The Government is expected to regulate the taxable value threshold of gold bars when transferring - Photo: NGOC PHUONG
Proposed tax rate of 0.1% of each gold bar transfer price
The Ministry of Finance has sent to the Government members for comments on a draft of a number of contents to be accepted and explained on the draft Law on Personal Income Tax (amended) to report to the National Assembly Standing Committee.
The imposition of personal income tax on gold bar transfers is one of the contents of the National Assembly's Economic and Financial Committee's review opinions, which National Assembly deputies suggested the Government consider.
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.
At the same time, it is recommended that the drafting agency continue to study appropriate tax rates and application methods, clearly distinguishing between short-term gold investment and long-term gold storage to ensure the goal of controlling speculative activities and making the gold market healthy.
Regarding the above content, in the draft report submitted to the National Assembly Standing Committee, the Government would like to receive comments from National Assembly deputies. Specifically, the Government has directed the drafting agency to carefully review and study relevant legal regulations, international practices and current gold market management conditions to complete this provision in the draft Law.
The goal is to meet the requirements of Party and State leaders to contribute to managing the gold market, while having a necessary roadmap to ensure feasibility in implementation and receiving consensus from the majority of affected subjects.
The Government will regulate the taxable gold bar value threshold.
At the same time, the Government would like to report to clarify the proposal to tax gold transfers, which has been carefully reviewed and studied, based on synthesizing opinions from agencies, ministries, branches and on the basis of absorbing opinions from National Assembly deputies.
"The draft law assigns the Government to base on the gold market management situation, stipulate the time of application, the threshold value of gold bars subject to tax and adjust the tax rate in accordance with the gold market management roadmap. Personal income tax will be collected on gold bar transfers at a tax rate of 0.1% on the transfer price each time," - the Ministry of Finance reported.
Also according to the report of the Ministry of Finance, the Government's assignment of specific regulations on the taxable gold bar value threshold is to eliminate cases where individuals buy and sell gold for the purpose of saving and storing (not for business purposes), in accordance with the current gold buying and storing habit of a part of the population.
This regulation 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.
Business households may have to pay tax on revenue over 500 million VND.
Regarding the adjustment of the non-taxable revenue level for business households and individuals, the Ministry of Finance proposed that the Government raise the taxable revenue threshold from VND200 million/year to VND500 million/year. At the same time, this VND500 million/year level is also the level that can be deducted before paying tax according to the rate on revenue.
For example, in the case of a household or individual distributing or supplying goods with a revenue of 1 billion VND/year and unable to determine the cost, they only have to pay personal income tax on the part exceeding 500 million VND at a tax rate of 0.5%. Thus, the tax payable is (1 billion VND - 500 million VND) x 0.5% = 2.5 million VND/year.
According to the current figures managed by the tax sector, as of October, the country had more than 2.54 million regular business households. If this proposal is applied, it is expected that about 2.3 million business households will not have to pay tax, accounting for about 90% of the total number of regular business households in the country.
According to the tax authority's estimate, the total tax reduction (including personal income tax and value added tax) is about VND 11,800 billion.
Source: https://tuoitre.vn/se-ap-nguong-gia-tri-vang-mieng-chiu-thue-khi-chuyen-nhuong-20251129072827159.htm
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