Ekniti to implement gold tax to combat grey capital

Prachachat•Economy•2d ago

Reader Briefing

Deputy Prime Minister and Finance Minister Ekniti Nitithandprapas plans to implement a gold business tax to track transactions and suppress grey capital.

•Ekniti Nitithandprapas intends to collect taxes on the gold business to monitor transactions and combat grey capital.
•The tax will target gold imports used for speculation rather than processing.
•The Ministry of Finance is studying the matter and will consult with the Gold Traders Association.
•The Securities and Exchange Commission and the Bank of Thailand are cooperating in the oversight of digital assets.

Overview

•The committee overseeing gold and data bureaus observed patterns used by fraudsters in gold trading, leading to the desire to collect gold business taxes.
•Ekniti Nitithandprapas stated that the tax rate will not be high and will follow international standards to identify transactions and suppress hidden money.
•Ekniti Nitithandprapas mentioned that reports from various shops have begun regarding the collection of import taxes on gold bought for speculation and not for processing.
•The gold tax proposal is currently under study.
•Ekniti Nitithandprapas will discuss the matter with the Gold Traders Association to ensure balance and avoid impacting honest operators.
•The Securities and Exchange Commission and the Bank of Thailand are providing cooperation in the joint oversight of digital assets.

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Key Quotes

Ekniti Nitithandprapas

"The tax collection will not be at a high rate, but it is intended to track transactions to close grey capital loopholes hiding through gold trading."

การเก็บภาษีคงไม่ได้เก็บในอัตราที่สูง แต่ตั้งใจให้รู้ Transaction เพื่อปิดทุนเทาทั้งหลายที่มาแอบหลบซ่อนผ่านการซื้อขายทองคำ

Key Entities

Person

Ekniti Nitithandprapas(เอกนิติ นิติทัณฑ์ประภาศ)

Deputy Prime Minister and Minister of Finance.

Organization

Ministry of Finance(กระทรวงการคลัง)ℹ️

The ministry led by Ekniti Nitithandprapas regarding the gold tax proposal.

Gold Traders Association(สมาคมค้าทองคำ)

The association that Ekniti Nitithandprapas will consult with to balance the impact on operators.

Securities and Exchange Commission (SEC)(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์ (ก.ล.ต.))

An agency cooperating in the oversight of digital assets.

Bank of Thailand (BOT)(ธนาคารแห่งประเทศไทย (ธปท.))

An agency cooperating in the oversight of digital assets.