Proposal to collect 0.1% tax on gold bar transfer transactions

(PLVN) - The Government submitted to the National Assembly the draft Law on Personal Income Tax (amended), proposing to impose a 0.1% tax on gold bar transfers to increase market transparency and limit speculation.

Continuing the 10th session, on the morning of November 4, under the direction of Vice Chairman of the National Assembly Le Minh Hoan, the National Assembly listened to the Government's Report and the Economic and Financial Committee's Verification Report on the draft Law on Personal Income Tax (amended).

Presenting the Government's Proposal, Minister of Finance Nguyen Van Thang said that the draft Law has added a number of income items to other income subject to personal income tax, such as: Income from transferring the national internet domain name of Vietnam ".vn"; income from transferring greenhouse gas emission reduction results, transferring carbon credits; income from transferring license plates of cars won at auctions according to the provisions of law; income from transferring digital assets, transferring gold bars; other income as prescribed by the Government.

Regarding gold bar transactions, according to the provisions of the law on gold trading and the law on investment, gold bar trading is a conditional business activity. Only enterprises and credit institutions licensed by the State Bank to trade in gold bars are allowed to trade in gold bars; trading in gold bars without a license is a violation of the law on gold trading.

Therefore, individuals are not allowed to trade in gold bars. The buying and selling of gold bars by individuals that generates income is determined as other income (not income from business).

The Minister of Finance emphasized that the Draft Law proposes to impose 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.

Source: https://baophapluat.vn/de-xuat-thu-thue-0-1-voi-giao-dich-chuyen-nhuong-vang-mieng.html