Proposal to tax cryptocurrency trading like securities

In the draft Law on Personal Income Tax (replacement), the Ministry of Finance proposes to apply a tax rate of 0.1% on the transfer value of each transaction of digital assets and crypto assets. This tax rate is similar to the rate currently applied to securities transactions.

According to the Ministry of Finance, with the development of the socio -economy and new forms of business, a number of other income sources have arisen, including income from the transfer of digital assets. "This is a special income source, similar to some irregular income sources that are subject to personal income tax," the Ministry of Finance stated.

In Vietnam, in recent years, the buying and selling and trading of digital assets and cryptocurrencies has become very popular. Vietnam is one of the countries with the highest rate of cryptocurrency owners in the world . According to Chainalysis - an American blockchain analysis company - the cash flow from crypto assets into Vietnam in the period 2022-2024 is estimated at more than 100 billion USD. According to data from Triple A, a cryptocurrency payment organization licensed by the Monetary Authority of Singapore, about 17 million Vietnamese people own crypto assets - accounting for 17% of the population, ranking 5th globally.

The issue of tax management of digital assets and digital currencies has been raised, but has not been legalized. At the 9th session of the 15th National Assembly, the National Assembly passed the Law on Digital Technology Industry. This is an important legal basis for building tax management policies suitable to the practical requirements of this type of asset.

Speaking to the press, Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association (VBA), assessed that the legal framework related to digital assets and cryptocurrencies is gradually being completed, including tax policies. Thereby contributing to the management of this potential field, making a positive contribution to the economy. When there is a legal framework, the state can collect taxes from crypto-asset transactions, while minimizing the negative impacts of unmanaged investment activities.

According to the calculation of the Chairman of VBA, if applying a personal income tax rate of 0.1% to each transaction of cryptocurrency and digital assets, it is estimated that each year, the budget can collect more than 800 million USD. In addition, linking digital asset transactions with tax policies also creates a transparent and fair business environment. "However, tax policies need to be carefully studied and considered to ensure that they are reasonable and can attract investors to participate in this vibrant market," Mr. Trung commented.

Source: https://nld.com.vn/de-xuat-ap-thue-mua-ban-tien-so-nhu-chung-khoan-196250722204649692.htm