During the Ministry of Finance’s regular press conference on October 3rd, Mr. Lưu Đức Huy, Deputy Director of the Department of Tax Policy Management and Supervision (Ministry of Finance), announced a proposed 0.1% tax on the transfer price of gold bullion transactions in the draft Law on Personal Income Tax (replacement). This draft is being finalized for submission to the 10th session of the 15th National Assembly.
Meanwhile, transactions involving raw gold and gold jewelry will remain tax-exempt. The draft law suggests that the Government will determine the implementation timeline.
Mr. Lưu Đức Huy – Deputy Director of the Department of Tax Policy Management and Supervision (Ministry of Finance)
Mr. Huy explained that, according to Decree 24 and Decree 232 (amending and supplementing certain provisions of Decree 24 on gold trading management), individuals are not permitted to trade gold bullion, thus personal income tax cannot be applied.
Therefore, in the Law on Personal Income Tax, the Ministry of Finance has reported that this could be considered as other income if applicable.
“After discussions with the State Bank of Vietnam, the Ministry has submitted to the Government and included in the draft Law on Personal Income Tax a provision to impose personal income tax on gold bullion transfer transactions, while exempting raw gold and gold jewelry. The reason is that gold bullion impacts the gold market. The initial proposed tax rate is 0.1% on the transfer price,” Mr. Huy stated.
Regarding the implementation timeline and tax rate adjustments, Mr. Huy noted that the draft law currently before the National Assembly delegates these decisions to the Government.
Recently, domestic gold prices have continuously reached new highs, with significant discrepancies compared to global gold prices. Experts argue that taxing income from gold bullion transactions would both curb investment and increase budget revenue, while also shifting investor behavior towards alternative investment channels.
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