Thai authorities are considering introducing a new tax on gold trading in a move aimed at curbing the strength of the Thai baht.
The Bank of Thailand and the Ministry of Finance are discussing a levy on gold bought and sold through online platforms and settled in baht. Transactions carried out in US dollars, futures markets, or physical bullion shops are expected to be exempt. Officials are still in consultation with the gold industry, and a final decision is likely only after the new cabinet takes office.
Why Thailand Wants to Tax Gold
Gold exports have surged 69% this year to 254 billion baht (around USD 8 billion), with much of the trade reportedly being converted into baht. This has been one of the drivers behind the baht’s appreciation, which has reached its strongest level since 2021.
The stronger currency is putting pressure on both exporters and the tourism sector, which together account for about 70% of Thailand’s GDP. Authorities are seeking ways to reduce gold flows and stabilise the currency.
Update 17/09/2025: Gold Traders Oppose the Proposal
Gold traders have voiced strong opposition to the plan, warning that a tax on transactions could damage Thailand’s reputation as a regional gold hub. The Gold Traders Association noted that neighbouring countries such as Malaysia are reducing gold taxes to compete, and cautioned that new measures could distort the market without significantly slowing the baht’s rise.
Impact on Expats in Thailand
For expats, the possible gold tax could matter in two ways.
- If you trade or hold gold in Thailand, it may become more costly to buy or sell through online platforms.
- A stronger baht affects remittances and conversions of foreign income, changing how far your money goes in Thailand.
Expat Tax Thailand’s View
At Expat Tax Thailand, our view is that this proposed tax is primarily about stabilising the currency, but it is also a reminder that policy shifts can have a real impact on your finances.
If you are holding gold, or planning major transfers of foreign income, now is a good time to review your options.
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