Delegate Le Thi Thanh Lam, National Assembly Delegation of Can Tho City. Photo by Lam Hien
On the afternoon of November 5th, the National Assembly held group discussions on the following draft laws: the Law on Tax Administration (amended); the Law on Personal Income Tax (amended); and the Law on Thrift and Waste Prevention. Participating in Group 11 were the National Assembly Delegations of Can Tho City and Dien Bien Province.
During the group discussions, delegates agreed on the necessity to amend the Law on Personal Income Tax after 18 years of implementation, especially given the rise of the digital economy and the emergence of new forms of value such as virtual assets, carbon credits, and auctioned license plates. Including these income sources in the tax regulation framework demonstrates the state’s commitment to transparent management and adaptation to modern economic trends.
Addressing the personal income tax rate for gold bar transfers, as stipulated in point d, Clause 10, Delegate Le Thi Thanh Lam of the Can Tho City National Assembly Delegation acknowledged the policy’s aim to curb speculation and enhance market transparency. However, she emphasized the need to clearly differentiate between speculative activities and personal savings to avoid adversely affecting individuals who purchase gold solely as a form of savings.
“For a long time, allocating a portion of income to buy gold has been a psychological and habitual practice among Vietnamese people. When there is money, saving it in gold is a common way to prepare for future needs,” Delegate Lam noted.
Therefore, she suggested that setting a threshold for taxable gold bar transfers would only be effective if implemented with a clear and transparent roadmap. Additionally, a flexible reporting and deduction mechanism should be established, allowing gold trading organizations, future trading platforms, or commercial banks to handle tax deductions and payments on behalf of individuals, thereby reducing administrative burdens.
Simultaneously, integrating electronic tax reporting through the national tax data system would synchronize information, enhance monitoring capabilities, and increase transparency and efficiency in policy implementation.
Regarding family circumstance deductions, the draft law has increased the deduction for the taxpayer from 11 million VND/month to 15.5 million VND/month, and for each dependent from 4.4 million VND/month to 6.2 million VND/month. With these new deductions, individuals with monthly incomes of 17 million VND (without dependents), 24 million VND (with one dependent), or 31 million VND (with two dependents) would not be subject to tax.
Delegate Le Thi Thanh Lam proposed increasing these deductions by approximately 50% relative to the income of salaried workers, as current wages only meet basic living needs, making it challenging for them to manage financially.
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