Submitted to the National Assembly to impose 0.1% personal income tax when selling gold bars

The information was announced by the Ministry of Finance at the regular press conference for the third quarter, held on the afternoon of October 3.

The Ministry of Finance said it has proposed to impose personal income tax on gold bar transfers - Photo: NP

Proposal to impose personal income tax on gold bar transfers

Speaking to the press, Mr. Luu Duc Huy - Deputy Director of the Department of Management and Supervision of Tax, Fee and Charge Policies, Ministry of Finance - said that the draft revised Law on Personal Income Tax has been submitted to the National Assembly .

A new content that many people are interested in is the proposal to calculate personal income tax at 0.1% on the transfer price of gold bars.

For example, Mr. Nguyen Van A sells 1 tael of gold for 137 million VND. With this tax rate, if applied, Mr. A will have to pay 0.1% on 137 million VND, equivalent to 137,000 VND in personal income tax.

Regarding the time of application of the above content, the draft law proposes that the National Assembly assign the Government to regulate.

Based on the above proposal, Mr. Huy added that according to regulations, individuals are not allowed to trade in gold bars, so the draft does not propose to tax personal income on gold bar trading activities.

Therefore, in the draft Law on Personal Income Tax, the Ministry of Finance proposed to impose personal income tax on the transfer of gold bars.

Taxing gold bars: Distinguish between speculation and accumulation

Commenting on this content, many experts said that taxing personal income on gold transactions is necessary to limit speculation.

However, it is necessary to distinguish between speculation and accumulation, in order to avoid affecting gold buyers when this is savings accumulated from long-term salaries and wages.

Taxing personal income on gold transactions is necessary to limit speculation, but it is necessary to distinguish between speculation and accumulation, in order to avoid affecting those who buy gold to save for important matters.

Mr. Nguyen Quang Huy, Nguyen Trai University, said that the habit of hoarding gold has been ingrained in many people's subconscious. Many families only hold a few taels, considering it as "savings".

If a flat tax were imposed on all transactions, it would inadvertently increase costs for this group - those who have no intention of trading or speculating. Therefore, only tax the profit margin, and set a reasonable tax-free threshold.

For example, tax exemptions for annual profits below a certain level, or for small trading volumes. This ensures fairness while avoiding unnecessary administrative burdens.

According to Mr. Huy, another factor that needs to be considered is the holding period. Tax exemption or reduction can be considered for long-term gold holding, which can be 3 years or more. This approach will encourage stable accumulation and limit short-term trading.

"Considering imposing a personal income tax on gold trading requires sophistication in design. It is aimed at targeting speculative activities while still keeping small-scale hoarders safe.

A carefully considered policy will both create fairness and strengthen social trust, while paving the way for the development of a formal and sustainable financial market," Mr. Huy recommended.

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Source: https://tuoitre.vn/da-trinh-quoc-hoi-danh-thue-thu-nhap-ca-nhan-0-1-khi-ban-vang-mieng-20251003174045165.htm