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The Ministry of Finance is set to open a free trade market for gold, jewellery, and accessories exempted from taxation to increase the nation’s competitiveness, according to the Minister of Finance.
The Minister of Finance Apisak Tantivorawong has said in the seminar “Revenue Department’s policy towards gold shops tax” that the government is now considering the establishment of a free trade market in Thailand for products such as gold, jewellery, and accessories by reducing the tax to 0%, extending the tax exemption to some items currently under taxation.
He has said this policy will be concluded in the near future, and will help strengthen Thailand’s capability to appeal to gold and jewellery traders, and increase the nation’s competitiveness towards being the world’s center of gold and jewellery trade.
He has assured the scheme will yield more benefits from the increased income, despite receiving less tax money.
The Ministry of Finance is now encouraging gold shops to operate using single account according to the government’s policy to improve the performance of business, and increasing their businesses’ credibility when taking loans, and help provide small businesses with better access to capital.