Finance Ministry discusses online gold tax to curb grey capital

Post Today•Economy•2d ago

Reader Briefing

The Ministry of Finance is preparing to consult the Gold Traders Association on transaction tracking and specific business taxes for online gold trading to combat grey capital.

•The Ministry of Finance will discuss gold transaction tracking and online gold specific business tax with the Gold Traders Association this week.
•The measures target non-physical delivery transactions suspected of being used by grey capital for moving or hiding money.
•Deputy Prime Minister and Minister of Finance Ekniti Nitithandpraphas emphasized the goal is transaction visibility, not high tax collection.
•The government is also considering monitoring other risky assets, including digital assets, in coordination with the SEC and Bank of Thailand.

Overview

•The Ministry of Finance plans to hold discussions with the Gold Traders Association within this week to consider guidelines for tracking gold transactions.
•Data Bureau working groups found attempts to use gold trading as a channel for transactions involving fraudsters or grey capital.
•The Ministry of Finance is studying the possibility of using specific business taxes as a tool to monitor online gold trading, especially non-physical delivery.
•Ekniti Nitithandpraphas stated that the government does not intend to collect high taxes but aims to design a system to track transactions according to international standards.
•The scope of consideration includes gold trading in the market and gold imports used for trading or speculation rather than jewelry processing.
•Ekniti Nitithandpraphas emphasized that measures must be balanced to avoid impacting the gold business or Thailand's status as a gold trading hub.
•The government will consider monitoring other risky assets, such as digital assets, to block grey capital.
•The Securities and Exchange Commission and the Bank of Thailand are working together to monitor digital asset transactions.

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Source: Post Today (Original)

Key Quotes

Ekniti Nitithandpraphas

"Today, no one knows exactly who is buying or selling gold, so it is necessary to consider how the government can see these transactions more clearly."

วันนี้ไม่มีใครรู้เท่าไหร่ว่า ทองคำใครซื้อ ใครขายอย่างไร จึงจำเป็นต้องพิจารณาว่าจะทำอย่างไรให้ภาครัฐสามารถเห็นธุรกรรมเหล่านี้ได้ชัดเจนขึ้น

Key Entities

Organization

Ministry of Finance(กระทรวงการคลัง)ℹ️

The government ministry preparing to discuss gold transaction tracking and taxation to curb grey capital.

Gold Traders Association(สมาคมค้าทองคำ)

The association the Ministry of Finance is consulting regarding online gold trading and transaction monitoring.

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

The central bank coordinating with the Ministry of Finance and the SEC to monitor transactions and prevent grey capital.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The regulatory body working with the Bank of Thailand to monitor digital asset transactions.

Person

Ekniti Nitithandpraphas(เอกนิติ นิติทัณฑ์ประภาศ)

Deputy Prime Minister and Minister of Finance who is overseeing the measures to prevent grey capital movement.

Laworn Sangsnit(ลวรณ แสงสนิท)

Permanent Secretary of the Ministry of Finance assigned to represent the ministry in discussions with the Gold Traders Association.