Though the Bank of Thailand has tightened oversight of the gold trade, Mr Kritcharat said gold traders are against the regulator’s proposal to impose a tax on gold trade. “Gold traders are willing to cooperate as the central bank steps up controls on gold transactions, but we oppose collecting any kind of tax on gold trading because it could have negative consequences, similar to imposing a capital gains tax on stock trading,” he said. Fourteen major gold traders proposed allowing dollar-denominated trading as a way for the central bank to curb the baht’s rise, said Mr Kritcharat. Gold trading in Thailand currently involves a 15% withholding tax on capital gains for 99.99% purity gold bar forward contracts on the Thailand Futures Exchange. While physical gold sales are generally exempt from value-added tax (VAT), excise tax of 10% may apply to jewellery.

Source: Bangkok Post January 06, 2026 16:55 UTC