Selling gold - taxes

[chiang mai]

4 minutes ago, Everyman said:

 

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?

I didn't ask you if you could evade Capital Gains tax, I asked you if you have a link from the Revenue Department stating that Capital Gains is not due. Do you?

[dinga]

 

For other than the most mentally less-blessed amongst us who can't grasp the simplicity of the gold CGT/Income Tax issue:

 

*  Based on my experience with Gold Purchase Receipts, I assume any receipts for my Gold Sales would bear my identification details also.

*  If this is so (appreciate real-life experience from folks who have sold Gold) , there is ZERO need to enter the Twilight Zone with fantasies akin to the use of satellite & foot          surveilance; foreign intelligence services; (bar)stool pigeons; confessions by the deranged etcetcetc

*  If identification details are already available on the Sales Receipts, there is an incentive for the TRD to identify individuals making at least significant Gold Sales, and target them for compliance audit.

*  Whether or not that happens now is frankly far less relevant since the risk generated by CG from Selling Gold remains    

[node]

I have a lot of 99.9 gold, (24k), and I sold gold to that shop mentioned a few posted above. 

They took no taxes, and paid me the current rate - 1200 baht in cash. Chinese's dealer.

Thai shops wanted to pay me 11,000 and 10,000 bath less, their price was for 96.5 gold. (23K).

Also too, buying gold in Thailand there is a lot of fake gold in the shops here. Look like real gold, do not burn, but fake out of China. 

[dinga]

Was a Receipt issued by the shop - with your full identifying details (ie. Full name; address; Passport Number)???

[node]

6 hours ago, dinga said:

Was a Receipt issued by the shop - with your full identifying details (ie. Full name; address; Passport Number)???

Yes was given, but did not have to show the bankers where the funds came from. 

[dinga]

19 hours ago, node said:

Yes was given, but did not have to show the bankers where the funds came from. 

Thanks Node - that confirms my suspicion that Income Tax on Gold CGs is a reality  

[dinga]

31 minutes ago, dinga said:

Thanks Node - that confirms my suspicion that Income Tax on Gold CGs is a reality  

 

EDIT UPDATE:  Informal advice just received from a close contact is that the TRD officer had never heard of anyone paying Income Tax on Gold CGs.  The officer said people just sell their gold and put the money in their pockets  -  and that's what I should do!!!  The Purchase/Sales Receipts from the Gold Shops have to do with the Gold Traders Association - nothing to do with TRD.     

 

Sounds like folks need to make decisions based on their risk tolerances

[dinga]

On 10/16/2024 at 1:17 PM, dinga said:

 

EDIT UPDATE:  Informal advice just received from a close contact is that the TRD officer had never heard of anyone paying Income Tax on Gold CGs.  The officer said people just sell their gold and put the money in their pockets  -  and that's what I should do!!!  The Purchase/Sales Receipts from the Gold Shops have to do with the Gold Traders Association - nothing to do with TRD.     

 

Sounds like folks need to make decisions based on their risk tolerances

URGENT UPDATE  

 

Rest Easy  -  seems there is ZERO Tax Risk.

 

In a Webinar this afternoon, a very active Tax Advisor very clearly stated that, for individuals (Not Traders/Business operators), any Capital Gains on gold bullion sales are NOT assessible for Income Tax.  Additionally, in the case of inheritance, the Estate would have no tax liability and that recipients would only be subject to Tax if the Tax-Free inheritance threshold was exceeded  eg.  100 million baht per recipient.

 

Very happy now about where this matter has finished - just disappointed about the confusion in reaching this conclusion.