Ekniti targets gold trading tax to combat grey capital

Khaosod•Economy•2d ago

Reader Briefing

Deputy Prime Minister and Finance Minister Ekniti Nitithandpraphash is studying gold trading taxes to track transactions and suppress grey capital.

•Ekniti Nitithandpraphash plans to implement gold trading taxes to close loopholes used by grey capital and fraudsters.
•The Ministry of Finance and the Bank of Thailand agree on the necessity of tracking transactions to meet international standards.
•The study covers taxes on gold market trading and taxes on gold imports for speculation or non-jewelry processing.
•The government asserts that these measures will not affect Thailand's status as a gold trading hub.

Overview

•The Data Bureau and financial transaction monitoring committees found loopholes used by fraudsters and grey capital to hide and transfer assets through gold trading.
•The Ministry of Finance and the Bank of Thailand aim to track transaction paths to seriously suppress grey capital groups.
•Ekniti Nitithandpraphash stated that the objective is not to generate state revenue through high taxes but to follow international standards for transaction visibility.
•The Ministry of Finance is currently conducting further detailed studies on the tax structure for gold transactions.
•The scope of the study includes gold trading in the market and gold imports not processed into jewelry or imported for speculation.
•The government prepares to hold discussions and listen to opinions from the Gold Traders Association in the near future.
•Ekniti Nitithandpraphash confirmed the policy will not impact Thailand's position as a gold trading hub because tax rates will not be set high.
•Ekniti Nitithandpraphash noted that the SEC and the Bank of Thailand are also collaborating on transaction monitoring for digital assets.

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Key Quotes

Ekniti Nitithandpraphash

"Today, the intention is not to collect gold tax at a high rate, but to collect it to know the transactions, which is an international standard, to close loopholes for grey capital and fraudsters who hide and transfer money through gold asset trading."

วันนี้ไม่ได้ตั้งใจจะเก็บภาษีทองคำในอัตราสูง แต่ตั้งใจจะเก็บเพื่อให้รู้ Transection ซึ่งเป็นมาตรฐานสากล เพื่อต้องการปิดช่องโหว่ที่ทำให้เกิดทุนเทาและมิจฉาชีพทั้งหลายที่มาซ่อนเงินและส่งผ่านทางการซื้อขายสินทรัพย์ที่เป็นทองคำ

Key Entities

Person

Ekniti Nitithandpraphash(เอกนิติ นิติทัณฑ์ประภาศ)

Deputy Prime Minister and Minister of Finance.

Organization

Ministry of Finance(กระทรวงการคลัง)ℹ️

The ministry studying the gold transaction tax structure to suppress grey capital.

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

The central bank agreeing on the necessity of tracking gold transactions and cooperating on digital asset transaction monitoring.

Gold Traders Association(สมาคมค้าทองคำ)

The association that raised inquiries about gold trading tax guidelines.

SEC(ก.ล.ต.)

The organization collaborating with the Bank of Thailand on digital asset transactions.

Place

Thailand(ประเทศไทย)ℹ️

The country acting as a gold trading hub.