National Assembly delegates give opinions on gold bar transfer tax

(NLDO) - In the Draft Law on Personal Income Tax (amended), the Government proposed to collect a 0.1% tax on gold bar transfers.

On the afternoon of November 5, the National Assembly discussed in groups the Law on Personal Income Tax (amended). According to the Government's submission, for gold bar transactions, based on research, consultation and acceptance of opinions from relevant agencies, the draft Law proposes to collect a tax of 0.1% 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 roadmap for gold market management.

Delegate Le Thi Thanh Lam ( Can Tho delegation) speaks. Photo: Pham Thang

Discussing this content, delegate Le Thi Thanh Lam (Can Tho City delegation) said that this is a "very hot issue and voters are also very interested". Specifically, the draft Law stipulates personal income tax rates for gold bar transfers, aiming to control speculation and make the gold market transparent.

However, this policy needs to be implemented with a clear distinction between speculative activities and hoarding activities so as not to affect people who buy gold for the sole purpose of saving. Because according to delegate Lam, the psychology and habits of Vietnamese people are that when they have money, they often save to buy gold for savings, to save for family living, not for speculative purposes.

"The regulation of the taxable gold bar value threshold will only be effective when the policy is implemented with a clear and transparent roadmap," delegate Lam emphasized.

According to delegate Le Thi Thanh Lam, it is necessary to build a flexible declaration and deduction mechanism, allowing gold trading organizations, trading floors or commercial banks to deduct and pay taxes on behalf of traders, helping to reduce the procedural burden for individuals; at the same time, it is also necessary to integrate electronic tax declaration through the national tax data system to synchronize information, improve monitoring capabilities and increase transparency and efficiency in policy implementation.

Regarding the tax basis for new assets specified in Point d, Clause 10, Article 3 and Article 20: "Personal income tax on other income of resident individuals specified in Point d, Clause 10, Article 3 of this Law is determined by multiplying the transfer price (x) by the tax rate of 0.1%", delegate Dao Chi Nghia (Can Tho) proposed to amend the tax basis for income from the transfer of gold bars and digital assets from "transfer price" to income from "price difference".

"Currently, personal income tax is applied based on actual benefits obtained. Calculating tax on transfer price will risk taxing the capital as well. This will violate the principle of fairness when applying tax" - delegate Dao Chi Nghia noted.

Must ensure people "have enough to live on before considering taxes"

An important issue of the draft Law on Personal Income Tax (amended) that National Assembly deputies focused on discussing was the family deduction level. Accordingly, the deduction level for the taxpayer himself/herself was adjusted from 11 million VND/month to 15.5 million VND/month; the deduction level for each dependent was adjusted from 4.4 million VND/month to 6.2 million VND/month.

Delegate Nguyen Thanh Phuong (Can Tho delegation) spoke

Delegate Nguyen Thanh Phuong (Can Tho delegation) proposed that tax calculation should be based on actual income after deducting minimum living expenses and must ensure that people "have enough to live on before considering tax".

The delegate cited the 2023-2024 budget revenue figures showing that personal income tax only accounts for 9-10% of total budget revenue. Thus, personal income tax is not the main source of revenue. "Therefore, if our philosophy is to help wage earners have a better life and become richer, then the tax rate will be appropriate. The main source of revenue for the State should come from production and business. When wage earners have a better life, they have savings, at least have a place to live, raise children, and live a decent life, then we do not hesitate to tax them."

The draft Law adjusts the current 7 tax rates to 5 tax rates. Delegate Nguyen Thanh Phuong found that "the new 5 tax rates are not very reasonable" and proposed to "keep the 7 rates" but adjust the percentages and income thresholds to be more reasonable. Specifically: under 10 million VND: 5%; from 10 - 30 million VND: 10%; from 30 - 60 million VND: 15%; from 60 - 100 million VND: 20%; from 100 - 130 million VND: 25%; from 130 - 160 million VND: 35%; over 160 million VND: 35%.

Source: https://nld.com.vn/dai-bieu-quoc-hoi-neu-y-kien-ve-thu-thue-chuyen-nhuong-vang-mieng-196251105172134397.htm