Thai Government studies gold trading tax to stop money laundering

MGR Online•Economy•2d ago

Reader Briefing

The Ministry of Finance is studying a transaction tax on gold trading to prevent money laundering by grey capital groups.

•Ministry of Finance and Bank of Thailand are studying a gold trading transaction tax.
•Anutin Charnvirakul ordered three main measures to track financial trails and prevent financial crime.
•The proposal includes reducing the reporting threshold for physical gold transactions to below 2 million baht.

•Ministry of Finance and Bank of Thailand are studying a transaction tax on gold trading to close loopholes used by grey capital and fraudsters for money laundering.
•Ekniti Nitithandapraphas stated the tax objective is to access transaction data for suppression of grey capital, not to generate government revenue.
•Anutin Charnvirakul directed relevant agencies to implement three measures to increase efficiency in tracking financial trails.
•Anti-Money Laundering Office (AMLO) is tasked with reviewing and potentially lowering the reporting threshold for physical gold transactions from 2 million baht using a step-based threshold.
•Revenue Department is assigned to study the possibility of a specific business tax for gold trading and require online gold trading providers to maintain special accounts.
•Securities and Exchange Commission (SEC) is tasked with requiring digital asset providers to follow the Travel Rule for transferring digital assets.
•Anutin Charnvirakul specified that the ultimate goal is to collect comprehensive, quality, and secure financial transaction data for risk profiling.

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Ekniti Nitithandapraphas

"Our purpose is not to seek revenue, but we want to know the transactions because we want to seriously suppress grey capital."

จุดประสงค์เราไม่ต้องการหารายได้ แต่เราต้องการทราบ transaction เพราะว่าเราต้องการปราบทุนเทาอย่างจริงจัง

Ekniti Nitithandapraphas(เอกนิติ นิติทัณฑ์ประภาศ)

Deputy Prime Minister and Minister of Finance.

Anutin Charnvirakul(อนุทิน ชาญวีรกูล)ℹ️

Prime Minister and Minister of Interior who chairs the Data Bureau.

Ministry of Finance(กระทรวงการคลัง)ℹ️

The agency studying gold trading tax guidelines.

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

An agency collaborating with the Ministry of Finance on gold trading tax studies.

Anti-Money Laundering Office(สำนักงานป้องกันและปราบปรามการฟอกเงิน)

The agency acting as the center for collecting physical gold trading transaction data.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The agency overseeing digital asset providers' compliance with the Travel Rule.

Royal Thai Police(สำนักงานตำรวจแห่งชาติ)ℹ️

An agency attending the meeting on linking financial data.

Thai Bankers Association(สมาคมธนาคารไทย)

An agency attending the meeting on linking financial data.

Revenue Department(กรมสรรพากร)

The agency studying the possibility of collecting specific business tax for gold trading.

Gold Traders Association(สมาคมค้าทอง)

The group Ekniti Nitithandapraphas plans to consult soon.

Financial Action Task Force(คณะทำงานเฉพาะกิจเพื่อดำเนินมาตรการทางการเงิน)ℹ️

The body supervising the Travel Rule.

Travel Rule

An anti-money laundering regulation for digital currencies under FATF oversight.