Tax industry wants to ban gold trading in cash

Customers buy gold bars and gold rings at SJC store on Nguyen Thi Minh Khai street, district 3

Vietnam is one of the leading countries in Southeast Asia in terms of gold consumption demand, as of 2023 about 55.5 tons, according to a report by the World Gold Council. But gold and silver transactions are often small, without invoices, documents, lack of transparency, high price difference between domestic and world...

A representative of the General Department of Taxation said that recently, the industry has had many solutions to control the issuance of electronic invoices for gold buying and selling transactions. However, to control all transactions, the tax industry believes that the participation of ministries, branches and localities is needed.

This agency recommends that the State Bank coordinate in controlling cash flow and study regulations requiring non-cash payments for gold transactions. At the same time, localities are requested to increase inspection, supervision, and handling of violations with establishments that do not issue invoices to buyers in a timely manner.

Previously, in a directive dated May 2, Prime Minister Pham Minh Chinh once again requested the State Bank to immediately inspect the gold market, the activities of businesses, stores, distributors and gold bar buyers and sellers. He requested that transactions of buying and selling this precious metal must have electronic invoices to increase transparency. For businesses that do not comply, the strongest sanction is the revocation of their operating licenses.

These requests have been made many times by the Government recently, when gold prices have continuously fluctuated, with a high difference compared to world prices.

A representative of the tax authority said that gold and silver trading enterprises mainly operate in two fields: gold bars and jewelry and fine arts. In particular, gold bar trading enterprises must meet the scale of capital sources, branch network, and be licensed by the State Bank.

Businesses that buy and sell gold jewelry and fine arts need to register their business with a business establishment license and meet certain regulations on location, facilities, and equipment.

"The tax authority has basically controlled the issuance of invoices," said the representative of this agency. However, according to the tax representative, in the case of gold jewelry and fine art, the buyer is an individual and does not receive an invoice, leading to difficulties for the tax authority in controlling the transaction.

Therefore, the General Department of Taxation encourages consumers to get invoices when purchasing goods and services, thereby creating civilized consumption habits and contributing to protecting their rights when purchasing goods.

In fact, businesses and business households must implement electronic invoices from July 1, 2022, according to the Law on Tax Administration. Information from the representative of the General Department of Taxation said that currently, 100% of businesses operating in the gold and silver trading sector have used this invoice.

From the end of 2022, the tax industry will deploy the electronic invoice solution generated from cash registers. Currently, there are more than 5,800 gold and silver businesses nationwide applying and using over 1 million electronic invoices generated from cash registers.

TH (according to VnExpress)

Source: https://baohaiduong.vn/nganh-thue-muon-cam-mua-ban-vang-bang-tien-mat-380641.html