Thailand weighs gold import tax after imports surge 53%
Thailand is studying a gold import tax after imports surged 53% to THB901.1 billion, while Customs revenue rose 9.9% in fiscal 2026.
- Thailand's Customs Department is considering imposing an import tax on gold following a 53% surge in imports, which reached a value of over THB901 billion.
- The massive increase in gold imports, now the country's third-largest import category, has raised concerns about its negative impact on the Thai baht, capital outflows, and overall financial stability.
- While gold currently has a zero import duty, authorities are studying the feasibility of a new tax, but no final decision has been made.
Thailand’s Customs Department is studying the possibility of imposing an import tax on gold after imports surged 53% to more than THB901 billion in the first 11 months of fiscal 2026, as authorities weigh trade, financial stability and transaction-monitoring concerns.
Phantong Loykulnanta, director-general of the Customs Department, said gold imports totalled THB901.115 billion between October 2025 and August 2026, making gold the country’s third-largest import category by value and accounting for more than 8% of total imports.
The figure was close to Thailand’s crude oil imports of THB1.086 trillion over the same period. Phantong said that if gold and crude oil imports were excluded, Thailand would have recorded a trade surplus of about THB400 billion.
Gold imports under closer scrutiny
Phantong said large-scale gold imports could contribute to pressure on the baht because importers must exchange baht for US dollars to purchase gold overseas. Large dollar transfers abroad could also contribute to capital outflows.
Thailand currently imposes a zero import duty on gold, but Customs is studying whether a levy could be introduced within existing legal and trade-agreement frameworks. No decision has yet been made.
He described the issue as sensitive, saying policymakers would have to consider business costs, trade balances and financial stability before deciding whether a tax should be imposed and at what level.
Customs is also sharing open data on gold imports and exports with policy agencies, including the Bank of Thailand, to strengthen monitoring of potentially suspicious transactions.
Customs revenue reaches THB631 billion
Separately, Customs reported total revenue of THB631.411 billion in fiscal 2026 as of September 21, up THB57.024 billion, or 9.9%, from the previous year. Thailand’s international trade during the fiscal year was valued at more than THB24 trillion.
Of the total, THB112.528 billion was Customs Department revenue, up 1.2%, while THB518.883 billion was collected on behalf of other government agencies, an increase of 12%.
This included THB411.131 billion for the Revenue Department, THB56.428 billion for the Excise Department and THB51.324 billion for the Interior Ministry.
Customs revenue itself remained below the full-year target of THB116.3 billion. Phantong attributed this partly to Thailand’s numerous free trade agreements, which reduce import duties on many goods. The department has been assigned a revenue target of THB116 billion for fiscal 2027.
Tax from first baht generates more than THB8 billion
The department said its policy of collecting duties and taxes on imported goods from the first baht of value, introduced on January 1, 2026, had generated more than THB8 billion.
Customs said the measure was also intended to create fairer competitive conditions for small and medium-sized Thai businesses facing competition from imported goods.
Illegal goods worth THB4.75 billion seized
Customs also reported 58,705 cases involving illegal goods and duty evasion, with a combined value exceeding THB4.75 billion.
Among them were 282 narcotics cases involving more than 1,221 kilograms of crystal methamphetamine, heroin, methamphetamine pills, ketamine and cocaine, valued at more than THB1.488 billion.
Authorities also seized illegal cigarettes, e-cigarettes and related products in 3,519 cases, involving more than 94 million items worth over THB530 million.
The department has also strengthened penalties for cannabis smuggling and the import or export of goods with falsified origins, saying the measures are intended to protect Thailand’s reputation and maintain confidence among trading partners.
Customs systems move further online
The Customs Department is continuing to modernise trade procedures, including upgrades to the Thailand National Single Window, electronic delivery orders and the Customs e-Invoicing Plus system.
Other projects include electronic sea-transshipment procedures, changes to rules governing river container vessels serving Laem Chabang Port, and improvements to the Tariff e-Service platform.
Customs is also preparing for Thailand’s planned accession to the Organisation for Economic Co-operation and Development (OECD) by 2028. Measures include changes to rules on informant and reward payments to reduce potential conflicts of interest and improve transparency.
The department is also supporting efforts to improve the Manufacturing Production Index, reviewing Customs legislation, developing Lat Krabang Inland Container Depot as a full export facility and examining Customs measures for environmentally friendly projects.
Phantong said the department would continue balancing fair revenue collection and law enforcement with trade facilitation as Thailand adapts to changing economic and international trade conditions.
