How to Report NFT Profit in Thailand: Complete Tax Guide 2024

As NFTs (Non-Fungible Tokens) explode in popularity, Thai investors face crucial questions about tax compliance. With Thailand’s Revenue Department actively monitoring cryptocurrency transactions, properly reporting NFT profits isn’t optional—it’s mandatory. This comprehensive guide breaks down exactly how to declare your NFT earnings while avoiding penalties.

Understanding NFT Taxation in Thailand

Thailand’s Revenue Department categorizes NFTs as digital assets, subject to capital gains tax under Section 40 of the Revenue Code. Whether you’re an artist selling creations or an investor flipping NFTs, profits are considered assessable income. Key principles:

• Tax applies to residents and income derived within Thailand
• Calculated on net profit (sale price minus acquisition cost and fees)
• Filing required regardless of transaction platform (OpenSea, Binance NFT, etc.)

Step-by-Step Guide to Reporting NFT Profits

1. Calculate Your Taxable Income

Determine net profit using this formula:

Sale Price – (Purchase Price + Gas Fees + Platform Commissions) = Taxable Profit

• Keep verifiable records of all transactions
• Convert cryptocurrency values to THB using Bank of Thailand exchange rates on transaction dates

2. Prepare Required Documentation

• Blockchain transaction IDs (TxID)
• Digital wallet addresses
• Exchange statements showing THB conversions
• Receipts for acquisition costs

3. File Through Official Channels

Individual taxpayers must submit:

• P.N.D.90 for annual income (filed March-April)
• P.N.D.91 for mid-year withholding (September)

File electronically via the Revenue Department’s e-Filing system or at local tax offices.

Thai NFT Tax Rates and Calculations

NFT profits are taxed as personal income using progressive rates:

Annual Income (THB)	Tax Rate
0 – 150,000	0%
150,001 – 300,000	5%
300,001 – 500,000	10%
500,001 – 750,000	15%
750,001 – 1,000,000	20%
1,000,001 – 2,000,000	25%
2,000,001 – 5,000,000	30%
Over 5,000,000	35%

Example: If you earn 400,000 THB from NFT sales after deductions, tax due = (150,000 × 0%) + (150,000 × 5%) + (100,000 × 10%) = 17,500 THB.

Critical Compliance Tips for NFT Sellers

• Track every transaction: Use crypto tax software like Koinly or Accointing
• Report in THB: Convert values at transaction-time rates
• Offset losses: NFT capital losses reduce taxable income
• Foreign platforms: Income from overseas exchanges still requires declaration

Frequently Asked Questions (FAQ)

Do I pay tax if I only traded NFTs in cryptocurrency?

Yes. All profits—whether in THB, ETH, or other crypto—are taxable. Convert values to THB using official exchange rates.

What if I created the NFT myself?

Artist creators must report income as business revenue under Section 40(8), potentially qualifying for expense deductions (platform fees, software costs, etc.).

Are there penalties for non-compliance?

Failure to report may result in:

• Fines up to 200% of unpaid tax
• 1.5% monthly interest on overdue amounts
• Criminal charges for severe evasion

How long should I keep NFT tax records?

Maintain documentation for 5 years after filing, as the Revenue Department can audit returns within this period.

Can I deduct blockchain transaction fees?

Yes. Gas fees, marketplace commissions, and wallet transfer costs are deductible expenses when calculating net profit.

Disclaimer: Tax regulations evolve rapidly. Consult a Thai tax advisor or the Revenue Department for case-specific guidance. Proper reporting ensures you contribute to Thailand’s digital economy while avoiding legal complications.