Selling gold - taxes

[CrossBones]

I am thinking to sell around 2000g of gold which I have had for many years.

When I purchased the gold I didnt keep the receipts.

 

When I sell it the gold shop will give me a cashiers cheque

 

Is this taxable in Thailand? Since I dont have the original receipt, how do i show what is profit (capital gain) and what is not?

 

Is capital gain on gold taxed the same way as income?

 

Thanks

[Jenkins9039]

Gold is tax free in Thailand... 

[FlorC]

^ Gold might be tax free in thailand , but is the gain between purchase and sale taxable ?

If that gain is not taxable , and I sell gold back in my home country and transfer it to Thailand , do I have to pay income tax on it because of the new income tax law ?

[Tubulat]

10 hours ago, CrossBones said:

I am thinking to sell around 2000g of gold which I have had for many years.

When I purchased the gold I didnt keep the receipts.

 

When I sell it the gold shop will give me a cashiers cheque

 

Is this taxable in Thailand? Since I dont have the original receipt, how do i show what is profit (capital gain) and what is not?

 

Is capital gain on gold taxed the same way as income?

 

Thanks

This is something that also concerns me, over the years I have also bought Thai gold, and certainly did not keep all the purchase receipts.
Now I suspect, if I want to sell this to the well-known gold shops already over in Thailand, that one is going to find a way to either refuse the gold, or give a bad price.
Wonder if others have the same experience with this.

[Paris333]

You won΄t have any taxable income from Tax Authorities since you get official receipt from Gold store.

At Gold store they usually purchase gold and not lettuce or cornflowers.....

Dont worry you are covered and the same applies if Gold Store transfer their money electronically in your Bank account.

I have do it recently when I sell gold sovereigns which I had bought at €430 each one and I sell them at €530 each one 

Pay attention and be sure that gold store has exclusive activity in the sale of gold otherwise Tax Services will require more proof that you sold gold.

[CrossBones]

Thanks everyone for the above comments however I cant find any information confirming that its tax free , from any web search from any source actually. There is no VAT for sure. But what about capital gains tax?

Edited June 19 by CrossBones

[CrossBones]

7 hours ago, Jenkins9039 said:

Gold is tax free in Thailand... 

Thanks

I know there is no VAT on gold. But what about capital gains?

[CrossBones]

1 hour ago, Paris333 said:

You won΄t have any taxable income from Tax Authorities since you get official receipt from Gold store.

At Gold store they usually purchase gold and not lettuce or cornflowers.....

Dont worry you are covered and the same applies if Gold Store transfer their money electronically in your Bank account.

I have do it recently when I sell gold sovereigns which I had bought at €430 each one and I sell them at €530 each one 

Pay attention and be sure that gold store has exclusive activity in the sale of gold otherwise Tax Services will require more proof that you sold gold.

I will get a receipt when i sell the gold. However i no longer have the purchase receipts from years ago. So i am worried about capital gains tax

[CrossBones]

4 hours ago, Tubulat said:

This is something that also concerns me, over the years I have also bought Thai gold, and certainly did not keep all the purchase receipts.
Now I suspect, if I want to sell this to the well-known gold shops already over in Thailand, that one is going to find a way to either refuse the gold, or give a bad price.
Wonder if others have the same experience with this.

They wont refuse or give you a bad price.

[Dante99]

On 6/19/2024 at 6:33 PM, Tubulat said:

Now I suspect, if I want to sell this to the well-known gold shops already over in Thailand, that one is going to find a way to either refuse the gold, or give a bad price.
Wonder if others have the same experience with this.

No problem if what you bought/have was/is standard quality gold. 

[Dante99]

On 6/19/2024 at 10:44 PM, CrossBones said:

I will get a receipt when i sell the gold. However i no longer have the purchase receipts from years ago. So i am worried about capital gains tax

Never had a name on gold shop receipt.  So no name nobody to tax.  Sell for cash.

[ericbj]

https://franklegaltax.com/legal-regulations-and-tax-implications-of-cryptocurrencies/

 

Seems from this page that you would likely be liable for personal income tax on the capital gain.

 

A potential problem for you if you cannot prove the gain and the transaction goes through your Thai bank account.

 

I suggest enquiring with the web-site authors, Frank Legal & Tax.

 

And let us know what they say

[farangkinok]

At Hua Seng Heng, if you sell them 20 baht weight or less, they pay you with cash. It helps if the gold you sell them was purchased from them originally. They recognize their own handiwork.