Types of gold that are under control and the types that can be exempt from value-added tax (VAT)

“Gold” is another type of commodity that is subject to import-export regulations and requires permission from the Ministry of Finance (Economic Affairs Division) or an authorized person appointed by the Minister of Finance before being imported into Thailand. Let’s take a look at which types of gold are under control and which types fall within the scope where operators can apply for a value-added tax (VAT) exemption from the Revenue Department.

The scope of import control

1. Gold ore
2. Gold material, whether in the form of bars, nuggets, sheets, or other shapes, or mixed with other substances, excluding regular gold jewelry worn on the body

Here are some key points regarding importing gold and obtaining a value-added tax (VAT)

• Importing/Selling Gold: Importing or selling gold, whether in the form of jewelry or not, typically incurs regular VAT.
• VAT Exemption Eligibility: To be eligible for a VAT exemption, importers/sellers must deal with gold that has not yet been transformed into jewelry (gold material). This gold material must have a gold content of no less than 96.5%.
• Notification to Revenue Department: Importers/sellers must notify the Revenue Department of their gold trading activities using the specified forms and procedures.
• Multiple Business Locations: In cases where there are multiple business locations involved in gold trading, each location should separately notify the Revenue Department of its gold trading activities.
• Importing/Selling Gold: Importing or selling gold, whether in the form of jewelry or not, typically incurs regular VAT.
• VAT Exemption Eligibility: To be eligible for a VAT exemption, importers/sellers must deal with gold that has not yet been transformed into jewelry (gold material). This gold material must have a gold content of no less than 96.5%.
• Notification to Revenue Department: Importers/sellers must notify the Revenue Department of their gold trading activities using the specified forms and procedures.
• Multiple Business Locations: In cases where there are multiple business locations involved in gold trading, each location should separately notify the Revenue Department of its gold trading activities.

Source : Department of Foreign Trade, Ministry of Commerce