Removing the proposal to collect 20% tax when selling securities, VN-Index sets a record of nearly 1,700 points

The Ministry of Finance has dropped the proposal to collect a 20% tax on profits from selling securities.

In the latest draft of the revised Personal Income Tax Law, which has just been sent to the Ministry of Justice for review, the Ministry of Finance has finalized a proposal to collect personal income tax on income from capital transfers and securities transfers. Accordingly, for resident individuals, personal income tax on income from capital transfers of resident individuals is determined by multiplying taxable income by the tax rate of 20% for each transfer.

In case the purchase price and costs related to the capital transfer cannot be determined, personal income tax is determined by multiplying the selling price (x) by the tax rate of 2% (applied uniformly to both resident and non-resident individuals). For income from securities transfer, personal income tax is determined by multiplying the selling price (x) by the tax rate of 0.1% for each transfer.

Abandon the proposal to collect 20% personal income tax on securities sales profits

PHOTO: DAO NGOC THACH

Thus, for income from securities sales, the Ministry of Finance has withdrawn the proposal to impose a 20% tax on taxable income (profit). Instead, the Ministry proposed to maintain the current regulation of tax collection of 0.1% on each transfer price. Recently, there have been problems in applying a uniform tax rate of 0.1% on each securities sale price because many people may fall into the case of selling securities at a loss but still have to pay tax. While the proposal to impose a 20% tax on the profit (selling price - purchase price) is considered suitable for the nature of personal income tax, the 20% rate is too high...

After this news, the Vietnamese stock market increased sharply, reaching a historic peak. At the end of today's trading session (September 4), the VN-Index increased by 14.99 points, equivalent to an increase of 0.89% to 1,696.29 points. This is the highest level of the VN-Index in history. On the Hanoi Stock Exchange, the HNX-Index also increased by 0.46% to 283.99 points. Blue-chip stocks on the HOSE continued to be the main driving force for the market to rise. These include steel stocks HPG, retail stocks MWG, MSN, and banking and securities groups such as SSI, VCB,ACB , TPB... which broke out strongly. Market liquidity remained high when the transaction value on the HOSE reached nearly 40,000 billion VND and on the HNX also nearly 4,000 billion VND.

Source: https://thanhnien.vn/bo-de-xuat-thu-thue-20-khi-ban-chung-khoan-vn-index-lap-ky-luc-sat-1700-diem-185250904155907251.htm