People save "five feeds, one point", why tax transfers
On the afternoon of November 19, commenting on the draft Law on Personal Income Tax (amended), delegate Tran Kim Yen (HCMC Delegation) commented on the proposal to impose personal income tax (PIT) on the transfer of gold bars.
In the draft law, the Government proposes to collect a tax of 0.1% on gold bar transfer activities to improve market transparency and limit speculation. The Government is assigned to specify the threshold of value of taxable gold bars, the time of application and adjust tax rates to suit the roadmap for gold market management.
Regarding this issue, the delegate said that the majority of people consider gold as an asset accumulated through savings, saved in the process of daily life.
They can buy them to save from five Fees, one tael, and accumulate to reserve for incidents that occur in life. It could be a room where they are vegetarians, get married, get sick, and sell it to cover these expenses, the delegate said.
The delegate of Ho Chi Minh City also said that gold can be bought from savings, that is, after tax deductions. Now, when selling gold, they continue to be taxed. "Is this tax on tax or not?", the female delegate asked.
The delegate assessed that taxing people's savings from gold may not have a humanitarian meaning, social significance in terms of economic management.
According to the delegate, we are trying to tax speculators, segment the market and hope to stabilize the gold market. But with a tax rate of only 0.1%, it may not be enough to prevent speculation in gold trading.
Instead, what is important is what measures to limit speculation, to manage and healthy the gold market.
Delegate Pham Van Hoa (Dong Thap Delegation) said that those who make a profit from transfers and speculate on gold bars must be taxed. However, the tax rate of 0.1% for these people is "not good".
Therefore, it is recommended to review the taxation of this subject and regulate income to limit speculation that instabilizes the market.
As for those who buy gold for storage and accumulation later for their children or children when they are sick or ill, it is recommended not to tax the transfer.
"Where do they have production and business? They buy and sell in reserves, with conditions for people to buy, because gold is easy to buy and sell with each other. Therefore, it is necessary to consider taxing in this case, the delegate commented.
Difficulty distinguishing between speculation and savings
Delegate Trinh Xuan An (Dong Nai Delegation) said that the imposition of personal income tax on gold bar transfers is very new, and no country has implemented it.
This regulation is very new but very reasonable given the characteristics of the Vietnamese gold market, delegate An said and agreed with the proposal to tax the transfer of gold bars. This contributes to regulating the gold market.
The delegate expressed his opinion that it is impossible to say that buying gold is for savings but "sleeps up all night" from 3am to buy gold. When I couldn't buy gold bars, I switched to buying gold rings. It is difficult to distinguish between speculation and savings.
The delegate also proposed assigning the Government to specifically regulate the threshold of trading value of taxable gold bars, for example 200 million VND/time, or 1 billion VND/year.
