.
Layla signed up as a member when she first saw the link. It was the moment she had been waiting for after becoming frustrated with Labour. But she told me she found the ordeal “very unprofessional, very dishonest and messy”, and said she doesn’t want to be in a disorganised party and has lost trust in where her money will end up. She’s now thinking about the Greens. She said their leader, Zack Polanski “seemed like such a strong politician” with “a lot of charisma”.
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Jeremy Corbyn’s back – with Zarah Sultana and a new party. But is it a real threat to Labour, or just political theatre?
Since Polanski’s rise to power as leader, the Green Party has surged in popularity. According to a recent poll, they went up four points in just one week (following their conference). Voters, particularly on the left, seem to like his brand of “eco populism”.
While he has politely declined formally working in conjunction with Your Party publicly, he has said the “door is always open” to collaboration especially as he sees common goals between the two parties. Zarah Sultana said this weekend though that the Greens don’t describe themselves as socialists and that they support NATO which she has dubbed an “imperialist war machine”.
While newer coalitions may not be the problem for now, internal fissures might come sooner than they expect. Voters at the rally this weekend came with pretty clear concerns about some of the other independent MPs involved in Your Party.
Image: The two heroes of the left fell out over a row over their party’s paid membership system
I asked Ayoub Khan if he considered himself left-wing. A question that would solicit a simple answer in a crowd like this. But he said his view was very simple, that he is interested in fighting for equality, fairness and justice: ‘We all know that different wards, different constituencies have different priorities and MPs should be allowed to represent the views of the communities they serve.” To him, that can sometimes mean voting against the private school tax and against decriminalising abortion.
The Your Party rally on Thursday night was packed, but the tone was subdued. People came full of optimism but they also wanted to make up their mind about the credibility of the new offering and to see the renewed reconciliation up close.
The organisers closed the evening off with John Lennon’s song, Imagine. That was apt, because until the party can get their act together, that’s all they’ll be doing.
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