Gold bars are often "savings" and need to be carefully calculated when taxing.

VTV.vn - The question is how to tax to ensure fairness and not affect people's psychology of hoarding and legal investment.

Personal income tax policy must be consistent with reality.

On the afternoon of November 5, National Assembly deputies spent a lot of time giving comments on the Draft Law on Personal Income Tax (amended), with the hope of building a fairer and more reasonable tax policy for all people.

Everyone's income is different, and everyone's expenses are different. Therefore, in the discussion group this afternoon, many opinions said that the family deduction should not stop at the current fixed level, but should also take into account other expenses, such as health care and education . Because these are essential expenses that directly affect people's lives.

Ms. Leo Thi Lich - National Assembly Delegate of Bac Ninh province said: "Expenses for health care , education and having sufficient legal basis for documents and invoices, that level must be included in the family deduction for the subject to do that. Otherwise, they cannot have other sources to offset that problem."

Delegates said that applying a common family deduction for the whole country is unfair, because the cost of living, housing, education, health care, etc. between regions has a huge difference. The current Labor Code has stipulated 4 minimum wage regions, so the family deduction can also be applied similarly.

Regarding the progressive tax schedule, delegates said that although the proposed tax rates are reduced from 7 to only 5, the gap between the rates is still too large, and the tax rates have jumped. For example, the tax rate for level 1 is 5%, while level 2 has increased to 15%, a three-fold increase.

Prof. Dr. Hoang Van Cuong - National Assembly Delegate of Hanoi City commented: "The jump from 5% to 15% is very unusual. If 10 million VND is still 5%, 11 million VND has jumped to 15% immediately, very unreasonable. People are not trying to strive anymore. I think it should be maintained as before, with a 5% gap between each level."

In addition, many delegates and experts also said that the proposed highest tax rate of 35% for taxable income from 100 million VND per month is not really reasonable. Because in fact, this tax rate has been stipulated since 2009 for income of 80 million VND. After 16 years, the draft has only adjusted to increase by about 25%, while the average income per capita has increased many times. Therefore, delegates proposed to raise the threshold of the highest taxable income to about 150 million VND per month.

Not only tax rates or family deductions, but also the imposition of personal income tax on gold bars are contents that attract special attention.

Consider tax threshold for gold bar transactions

Not only tax rates or family deductions, but also the imposition of personal income tax on gold bars are contents that attract special attention from delegates in the discussion session in groups this afternoon.

According to the draft, personal income tax will be collected on gold bar transactions at a rate of 0.1% on the transfer price each time, to control speculation and make the market transparent. The question raised by many delegates is how to tax and at what value threshold to ensure fairness and not affect people's psychology of hoarding and legal investment.

Many delegates expressed concern that applying a 0.1% personal income tax rate to gold bar transfers, as stipulated in the draft law, would not be reasonable for people buying gold for savings. Because unlike other investment channels, gold bars have long been considered a stored asset, a "reserve" for difficult times. Taxing this type of asset, according to delegates, needs to be carefully calculated, to both ensure transparent market management and not affect people's legitimate hoarding psychology.

Ms. Nguyen Phuong Thuy - National Assembly Delegate of Hanoi City commented: "In addition to gold bars, we see that the current market is very active in gold rings and gold jewelry. The prices of gold rings and gold bars are gradually approaching each other. If we include the transfer of gold bars in the income subject to personal income tax, will the item disappear from the market or not? People will switch to rings and we will not be able to collect it."

In case it is necessary to tax gold to stabilize the market and limit speculation, many delegates proposed to stipulate a specific value threshold before applying tax, to avoid widespread taxation on small transactions or people hoarding gold for savings.

Mr. Tran Van Lam - National Assembly Representative of Bac Ninh province said: "Saving all your life, 10-20 years later you dare to use it to buy a house. So, the starting point must be equivalent to the value of a social house, 700 million - 1 billion is equivalent to how many taels of gold. We divide that starting point, calculate and exempt tax for the people, do not tax that place. As for those who speculate with thousands of taels of gold, buy and sell on a large scale, we will tax them".

In addition, delegates also proposed to only calculate tax on the price difference, that is, the actual profit, avoiding taxing the capital when transferring gold bars.

It is necessary to consider raising the tax exemption threshold to 400 to 500 million VND to ensure fairness and not create a burden for small businesses.

Proposal to raise tax threshold for business households to 400-500 million VND

It is worth noting that the Draft Law on Personal Income Tax (amended) still maintains the provision of exemption from personal income tax and value added tax for business households with annual revenue of less than VND 200 million. However, many experts and delegates believe that this revenue level is no longer consistent with current prices and living costs. Therefore, it is necessary to consider raising the tax exemption threshold to VND 400 to 500 million to ensure fairness and not create a burden for small businesses, those who are creating jobs and contributing to the local economy.

Ms. Nguyen Thi Cuc - President of Vietnam Tax Consulting Association commented: "If we take 500 million divided by 12 months, then the monthly revenue is 41.6 million. If 41.6 million is the revenue, then we multiply it by the highest profit rate of 10%, they will only earn less than 4.2 million/month".

Mr. Nguyen Van Phung - Former Director of the Large Enterprise Tax Department (formerly) shared: "I think it must be from 500-600 million or more. Because business people have to recover capital and have wages and profits. Wages and profits are calculated at about 30%. People's daily revenue must be 1.5-2 million or more. If we calculate 365 days, excluding Tet holidays, they do business 360 days, 1.5 million per day, then the minimum must be 540-600 million. That level is satisfactory with the current business level in the market".

From the story of family deductions, to taxes on gold bars or business households, it can be seen that National Assembly delegates and experts all share the same desire, which is to build a tax policy that is both fair and close to people's lives. A law that is completed reasonably, transparently and feasible will be the foundation for people to feel secure in contributing and together with the State to build a sustainable financial system.

Source: https://vtv.vn/vang-mieng-thuong-la-cua-de-danh-can-tinh-toan-ky-khi-danh-thue-100251106053402502.htm