As gold prices have risen, rumors emerged that the Treasury might impose a gold tax. Many wonder if this is a way for the government to increase revenue. But if a gold tax is introduced, how significant would the impact be? Thairath Money contacted the President of the Gold Traders Association directly after a meeting with the Ministry of Finance and summarizes the key facts in this article.
Gold taxation is not new; the issue has been raised since late 2025. One reason is that gold trading daily values are very high, ranging from tens of billions to hundreds of billions of baht. Many believe these transactions could affect the baht's exchange rate—the more gold bought, the stronger the baht might become—and some transactions could involve money laundering.
Due to these concerns, in early 2026, the Bank of Thailand (BOT) implemented strict measures by limiting gold trading amounts on platforms settled in baht, such as capping trades at no more than 50 million baht per person per platform (both buying and selling), prohibiting the use of others' accounts for payments, and more. The goal was to increase transparency, effective from 1 March 2026. These figures suggest a focus on large gold traders.
After these measures, talk of a gold tax faded, but in mid-August 2026, interest in the topic resurfaced when "Aekniti Nitithanprapas," Deputy Prime Minister and Minister of Finance, stated that discussions would be held with the Gold Traders Association regarding supporting the domestic gold market, regulating gold trade, and preventing money laundering by grey capital groups. Regarding the gold tax, the Treasury is still studying and discussing it. He emphasized the government does not seek revenue from the tax but intends to use it as a tool to record transaction patterns and to combat grey capital groups and criminals, which may involve not only gold but other assets as well.
Most recently, after discussions between the Gold Traders Association and the Ministry of Finance on 27 August 2026, Thairath Money contacted "Jitti Tangsitpakdee," President of the Gold Traders Association, to summarize the discussions: At present, the government has no policy or consideration to impose a gold tax.
The main focus is on curbing "grey capital," not taxation. The ministry has requested the association's cooperation to strengthen oversight, especially regarding small or retail gold shops.
Certainly, the association explained its current stance and operations, noting that gold traders, as association members, strictly report transaction data to the Bank of Thailand and the Anti-Money Laundering Office in compliance with the law. This is partly due to severe legal penalties. Members are ready to report according to regulations and already supervise smaller businesses.
Regarding the view that a gold tax might help curb grey capital, Jitti noted that grey capital might not be very concerned about taxes since the rates are not high compared to laundering costs. However, legitimate traders might worry more because of the impact on their businesses.
If a gold tax were actually implemented in Thailand, it could affect gold trading volumes for both large and small traders. Currently, Thailand is among Asia's top gold trading markets. If a gold tax is introduced, transactions might shift to other countries, as many nations strive to be gold trading hubs. Thailand must compete effectively but becoming a gold hub requires government support and promotion.
Reference informationBank of Thailand
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