On the afternoon of November 5, the National Assembly discussed in groups the draft Law on Personal Income Tax (amended).
One of the contents that many National Assembly deputies are interested in is the regulation on applying personal income tax (PIT) to gold bar transfer activities.
According to the submission, for the transfer of gold bars, the draft law assigns the Government to base on the situation of gold market management, regulate the time of application, the threshold of value of gold bars subject to tax, adjust the tax rate to suit the management of the gold market and will collect personal income tax on gold bars with a tax rate of 0.1% on the transfer price each time.
Commenting on this content, delegate Dao Chi Nghia (Can Tho delegation) proposed that instead of calculating tax on the transfer price of gold bars and digital assets, tax should be calculated on the price difference, that is, actual profits.
The delegate said that if calculated according to the transfer price, the entire capital would be accidentally taxed, causing inequality in implementation.
Delegate Le Thi Thanh Lam (Can Tho Delegation) said that the draft Law regulating personal income tax on gold bar transfer activities aims to control speculation and make the market transparent.
However, this policy needs to be clearly distinguished between speculative and hoarding activities to avoid affecting people who buy gold as a form of savings.
"For a long time, buying and storing gold has been a habit and accumulation mentality of many Vietnamese families. Therefore, it is necessary to carefully review the regulations on the value threshold of taxable gold bars, ensuring that the policy is implemented according to a clear and transparent roadmap," said the delegate.
Delegate Hoang Van Cuong (Hanoi Delegation) also worried that applying a tax rate of 0.1% when transferring gold bars as stipulated in the draft law would be unreasonable for gold buyers to save.
According to the delegate, gold is a store of value, a "reserve" of the people, and only when necessary is when people sell it.
"If the hoarding and saving are also subject to tax, it is also an issue that needs to be considered. Of course, the tax rate of 0.1% is not high, so it is not a cause for concern," said the delegate.
However, delegate Hoang Van Cuong said that when the gold market became vibrant, people's money that should have been used for investment and production was withdrawn to buy and sell gold. This gold trading activity has caused domestic gold prices to increase, disrupting the market.
The more dangerous thing is that when domestic gold prices increase, with a large difference compared to world prices, it will lead to the need to import gold.
As for gold imports, domestic USD must be exported, leading to a foreign currency deficit, putting pressure on the exchange rate. When the exchange rate increases, it is very difficult for the State to manage and as a result, it affects exports and domestic production, the delegate analyzed.
Therefore, managing and stabilizing the gold market is very necessary to avoid the situation of massive gold imports, causing foreign currency losses. Therefore, he believes that taxes on gold should only be considered a solution to stabilize the market in the context of unusual fluctuations.
"Here, we should give the Government the right to apply flexible tax policies to adjust when the market has strong fluctuations," said the delegate.
The delegate of the Hanoi Delegation also acknowledged that this tax policy is not a regular measure, but should only be implemented in a certain period of urgency - for example, when the gold market fluctuates abnormally, a tax can be applied for about 6 months to stabilize the market.
"This is a temporary measure, regulating, to help the Government proactively stabilize the gold market, not a policy applied long-term and regularly," said the delegate.
