On the morning of November 4, the Minister of Finance, authorized by the Prime Minister, presented a Report on the draft Law on Personal Income Tax (PIT) (amended).
Article 3 of the draft law stipulates taxable income. Accordingly, income subject to personal income tax includes 11 types of income: Income from business; Income from wages and wages; Income from capital investment; Income from capital transfer; Income from real estate transfer; Income from winning prizes; Income from royalties; Other income.
The draft Law has added a number of other income items subject to personal income tax such as: Income from transferring the Vietnam National Internet domain name .vn; income from transferring the results of greenhouse gas emission reduction, transferring carbon credits; income from transferring auctioned license plates of cars according to the provisions of law; income from transferring digital assets, transferring gold bars; other income prescribed by the Government.
For gold bar transactions, according to the provisions of the law on gold trading and the law on investment, gold bar trading is a conditional business activity, only enterprises and credit institutions granted a business license by the State Bank are allowed to trade in gold bars; the business of buying and selling gold bars without a license is an act of violating the law in gold trading activities.
Therefore, individuals are not allowed to trade in gold bars, the purchase and sale of gold bars by individuals with income is determined to be other income (not income from business).
With the proposal to add income from transferring gold bars to the tax list, the inspection agency said that many opinions suggested considering the right application of tax on transferring gold bars to avoid making it ineffective for people who transfer gold without speculative or business purposes; the tax on people's savings from gold may not have any humanitarian, social and economic significance; at the same time, the Government is requested to provide information on the expected time of applying these regulations.
