Contents

Introduction

1.    The nature of the gold market in Thailand

1.1 The bullion gold market
1.2 The investment-oriented ornamental gold market
1.3 Luxurious ornamental gold market

2.    Laws and regulations governing trade in bullion gold

3.    Taxes, duties, the VAT and trade in bullion and ornamental gold

4.    The purity and prices of gold in Thailand

4.1 Purity
4.2 Price-setting behaviour and gold prices in Thailand

5.    The underground gold market: smuggling and evasion of taxes

6.    How can smuggling be terminated?

7.    How should VAT and bullion and ornamental gold

8.    The development of a bullion market

9.    Policy recommendations

10.  Conclusion

Bibliography