Contributing opinions to the draft decree guiding the Law on Personal Income Tax, the State Bank proposed to supplement regulations on tax collection for income from gold bar transfer activities, except for cases where individuals buy and sell gold for savings purposes, storage, not for business purposes, in accordance with people's customs of buying and storing gold.
According to the State Bank, this proposal aims to institutionalize the direction of competent authorities on strengthening the management of the gold market.
The State Bank said that the Personal Income Tax Law stipulates tax collection on income from the transfer of gold bars with a tax rate of 0.1% on the transfer price each time.
At the same time, the law also assigns the Government to regulate the collection of taxes on gold bar transfers, including the taxable value threshold, the time of application and the tax rate appropriate to the gold market management roadmap. The law will take effect from July 1st.
However, through reviewing the project dossier of the decree guiding the Law on Personal Income Tax, the State Bank said that there are currently no specific regulations on tax collection for gold bar transfer activities.
Guiding this regulation is necessary to institutionalize the direction of competent authorities to transparentize and improve the efficiency of state management of the gold market. At the same time, in the current context, domestic gold prices fluctuate relatively complicatedly due to the impact of international gold prices, posing potential risks of speculation and hoarding," the State Bank stated its opinion.
Responding to the above proposal, the Ministry of Finance cited the provisions in Clause 10, Article 3 of the 2025 Law on Personal Income Tax, according to which, the Government is assigned to regulate 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 ensures that the Government has a legal basis to decide on tax collection as well as specific contents such as tax thresholds, adjusting tax rates when the conditions for managing the gold market meet the requirements of tax collection and management.
The Ministry of Finance said that the State Bank is coordinating with ministries and sectors to develop a project to establish a gold exchange to report to the Government. After the project is approved by the Government, ministries and sectors will have a basis to complete regulations related to gold market management.
When these regulations are in place, there will be a basis to submit to the Government on the application of personal income tax policies to the gold transfer activities of individuals. Therefore, the draft decree does not specify the collection of tax on gold bar transfer activities," the Ministry of Finance stated.
