Experts propose taxing gold transactions, what does the Ministry of Finance say?

Deputy Minister of Finance Nguyen Duc Chi at the press conference. — Deputy Minister of Finance Nguyen Duc Chi at the press conference

Deputy Minister of Finance Nguyen Duc Chi said: "The Ministry of Finance has accepted and will have a specific assessment on all aspects. Adding a regulation on tax policy needs to be assessed in detail from many different aspects. We will study and report to the competent authority for consideration, decision and implementation if reasonable."

Also at the press conference, Mr. Dang Ngoc Minh, Deputy Director General of the General Department of Taxation, said that gold trading activities or any other business activities have always been under the management of state management agencies, including tax collection. "Currently, gold trading stores still have to pay taxes, not that they do not have any," he affirmed.

At the same time, he said, we have recently implemented e-invoices well. The Government has directed to strengthen strict supervision of the issuance of e-invoices for gold trading activities. The Price Management Department has also completed 100% of the supervision of this activity.

Previously, at a meeting to discuss gold market management policies and amend Decree No. 24 organized by the State Bank of Vietnam (SBV), experts said that taxing gold transactions is one of the necessary solutions to help control gold prices.

Professor, Dr. Nguyen Thi Mui, member of the National Financial and Monetary Policy Advisory Council, proposed that the State Bank should soon recommend to the Ministry of Finance to develop tax policies for gold.

According to experts, applying tax policies to the domestic gold market will help reduce the demand for gold of some investors and the market, especially for those who buy gold for the purpose of speculation, hoarding, and manipulating gold prices.

The above solution can also affect consumer psychology, causing them to switch to other investment channels, thereby helping to control gold prices.

In addition, the imposition of tax will ensure fairness in gold trading activities and create a healthy business environment. Currently, the securities and real estate sectors are also applying personal income tax, so gold trading should also apply appropriate tax policies.

Sharing the same view, Dr. Le Xuan Nghia, member of the National Financial and Monetary Policy Advisory Council, said that the most effective tool is tax, if not encouraged then high tax, otherwise reduce it. Anti-smuggling sometimes uses administrative measures which are not as effective as tax.

He analyzed that to manage the gold market, there must be fundamental solutions, paying full attention to building gold management measures, and learning from the experiences of other countries. Tax management is currently the most important, while some countries use quotas, or anti-monopoly to limit competition, and trade fraud.

TH (according to VTC News)

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