Gold-D in­cen­tives passed


The cab­i­net yes­ter­day ap­proved tax breaks for gold fu­tures traders to pro­mote trad­ing and pro­tect in­vestors in the mar­ket.

Nath­porn Cha­tus­rip­i­tak, an ad­viser to Com­merce Min­is­ter Api­radi Tantra­porn, said the tax in­cen­tives will be of­fered es­pe­cially for Gold-D con­tracts, which is a phys­i­cal fu­tures set­tle­ment con­tract.

The in­cen­tives al­low Gold-D traders on the Thai­land Fu­tures Ex­change (TFEX) to en­joy value-added tax waivers and an ex­emp­tion of the 15% with­hold­ing tax for cap­i­tal gains.

TFEX has three gold de­riv­a­tives prod­ucts: gold fu­tures, 10-baht gold fu­tures weighted at 152.44 grammes, and the lat­est of­fer­ing Gold-D.

Gold-D is a phys­i­cal set­tle­ment gold fu­tures con­tract based on gold bars with 99.99% pu­rity. Phys­i­cal de­liv­ery is re­quired upon con­tract ex­piry.

Only phys­i­cal gold stored in des­ig­nated vaults ap­pointed by a clear­ing house will be al­lowed to be used for Gold-D.

In­vestors will also be able trade for longer hours each day. Night trad­ing will be­gin at 7pm in­stead of 7.30pm, while the new pre-or­der ses­sion will start from 6.45pm. The end of trad­ing will be ex­tended from 10.30pm to 11.55pm.

Mr Nath­porn said the new tax mea­sures are ex­pected to help up­grade Thai­land’s gold fu­tures mar­ket and de­velop it into an Asean gold trad­ing cen­tre for 99.99% pu­rity.

He said an­other goal of the mea­sure is to pro­tect in­vestors against fraud, which is per­va­sive in on­line trad­ing.

The Fi­nance Min­istry re­ported the tax mea­sure will not af­fect rev­enue, said Mr Nath­porn.

In a sep­a­rate de­vel­op­ment, the cab­i­net yes­ter­day ac­knowl­edged the Dig­i­tal Econ­omy and So­ci­ety Min­istry’s sur­vey of the num­ber of low-in­come earn­ers.

The sur­vey was con­ducted dur­ing July 20-Aug 18 with a sam­ple size of 13.43 mil­lion peo­ple.

The sur­vey showed 68.3% of low-in­come earn­ers have their own houses, with those liv­ing with their par­ents or rel­a­tives mak­ing up 25.9%. Those liv­ing in rented houses make up 2.4%. The rest live in friends’ houses and tem­ples.

Of the to­tal, 31.7% are in the agri­cul­ture sec­tor, 28.2% are em­ploy­ees of pri­vate firms, 21.6% stay at home (housewives or the el­derly), 21.6% are un­em­ployed, 9.7% run their own busi­nesses, 4.1% are stu­dents, 2.7% are re­tirees, and the rest help their fam­ily busi­ness.

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