Avoid tax losses on gold market transactions

Delegates gave comments on the draft Law on Personal Income Tax (amended) at the 10th session of the 15th National Assembly regarding regulations on personal income tax on gold transfer transactions.

According to the Government's Submission on the draft Law on Personal Income Tax (amended) at the 10th session of the 15th National Assembly presented by Minister of Finance Nguyen Van Thang on November 4, 2025 , 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).

Implementing the direction of General Secretary To Lam in Notice No. 211-TB/VPTW dated May 30, 2025 of the Party Central Committee on the conclusion of the working session with the Central Policy and Strategy Committee on mechanisms and policies for effective management of the gold market, on the basis of research, consultation and acceptance of opinions of relevant agencies, the draft Law proposes to collect a tax of 0.1% on gold bar transfer activities to enhance 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 .

Discussing the draft Law on Personal Income Tax (amended), many deputies commented on the regulation of "income from transferring digital assets and transferring gold bars". Deputy Luong Van Hung (Quang Ngai Delegation) said that the regulation of income from transferring gold bars as a taxable subject does not cover all gold products because in reality, businesses and individuals conduct transactions of both gold bars and gold rings. The deputies suggested that income from transferring "gold" in general should be regulated as a taxable subject to ensure compliance with the current diverse gold market and avoid tax losses.

Meanwhile, two delegates from Dong Thap Delegation, Pham Van Hoa and Nguyen Hoang Mai, both proposed considering imposing a tax on gold bar transfers because "the nature of personal income tax is to regulate income among social groups, not to intervene in the gold market."

On the same day, commenting on the regulations on controlling income assets and recovering corrupt assets in the draft Law on Anti-Corruption (amended), Deputy Nguyen Thanh Hoan (Thanh Hoa Delegation) suggested that research should be conducted to be able to collect reasonably, at least as "tax" in cases where it is not possible to prove that the assets are illegal even though the owner of the assets cannot explain the origin of the assets. That is a way to change the viewpoint that tax collection does not mean legalizing the assets of unknown origin.

Source: https://baophapluat.vn/tranh-that-thu-thue-doi-voi-cac-giao-dich-tren-thi-truong-vang.html