The Government will specify the taxable gold bar value threshold to exclude individuals who buy and sell gold for the purpose of saving and storing (not for business purposes), in accordance with people's hoarding habits.
The Ministry of Finance has sent to Government members for comments on a draft of a number of contents to be accepted and explained on the revised Law on Personal Income Tax to report to the National Assembly Standing Committee.
The review opinion recommends that the Government properly consider imposing tax on gold bar transfers to avoid inconveniences for people who transfer gold not for speculative or business purposes.
The drafting agency is also requested to study appropriate tax rates and application methods, clearly distinguish between short-term gold investment and long-term gold storage, ensuring the goal of controlling speculative activities and making the gold market healthy.
The Government, based on the gold market management situation, shall prescribe the time of application and the threshold value of taxable gold bars.
In the draft report submitted to the National Assembly Standing Committee, the Government accepted the opinions of National Assembly deputies; directed the drafting agency to carefully review and study relevant legal regulations, international practices and current gold market management conditions to perfect this provision in the draft Law.
This is to ensure that it meets the requirements of Party and State leaders to contribute to managing the gold market, while having the necessary roadmap to ensure feasibility in implementation and receiving consensus from the majority of affected subjects.
The draft law assigns the Government to base on the situation of gold market management, stipulate the time of application, the threshold value of gold bars subject to tax and adjust the tax rate in accordance with the roadmap for gold market management. Personal income tax on gold bar transfers is collected at a rate of 0.1% on the transfer price each time.
The Government's assignment of specific regulations on the taxable value threshold of gold bars is to eliminate cases where individuals buy and sell gold for the purpose of saving and storing (not for business purposes), in line with the current practice of buying and storing gold of a segment of the population.
This regulation also ensures that the Government has a legal basis to decide on tax collection and specific contents such as tax thresholds and tax rate adjustments when the conditions for gold market management meet the requirements of tax collection and management.
In addition, because this is a new regulation with a wide range of impacts, the regulation as in the draft law is a necessary step to contribute to protecting the stability of the economy; properly implementing the direction of the Party and State on strictly managing gold trading activities, contributing to limiting speculation in gold, attracting resources in society to participate in the economy.
Source: https://vtcnews.vn/danh-thue-vang-mieng-khi-chuyen-nhuong-thong-tin-moi-nhat-ar990108.html
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