Finance eyes gold import tax overhaul to curb grey money

Finance Ministry is considering an overhaul of measures linked to online gold trading, including a possible review of gold import duties and the structure of special business tax, as part of a wider push to curb “grey capital” and reduce pressure from baht movements.

Finance Minister and Deputy Prime Minister Ekniti Nitithanprapas said a meeting of a subcommittee on linking financial data agreed to strengthen supervision and connect information in areas where oversight remains unclear. These include gold trades without physical delivery and digital assets, as well as identity checks for traders and investors.

Ekniti said the government will set up a “Data Bureau” — a system that links data from all relevant agencies at one point via Open API, without creating a new agency — to provide an overall picture of suspicious transactions across gold, digital assets, e-wallets, foreign exchange and cash.

Permanent Secretary for Finance Lavaron Sangsnit said Thailand had previously relaxed gold import rules to support the gems and jewellery industry, but loopholes remain, including trades that can affect the baht. He said the Revenue Department will inspect large gold shops that run their own online platforms, focusing on daily transaction volumes, and will require platform owners to maintain special accounts and submit trading reports.

Lavaron added that the Customs Department has been tasked with studying the pros and cons of reintroducing gold import duties, benchmarked against other countries, as a tool to support currency stability and curb grey capital in the longer term.

Bank of Thailand Governor Vitai Ratanakorn said the central bank plans to tighten oversight of gold transactions that affect the exchange rate, and is awaiting amendments to a Finance Ministry notification to grant the Bank of Thailand clearer authority. He said this is expected to take effect after 20 January 2026.

Key steps include mandatory reporting by platform operators and consideration of trading caps — for example, individuals should not trade more than 100 million baht per day.

Vitai said additional tightened controls include requiring declarations for inbound cash/foreign currency above US$200,000, setting a daily limit of 800,000 baht per person for money exchange services, and calibrating e-wallet limits to suit different user groups.

SEC Secretary-General Pornanong Budsaratragoon said the Securities and Exchange Commission, Thailand is working closely with the Anti-Money Laundering Office (AMLO) to trace funds outside current supervision, and is accelerating data linkage through the “Travel Rule” to identify the source and destination of transfers. She said clearer implementation is expected in the first quarter of this year.