ECOWAS, Thailand seek stronger ties on trade, development

Thailand's government is not contemplating a gold tax in the near future, according to the nation's Gold Traders Association. During a meeting that was meant to discuss a potential tax, the association's president, Jitti Tangsithpakdi, clarified that the discussions were not centered around a tax but rather focused on concerns such as "grey" money, money laundering, and strategies to prevent such activities.

The association is still studying the idea of a tax, which has been a concern, but the focus of the current talks is on preventing illicit activities through gold trading. The Ministry of Finance had previously mentioned the possibility of discussing a gold tax to combat illicit funds. The association opposes any gold tax as it could diminish Thailand's status as a regional gold trading hub.

The meeting also explored using credit bureau checks for gold buyers to identify high-risk individuals who might be hired to purchase gold on behalf of others. Over 7,000 gold shops across the country could be enlisted for this screening process. The Ministry of Finance's permanent secretary, who chaired the meeting, could not be reached for further comment.

In recent months, the Bank of Thailand has implemented measures to curb online gold trades, including a daily limit of 50 million baht per person per platform and proposed cash payment limits for physical gold bar trades at gold shops. Gold prices in Thailand have been adjusted multiple times, with buying and selling prices fluctuating within a narrow range.