National Assembly Delegate: If hoarding and saving gold is also subject to tax, it needs to be considered.

On the afternoon of November 5, the National Assembly discussed in groups the draft law on Personal Income Tax (amended).

Many delegates commented on the draft law on collecting 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.

Delegate Hoang Van Cuong ( Hanoi delegation) is concerned that applying a 0.1% tax rate when transferring gold bars as stipulated in the draft Law will be unreasonable for those who buy gold for savings. " If hoarding and saving are also subject to tax, it is an issue that needs to be considered ," said Mr. Cuong.

National Assembly Delegate Hoang Van Cuong.

Delegate Cuong analyzed: When people's money that should have been used for investment and production is withdrawn to buy and sell gold, it will cause the domestic gold price to increase, causing market turmoil. What is more dangerous is that if the difference is large compared to the world price, it will lead to the need to import gold, and domestic USD will have to be brought out, leading to a foreign currency deficit, putting pressure on the exchange rate.

Therefore, delegates emphasized that it is necessary to manage and stabilize the gold market to limit speculation, hoarding or excessive gold imports, which have negative impacts on the foreign exchange market. However, tax policies on gold need to be flexible and should only be applied when the market fluctuates abnormally.

At the same time, delegates proposed giving the Government the right to promptly adjust tax rates in each period to ensure macroeconomic stability and avoid creating long-term burdens for people and businesses.

Regarding income tax from real estate transfers, the Hanoi delegation suggested that it is necessary to consider more reasonable regulations to both ensure revenue and encourage people to transact transparently. In the case of people who only have one house and sell it to buy another house to serve their real housing needs, personal income tax should be exempted.

On the contrary, for cases of short-term buying and selling for speculative purposes, higher tax rates should be applied. This policy will help limit real estate speculation, similar to the way some countries such as Korea do, while encouraging the market to develop more healthily and transparently.

Also expressing his opinion on the issue of imposing tax on gold bars, delegate Dao Chi Nghia (Can Tho City delegation) suggested that instead of calculating tax on the transfer price of gold bars and digital assets, tax should be calculated on the price difference, i.e. actual profit.

Because Mr. Nghia thinks that if calculated based on transfer price, it will unintentionally tax the capital, causing inequality in implementation.

According to Ms. Le Thi Thanh Lam (Can Tho delegation), expanding the taxable objects not only aims to increase budget revenue but also aims at the goal of fairness in social income distribution. In the context of the development of the digital economy, many new types of values such as virtual assets, carbon credits or auctioned license plates have appeared. Putting these incomes under the taxable category demonstrates the State's efforts in transparent management and adaptation to modern economic trends.

Particularly for the gold sector, the draft law stipulates personal income tax on gold bar transfers to control speculation and make the market transparent. However, this policy needs to clearly distinguish between speculation and hoarding to avoid affecting people who buy gold as a form of savings.

"For a long time, buying and storing gold has been a habit and a mentality of accumulation for many Vietnamese families. Therefore, it is necessary to carefully consider the regulations on the threshold value of gold bars subject to tax, ensuring that the policy is implemented according to a clear and transparent roadmap," said delegate Le Thi Thanh Lam.

In addition, according to delegates, it is necessary to build a flexible declaration and deduction mechanism, allowing gold trading organizations and trading floors to deduct and pay taxes on behalf of traders, helping to reduce the burden of administrative procedures for individuals. Integrating electronic tax declaration through the national tax identification system is also a necessary solution to synchronize information and improve transparency and management efficiency.

PHAM DUY

Source: https://vtcnews.vn/dbqh-neu-viec-tich-tru-de-danh-vang-ma-cung-chiu-thue-thi-can-can-nhac-ar985392.html