From July 1, the 2025 Personal Income Tax Law officially takes effect. In recent days, some information suggests that from this time, gold bar transfer activities will have to pay personal income tax at a tax rate of 0.1%.
Talking to the press on the morning of June 30, a representative of the Tax, Fee and Charge Policy Management and Supervision Department (Ministry of Finance) affirmed that the above understanding is not accurate. Gold bar transfer activities have not been subject to personal income tax since July 1.
According to the 2025 Personal Income Tax Law, income from the transfer of gold bars is subject to tax. For non-resident individuals, personal income tax is determined by the transfer price multiplied by a tax rate of 0.1%.
However, in the draft decree detailing and guiding the implementation of a number of articles of the Personal Income Tax Law, the Ministry of Finance has not yet specifically regulated the collection of tax on gold bar transfer activities.
Leaders of the Department of Tax, Fee and Charge Policy Management and Supervision said that Clause 10, Article 3 of the 2025 Personal Income Tax Law stipulates: "The Government shall stipulate the threshold of taxable gold bar value, the time of application of collection and adjust the personal income tax rate for gold bar transfer in accordance with the gold market management roadmap".
According to the Ministry of Finance, this regulation aims to create a legal basis for the Government to decide on the time to implement tax policies, the threshold of taxable gold bar value, as well as the adjustment of tax rates when the conditions on gold market management and tax management work have met the requirements.
Currently, the State Bank of Vietnam is coordinating with ministries and sectors to develop a Project to establish a gold trading floor to report to the Government, and at the same time develop a decree amending and supplementing Decree No. 24/2012/ND-CP on management of gold business activities.
The Ministry of Finance will preside over and coordinate with the State Bank to report to the Government on tax policies for gold trading and trading activities, ensuring synchronization with relevant legal regulations and the roadmap for establishing a gold trading floor," said a representative of the Tax, Fee and Charge Policy Management and Supervision Department.
On the expert's side, Mr. Le Van Tuan, Director of Keytas Tax Accounting Co., Ltd., said that Clause 10, Article 3 of the 2025 Personal Income Tax Law only stipulates that income from the transfer of gold bars is subject to tax, and at the same time assigns the Government to stipulate the threshold of taxable gold bar value, the time of application and the adjustment of tax rates in accordance with the roadmap for managing the gold market.
Up to now, the Government has not yet issued an official decree guiding this regulation, but only has a draft. When there is no decree specifically stipulating the tax threshold and the time of application, there is no legal basis to deploy tax collection in accordance with regulations," Mr. Tuan said.
According to Mr. Tuan, even in the draft decree guiding the Law on Personal Income Tax, there are no detailed regulations on tax collection for gold bar transfer activities. Tax collection can only be implemented when the conditions for managing the gold market meet the requirements of tax collection and management in accordance with the roadmap stipulated by the Government.
That also means that the regulation on tax collection for gold bar transfer activities can only be applied at one point in the future, not specifically determined. It can be affirmed that this regulation will not be applied from July 1, 2026," Mr. Tuan emphasized.
