On the afternoon of November 19th, the National Assembly held a plenary discussion on the draft Law on Personal Income Tax (amended).
According to the Government’s earlier report, for gold bar transactions, based on research, consultation, and feedback from relevant agencies, the draft Law proposes a 0.1% tax on gold bar transfers. This aims to enhance market transparency, curb speculation, and authorizes the Government to specify the taxable gold value threshold, implementation timeline, and tax rate adjustments in line with the gold market management roadmap.
National Assembly Deputy Pham Van Hoa. Photo: Pham Thang
Commenting on this, National Assembly Deputy Pham Van Hoa (Dong Thap Province) disagreed with the 0.1% tax on gold bar transfers for individuals purchasing gold for family savings or future generations. “These individuals buy gold not for business purposes,” Deputy Hoa stated. He proposed exempting such transfers from taxation.
Regarding speculators who frequently trade gold bars for profit, Deputy Pham Van Hoa suggested that the 0.1% tax rate is too low and requires further consideration for effective market regulation.
Sharing the same view, Deputy Tran Kim Yen (Ho Chi Minh City) also expressed concerns about the proposed 0.1% personal income tax on each gold bar transaction.
According to Deputy Tran Kim Yen, most people view gold as a long-term asset, purchased from daily savings. Gold is also acquired to prepare for life’s uncertainties, such as illness, where it can be sold to cover expenses.
National Assembly Deputy Tran Kim Yen. Photo: Pham Thang
The Ho Chi Minh City deputy questioned whether taxing gold transactions, purchased with already taxed income, constitutes “double taxation.” She deemed this regulation lacking in empathy.
For speculators manipulating the gold market, Deputy Tran Kim Yen doubted the effectiveness of a 0.1% tax in deterring such activities, given the potential profits involved. She emphasized the need for comprehensive solutions to ensure a healthy gold market.
Deputy Tran Kim Yen supported the draft Law’s provision allowing the Government to determine the tax implementation timeline, taxable gold threshold, and rate adjustments based on market conditions. She urged the swift issuance of a decree for implementation upon the Law’s passage by the National Assembly.
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