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.

[dinga]

On 6/23/2024 at 5:56 PM, ericbj said:

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

 

This link seems to confirm that, in Principle, PIT is payable on the Capital Gain.

 

In practice, the above advice and the comment by <farangkinok>, taken together, seems to offer a Practical approach.

 

https://sherrings.com/capital-gains-personal-income-tax-thailand.html 

[node]

Is 999.9 Swiss Gold sellable in Thailand, and where? I am seeing 96.5

[dinga]

On 6/22/2024 at 8:23 AM, Dante99 said:

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

Hhhhhhmmmm - back to the drawing board [just looked at some purchase receipts and all have full personal identifying details].

 

Dunno if sale receipts will show similar but suspect they will (at least from this shop). 

 

Any others (a) in my boat; or (b) Dante99's ???  

 

  

[Everyman]

Is this a joke? How do you imagine the revenue department will know if you sold  some gold? Do you think they are spying on you? The paranoia about taxes has gotten totally out of hand. 

[dinga]

9 hours ago, Everyman said:

Is this a joke? How do you imagine the revenue department will know if you sold  some gold? Do you think they are spying on you? The paranoia about taxes has gotten totally out of hand. 

What deluded comments.  Don't waste our time if your ignorance has nothing to offer. 

 

First - the Principal.  Seems clear that where there is a monetary gain realized from the resale of 96.5% gold bars bought & sold in Thailand, Income Tax is due on the Capital Gain.  

 

My interest relates to the Practice.  Based on some purchase receipts which in all cases show the personal details of a buyer, I'm assuming any sales receipts will show the same details. 

 

In reality, does the TRD currently monitor sales of gold bars to ensure that Income Tax - where payable - is actually collected on the Capital Gain????   

Edited October 12 by dinga

[chiang mai]

I understand gold shops withhold 15% tax, not sure if applicable to all shops or not.

 

https://www.forvismazars.com/th/en/insights/doing-business-in-thailand/tax/tax-incentives-for-the-sale-of-gold-bars

[CrossBones]

On 9/30/2024 at 4:20 PM, node said:

Is 999.9 Swiss Gold sellable in Thailand, and where? I am seeing 96.5

Yes, at Hua Seng Heng and a few other places

[CrossBones]

On 6/19/2024 at 3:06 PM, Jenkins9039 said:

Gold is tax free in Thailand... 

are you sure?

[sikishrory]

do gold shops have some weird thing of not actually issuing receipts? When i bought wedding rings in pattaya. Asked for receipt they said  "can not" for some reason which wasn't entirely clear. Instead they wrote the purchase on the back of their business card.

Wife was standing next to me and didn't seem fazed.

Another time buying chain from hua seng heng online - asked if they prvide receipt. Answer was no. Then when i go to the silom branch to pick it up they provided what seemed to be a receipt anyway.

Another time selling and buying a new chain clasp for wife - fro memory they wrote out what seemed to be a receipt but a crappy one.

 

[SAFETY FIRST]

37 minutes ago, sikishrory said:

do gold shops have some weird thing of not actually issuing receipts? When i bought wedding rings in pattaya. Asked for receipt they said  "can not" for some reason which wasn't entirely clear. Instead they wrote the purchase on the back of their business card.

Wife was standing next to me and didn't seem fazed.

Another time buying chain from hua seng heng online - asked if they prvide receipt. Answer was no. Then when i go to the silom branch to pick it up they provided what seemed to be a receipt anyway.

Another time selling and buying a new chain clasp for wife - fro memory they wrote out what seemed to be a receipt but a crappy one.

 

Yes, same here, When I've bought gold chains, rings etc, receipt on business card. 

 

But 10 and 20 baht gold bars I've been given proper receipts. 

 

Edited October 12 by SAFETY FIRST

[sikishrory]

5 hours ago, SAFETY FIRST said:

Yes, same here, When I've bought gold chains, rings etc, receipt on business card. 

 

But 10 and 20 baht gold bars I've been given proper receipts. 

 

You know why? It's a bit weird. Maybe something to do with tax?

[SAFETY FIRST]

9 hours ago, sikishrory said:

You know why? It's a bit weird. Maybe something to do with tax?

I've never given it much thought until you brought it up, hoping someone here can explain. 

 

[Everyman]

On 10/12/2024 at 7:21 AM, dinga said:

What deluded comments.  Don't waste our time if your ignorance has nothing to offer. 

 

First - the Principal.  Seems clear that where there is a monetary gain realized from the resale of 96.5% gold bars bought & sold in Thailand, Income Tax is due on the Capital Gain.  

 

My interest relates to the Practice.  Based on some purchase receipts which in all cases show the personal details of a buyer, I'm assuming any sales receipts will show the same details. 

 

In reality, does the TRD currently monitor sales of gold bars to ensure that Income Tax - where payable - is actually collected on the Capital Gain????   

 

It’s you who are deluded. The revenue department is not MI6. You probably think they are watching you with a satellite too. 

 

And did you mean principal or principle? 

[dinga]

30 minutes ago, Everyman said:

 

It’s you who are deluded. The revenue department is not MI6. You probably think they are watching you with a satellite too. 

 

And did you mean principal or principle? 

Drongo troll - crawl back under your rock

[Everyman]

20 minutes ago, dinga said:

Drongo troll - crawl back under your rock

 

I am fed up with you all going bonkers over mythical taxes. When will it stop? Every year that the revenue department does absolutely nothing, the hysteria just keeps growing. It’s pathetic and insane. 

[chiang mai]

1 minute ago, Everyman said:

 

I am fed up with you all going bonkers over mythical taxes. When will it stop? Every year that the revenue department does absolutely nothing, the hysteria just keeps growing. It’s pathetic and insane. 

Can you provide a link to the Revenue proving that gold sales are not subject to Capital Gains in Thailand?

[Everyman]

5 minutes ago, chiang mai said:

Can you provide a link to the Revenue proving that gold sales are not subject to Capital Gains in Thailand?

 

It doesn’t matter. Nobody is following you around just in case you happen to sell some gold so they can go tell the revenue department. 

 

Do you think Thai people are running off to the revenue department to pay tax when they sell gold?

Edited October 13 by Everyman