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

Understanding Staking Rewards and Thai Tax Obligations

Staking rewards—earned by participating in blockchain networks like Ethereum or Cardano—are taxable income in Thailand. The Revenue Department classifies these crypto earnings as “income from other sources” under Section 40(8) of the Thai Revenue Code. Failure to report them accurately can lead to penalties of 1.5% monthly interest on unpaid taxes plus potential fines. With Thailand’s crypto adoption growing rapidly, understanding compliance is crucial for investors.

Are Staking Rewards Taxable in Thailand?

Yes. Thailand treats staking rewards as assessable income at the moment they’re received. Key principles include:

• Tax Trigger: Taxable when rewards are transferable or spendable in your wallet
• Valuation: Calculate value in THB using exchange rates at reward receipt time
• Tax Rate: Progressive rates from 5% to 35% based on total annual income
• Exemption: No capital gains tax if held as investment, but rewards are always income

Step-by-Step Guide to Reporting Staking Rewards

Step 1: Track All Reward Transactions
Use crypto tax software (e.g., Koinly or TokenTax) or spreadsheets to log:

• Date and time of each reward
• Amount received in cryptocurrency
• THB value at receipt (use Bank of Thailand exchange rates)
• Blockchain transaction IDs

Step 2: Convert Rewards to THB Value
Calculate using daily exchange rates from credible sources like:
• Bank of Thailand website
• Reputable exchanges (Bitkub, Zipmex) at exact reward time

Step 3: File Personal Income Tax Return (PND 90/91)
Report total annual staking rewards in Part 8: Other Income of the form. Include:

• Sum of all rewards’ THB value
• Supporting documents: Transaction logs and conversion calculations

Step 4: Pay Taxes by March 31st
Submit PND 90/91 between January 1–March 31 following the tax year. Late payments incur 1.5% monthly penalties.

Essential Documentation for Tax Filing

• Transaction History: CSV exports from staking platforms/wallets
• Exchange Rate Proofs: Screenshots of rates used with timestamps
• Wallet Addresses: For audit verification
• Form PND 90/91: Filed electronically via the Revenue Department’s e-Filing system

Common Reporting Mistakes to Avoid

• Ignoring Small Rewards: All rewards are taxable regardless of amount
• Using Incorrect Exchange Rates: Always use rates at exact reward time
• Missing Deadlines: March 31 cutoff is strict—set calendar reminders
• Poor Record Keeping: Maintain organized logs for 5+ years (audit period)

FAQs on Reporting Staking Rewards in Thailand

1. Do I pay tax if I restake rewards immediately?
Yes. Taxation occurs upon receipt, regardless of whether you hold, sell, or restake.

2. How does Thailand tax foreign exchange staking?
Same rules apply. Report THB value at receipt using BOT rates—even for rewards from overseas platforms.

3. What if I lost money on crypto overall?
Losses from trading can’t offset staking reward income. They’re separate tax categories.

4. Are decentralized (DeFi) staking rewards treated differently?
No. All staking income—whether from centralized exchanges or DeFi protocols—follows identical reporting rules.

5. Can I deduct staking-related costs?
Currently, Thailand doesn’t allow deductions for expenses like transaction fees or hardware costs.

Disclaimer: Tax regulations evolve. Consult a Thai tax advisor or the Revenue Department for personalized guidance. This guide reflects rules as of 2023.