Consider tax regulations on gold bar transfers

On the afternoon of November 5, during a discussion at Group 15 (including the National Assembly Delegation of Phu Tho and Dak Lak provinces) on the draft Law on Personal Income Tax (amended), some opinions suggested considering adding the provision on income from gold bar transfer to the taxable income category to ensure humanity and effective economic management.

Increase the starting tax payment level from 20 million VND/month

Commenting on the Draft Law on Personal Income Tax (amended), National Assembly Deputy Nguyen Thi Phu Ha ( Phu Tho ) said that at point b, clause 2, Article 3, the content of "income from salaries and wages includes remuneration, benefits in cash or non-cash in any form" has been amended. Expressing concern about the "non-cash" provision, the delegate said that when calculating salaries and wages, they only include remuneration in cash and should not be regulated as "non-cash in any form".

National Assembly Delegate Nguyen Thi Phu Ha (Phu Tho) speaks. Photo: Xuan Quy

Regarding the addition of regulations on income from gold bar transfers to taxable income, National Assembly member Nguyen Thi Phu Ha suggested that it should be carefully considered. Because, if taxing people who trade gold for purposes other than speculation or business will be unreasonable; moreover, gold is also a popular savings channel for people, so taxing may lack humanity and economic management efficiency.

Panorama of Group 15 meeting. Photo: Xuan Quy

Regarding the progressive tax schedule (Article 9), the delegate said: the draft Law proposes to adjust the progressive tax schedule for individuals in the direction of reducing 7 levels to 5 levels and widening the gap between levels. Accordingly, the lowest tax rate is 5% applied to income up to 10 million VND per month. The highest rate is still 35% for income over 100 million VND per month, instead of over 80 million as currently regulated. However, many opinions are concerned about the reasonableness of the plan to adjust the income thresholds and corresponding tax rates in the Tax Schedule because some taxable income ranges of the draft Law create a greater personal income tax burden for taxpayers while most other taxable income ranges create lower tax obligations than the current Law. This does not ensure fairness for taxpayers among income groups.

National Assembly Delegate Nguyen Van Manh (Phu Tho) speaks. Photo: Xuan Quy

According to National Assembly member Nguyen Van Manh (Phu Tho), the difference between the levels is still very large and needs to be calculated appropriately to have an intermediate level between level 1 and level 2, which would be more suitable. The representative also said that the starting taxable income of 10 million VND/month is too low, so the starting tax payment level should be increased from 20 million VND/month.

Regarding this issue, delegate Nguyen Thi Phu Ha stated that if the rate is to be reduced, it should be lowered to a level lower than the current 35% to have more resources to promote the economy. Regarding the Progressive Tax Schedule, it is proposed that the taxable income tax portion will be calculated at a minimum increase threshold equal to the average income per capita in 2024 compared to the time of applying the old law in 2009.

National Assembly Deputy Vu Tuan Anh (Phu Tho) speaks. Photo: Xuan Quy

Agreeing with the above viewpoint, National Assembly Deputy Vu Tuan Anh (Phu Tho) suggested that it is necessary to recalculate between the levels; because the current 35% rate is still high, it is more appropriate to keep the progressive tax rate according to the current Law than to reduce it to 5 levels.

Specific regulations on family deduction levels

In addition, many opinions also focused on the family deduction level. National Assembly Deputy Vu Tuan Anh suggested that it is necessary to specify the family deduction level in the draft Law; at the same time, assign the Government to submit to the National Assembly Standing Committee for consideration and adjustment of the family deduction level if necessary, in accordance with actual needs as expressed in the current Law on Personal Income Tax.

Recently, the National Assembly Standing Committee issued a Resolution on personal income tax family deductions. Accordingly, the deduction for taxpayers is 15.5 million VND/month (186 million VND/year). The deduction for each dependent is 6.2 million VND/month, applied from the 2026 tax period. Delegates said that if this level is considered appropriate, it should be increased to this level, however, if it can be adjusted according to the increase in the basic salary, it would be more appropriate.

National Assembly Deputy Ngo Trung Thanh (Dak Lak) speaks. Photo: Xuan Quy

Sharing this view, National Assembly Deputy Ngo Trung Thanh (Dak Lak) emphasized that the draft Law needs to have specific regulations on family deductions. Depending on the socio-economic situation in each period, the National Assembly Standing Committee will make appropriate adjustments to ensure consistency.

At the same time, National Assembly member Nguyen Van Manh (Phu Tho) also proposed to increase the deduction for taxpayers, thereby increasing the deduction for dependents. The representative also reflected the voters' recommendation on the need to differentiate the deduction between people with income in urban areas and disadvantaged and mountainous areas to accurately reflect the difference in living costs between regions.

Source: https://daibieunhandan.vn/can-nhac-quy-dinh-ap-thue-doi-voi-chuyen-nhuong-vang-mieng-10394518.html