The government proposed to impose a 0.1% personal income tax on gold bar transfers.

On the morning of November 4, continuing the 10th session of the 15th National Assembly, on behalf of the Government, Minister of Finance Nguyen Van Thang presented the Draft Law on Personal Income Tax (amended).

One of the contents added compared to the current law is the regulation on other income groups subject to Personal Income Tax (PIT), including income from transferring digital assets and transferring gold bars.

Minister of Finance Nguyen Van Thang presents the draft Law on Personal Income Tax (amended). (Photo: National Assembly Media).

Accordingly, for gold bar transactions, according to the provisions of the law on gold trading and the law on investment, gold bar trading is a conditional business activity, only enterprises and credit institutions licensed by the State Bank to buy and sell gold bars are allowed to trade gold bars.

The business of buying and selling gold bars without a license is a violation of the law in gold trading. Therefore, individuals are not allowed to trade in gold bars. The buying and selling of gold bars by individuals with income is determined as other income (not income from business).

The draft Law proposes to impose a 0.1% tax on gold bar transfers to improve market transparency, limit speculation, and assign the Government to specify the taxable gold bar value threshold, the time of application, and adjust the tax rate in accordance with the gold market management roadmap.

Apply 17% tax to business individuals with revenue of 3 - 50 billion VND

Draft Law amending regulations on personal income tax for business individuals. Regarding the level of revenue not subject to tax, the amendment stipulates that the level of revenue not subject to personal income tax is 200 million VND/year.

The Draft Law supplements the method of calculating income tax on business income of resident individuals as follows: Tax on business individuals with annual revenue from over VND 3 billion to VND 50 billion is determined by multiplying taxable income by the tax rate of 17%.

For business individuals with annual revenue of over 50 billion VND, the tax rate of 20% applies. Taxable income is determined by revenue from goods and services sold minus (-) expenses related to production and business activities during the tax period.

Adjusting the tax rate for some income from activities of providing digital information content products and services on entertainment, electronic games, digital movies, digital photos, digital music, and digital advertising from 2% to 5%.

New family deduction level applied from tax period 2026

Regarding the new family deduction for taxpayers of VND 15.5 million/month and deduction for each dependent of VND 6.2 million/month, which will take effect and be applied from the 2026 tax period, individuals will be deducted according to the new family deduction from January 2026.

With this new family deduction, individuals do not have to pay tax with an income of 17 million VND/month (if no dependents) or 24 million VND/month (if 1 dependent) or 31 million VND/month (if 2 dependents).

Also in the draft Law, the Government proposed adjusting the progressive tax schedule applicable to resident individuals with income from salaries and wages by reducing the number of tax brackets from 7 to 5 and widening the gap between the brackets.

Here, the Government proposed to amend the tax schedule to 5 levels with the distance between levels increasing gradually to 10, 20, 30, 40 million VND corresponding to tax rates of 5%, 15%, 25%, 30%, 35%. The final tax rate is 35% applied to taxable income over 100 million VND/month.

Proposal to consider imposing tax on gold bar transfer

Presenting the report on the review of the draft Law, Chairman of the Economic and Financial Committee Phan Van Mai said that there were many comments on the regulation of income from gold bar transfer as taxable income.

Chairman of the Economic and Financial Committee Phan Van Mai. (Photo: National Assembly Media).

According to Mr. Mai, many opinions suggested that tax on gold bar transfers should be considered properly to avoid inconveniences for people who transfer gold for non-speculative or business purposes. Taxing people's gold savings may not make sense for humanity, society and economic management; at the same time, the Government is requested to provide information on the expected time of application of these regulations.

Regarding the regulation on the revenue level of business individuals not subject to personal income tax (from 200 million VND/year or less), according to Mr. Mai, this tax-free revenue threshold is too low compared to business practice and does not ensure fairness when compared with the income level of salaried employees with family deductions.

Therefore, it is recommended that the drafting agency calculate and adjust the tax-free revenue level of individual business owners to be more equal and consistent with the family deduction level.

PHAM DUY

Source: https://vtcnews.vn/chinh-phu-de-xuat-ap-thue-thu-nhap-ca-nhan-0-1-voi-chuyen-nhuong-vang-mieng-ar985035.html