Thailand is considering imposing taxes on gold trade and imports

Mon Aug 24 2026

Thai Finance Minister Ekniti Nitithanprapas said on Monday that Thailand will discuss with the Gold Traders Association this week a proposal to impose taxes on gold trade and imports, as part of government efforts aimed at limiting the use of transactions involving the precious metal to move or conceal illicit funds.

The minister explained that the proposed tax will not be imposed at a level that harms the gold trade sector, but rather it will be designed to enable authorities to track and monitor suspicious financial flows. The proposal comes as part of a broader move to combat illicit capital and illegal financial activities.

Ekniti noted that scammers have exploited gold transactions to move or conceal illegal funds, prompting the government to explore additional regulatory tools to enhance oversight of money flows linked to the market. Authorities are also considering imposing taxes on gold imports as part of the proposed measures.

The proposal faces opposition from gold traders in Thailand, who warn that imposing a new tax could harm businesses operating in the sector and weaken the country's ability to maintain its position as a major trading center for the precious metal. Thus, the government aims to design the measure in a way that achieves oversight goals without imposing a tax burden that harms business activity.

Thailand's efforts are not limited to the gold market; the finance minister stated that authorities will also look into closing gaps related to digital assets, to prevent their use in money laundering or passing through illicit financial flows. This reflects a trend towards tightening oversight on channels that can be exploited to hide the sources of funds or transfer them away from the traditional financial system.

Earlier this year, the Bank of Thailand issued rules to limit online gold trading, including setting a daily limit of 50 million baht, equivalent to about 1.5 million dollars, per person on each platform. The bank also proposed setting limits on cash payments related to gold bar trading in gold shops.

These measures are significant for the Thai gold market as authorities seek to balance enhancing transparency and combating money laundering on one hand while maintaining business activity for traders and companies on the other. Expanding oversight to include digital assets indicates that the government views the fight against illicit funds as an issue that requires dealing with more than one financial channel.

The government is preparing to discuss the details of the tax with sector representatives during the current week, while the nature or final level of the tax has not yet been determined. The stated goal remains to enhance the authorities' ability to monitor financial flows without undermining the business activity associated with gold in Thailand.

Source: https://www.arabictrader.com