Thailand Capital Gains Tax Guide

Thailand provides a generous exemption for capital gains on securities — individual investors pay no tax on gains from the sale of listed stocks, ETFs, and bonds traded on the Stock Exchange of Thailand (SET). Property capital gains are included in ordinary IIT (0–35% progressive rates) with deductions based on holding period. Gains on unlisted shares are also included in IIT. All amounts in THB.

Thailand's capital gains treatment varies significantly by asset type. The exemption for securities gains makes Thailand a highly attractive jurisdiction for equity investors. For related guidance, see our Personal Tax Guide →, Investment Income Guide →, and Property Tax Guide →.

Securities Gains — Exempt (SET-Listed)

Total exemption: Gains from the sale of securities listed on the Stock Exchange of Thailand (SET) — including common shares, preferred shares, ETFs, warrants, and debentures/bonds — are exempt from personal income tax for individual investors.
No capital gains tax: There is no separate capital gains tax on securities in Thailand. The gain is simply excluded from assessable income under the Revenue Code (section 42(18)).
Scope: The exemption covers SET-listed and MAI-listed (Market for Alternative Investment) securities. It does not cover foreign-listed securities or unlisted securities.
Transaction costs: Brokerage commissions (typically 0.15–0.25%), SET fees (0.005%), and VAT on fees are payable at the time of trade but are not tax-deductible (since the gain itself is exempt).
Corporate investors: Companies (both Thai and foreign) do include securities gains in their taxable income at the standard CIT rate of 20%.

Property Gains — Included in IIT (0–35%)

Gains from property sales by individuals are included in the annual IIT calculation. The gain is computed as the sale price minus the purchase price and allowable expenses (transfer fees, improvements, legal costs).
Holding-period deduction: To account for inflation, the Revenue Code provides a deduction based on holding period. For property held for a given number of years, only a portion of the gain is taxable under a deemed-cost formula:

Year 1: a fixed percentage of the gain is exempt (typically 50% for short holding periods)
Years 2–8+: the exempt portion decreases, and the taxable portion increases, with the formula structured around deemed acquisition costs published by the Revenue Department

In practice, the taxable gain = sale price − (acquisition price × cost index factor based on holding years). The cost index factor increases with holding years, reducing the taxable gain.
The net gain (after cost indexing) is included in the taxpayer's total assessable income and taxed at progressive IIT rates (0–35%). For detailed property transfer costs, see the Property Tax Guide.

Unlisted Shares — IIT (0–35%)

Gains from unlisted shares (non-SET/MAI) are not exempt — they must be included in the individual's annual IIT return as assessable income.
The gain is calculated as the sale proceeds minus the acquisition cost and directly related expenses (brokerage, legal fees).
The full gain is added to other income and taxed at the taxpayer's marginal IIT rate (0–35%).
WHT: When unlisted shares are sold, the buyer typically withholds tax at 15% of the gain (if the seller is an individual) or at the applicable rate under the Revenue Code (1–3% of gross proceeds for corporate sellers). The withheld amount is creditable against the seller's annual tax.
Corporate sellers: Gains on unlisted shares are included in corporate taxable income at 20% (with potential capital gains exemption if certain holding period and share-ownership conditions are met under the Revenue Code).

Crypto and Digital Asset Gains

Cryptocurrency gains: As of 2026, gains from trading cryptocurrencies and digital tokens are taxable as assessable income under IIT. A 15% withholding tax applies to gains from crypto transactions conducted through licensed Thai exchanges (final tax if the taxpayer elects).
Deduction for losses: Crypto losses can offset crypto gains within the same tax year. Loss carryforward is not permitted.
Tax-free threshold: Small transactions (under THB 10,000 per trade) may be exempt under certain conditions, but this is subject to annual policy changes.

Foreign Assets and Reporting

Foreign-listed securities: Gains from the sale of foreign-listed stocks (e.g., US, Hong Kong, Singapore) are not exempt under the Thai exemption (which covers only SET/MAI-listed securities). Such gains are taxable as assessable income in Thailand for tax residents.
Foreign property: Gains on foreign real estate are included in IIT for Thai tax residents, subject to foreign tax credits (if tax is paid abroad).
Reporting: A tax resident must report all foreign-sourced income, including capital gains, on the annual IIT return if the income is brought into Thailand in the same year (remittance basis). New 2024 rules require reporting of foreign income even if not remitted, with tax only due on remitted amounts for certain income categories.