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

Understanding Staking Rewards and Thai Tax Obligations

Staking rewards—earned from participating in blockchain networks like Ethereum, Cardano, or Solana—are taxable income in Thailand. The Revenue Department classifies these rewards as “income from property” under Section 40(4)(f) of the Revenue Code. Whether you’re staking through exchanges, wallets, or decentralized protocols, you must declare earnings exceeding ฿60,000 annually. Failure to report can lead to penalties of 1.5% monthly interest on unpaid tax plus a potential 100% fine. Thailand’s crypto tax framework evolves rapidly, with recent guidelines clarifying that staking rewards are taxed upon receipt, not sale.

Step-by-Step Guide to Reporting Staking Rewards

1. Calculate Your Annual Rewards: Convert all staking rewards to Thai Baht using exchange rates on the day of receipt. Use transaction histories from platforms like Binance or Bitkub.
2. Separate by Tax Year: Thai tax years run January 1–December 31. Include rewards received within this period.
3. File Form P.N.D.90/91: Report under “Other Income” (Box 8). List total rewards in Baht after conversion.
4. Apply Deductions: Subtract 50% of earnings as an expense allowance (standard for property income). Only the remaining 50% is taxable.
5. Include in Annual Tax Return: Submit via the Revenue Department’s e-Filing portal by March 31 of the following year.

Common Mistakes to Avoid

• Ignoring Small Rewards: Even minor earnings accumulate—track all transactions.
• Using Incorrect Exchange Rates: Always use Bank of Thailand daily rates for conversion.
• Missing Documentation: Keep screenshots, CSV exports, and wallet addresses for 5 years.
• Overlooking Airdrops: Hard-forked tokens or promotional rewards are also taxable.

Frequently Asked Questions (FAQ)

Q: Do I pay tax if I reinvest staking rewards immediately?
A: Yes. Taxation occurs upon receipt, regardless of whether you hold or reinvest.

Q: How are foreign exchange gains/losses handled?
A: Separate calculations are required if you convert rewards to fiat later. Gains are taxed as additional income.

Q: What if I stake via an international platform?
A: Thai residents must declare worldwide income. Use platform tax reports and convert to THB.

Q: Are there penalties for late filing?
A: Yes—1.5% monthly interest on owed tax plus up to 200% surcharge for intentional evasion.

Q: Can losses from staking reduce my tax bill?
A: No. Thailand doesn’t allow offsetting staking losses against other income types.

Tools and Resources for Compliance

Simplify tracking with tools like Koinly or Accointing, which auto-calculate Thai tax liabilities. For complex cases, consult Bangkok-based firms like Grant Thornton Thailand. Bookmark the Revenue Department’s website for official updates. Remember: Proactive reporting prevents audits in Thailand’s tightening crypto oversight landscape.