During the morning session on December 10th of the 10th Meeting of the 15th National Assembly, alongside the approval of the amended Personal Income Tax Law, the taxation of gold bar transactions garnered significant attention.
The proposal to tax gold transfers has been thoroughly reviewed and studied, drawing on international experience, feedback from ministries, and input from National Assembly delegates.
The draft law mandates a 0.1% tax on gold bars based on the transaction value. The government will set the taxable gold value threshold, implementation timeline, and adjust personal income tax rates for gold transfers in line with the gold market management roadmap.
Delegating the government to specify the taxable gold threshold aims to exclude individuals buying or selling gold for savings or storage, not for business purposes.
As a new regulation with broad impact, this measure is essential to implement higher authorities’ directives on tightly managing gold trading, curbing speculation, and channeling societal resources into the economy.
Previously, at a forum, Assoc. Prof. Dr. Ngo Tri Long, an economist, discussed the proposal to tax gold bar transactions at 0.1% per transaction.
He stated that including gold in the Personal Income Tax Law is necessary and reasonable amid signs of strong market speculation: “Taxing gold transactions at 0.1% is appropriate. It generates revenue while mitigating negative trading practices.”
Dr. Long emphasized distinguishing between gold buyers for savings and speculators: “Don’t equate all. Target speculators distorting the market, while treating legitimate consumers or asset accumulators differently.”
He highlighted three critical questions before implementation: Will taxation raise gold prices? Will it encourage tax evasion through underground transactions? Is the tax collection mechanism feasible and transparent?
Dr. Long supported transaction-based taxation, similar to real estate, over taxing price differentials, which he deemed impractical due to unverifiable purchase prices. He endorsed the 0.1% rate as both feasible and transparent.
He expressed confidence in the proposal’s National Assembly approval: “I support taxing gold transactions and believe this Assembly will pass it. It’s crucial for stabilizing and clarifying the gold market,” he affirmed.
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