Vietnam to impose personal income tax on gold trading to curb speculation

The Ministry of Finance has been tasked with coordinating with the State Bank of Vietnam to ensure this content is reflected in the draft law.

The government also requested a thorough review of the draft to ensure consistency with the Constitution and other related legal frameworks, including the Land Law, Securities Law, Social Insurance Law, and laws concerning high technology.

The new regulations must meet the goals of improving tax administration, ensuring accurate, sufficient, and timely tax collection, and maintaining equal treatment among taxpayers.

Additionally, a careful assessment is required regarding the impact of personal income tax regulations on business income to avoid major disruptions to individual business activities.

The government’s requirement comes amid recent sharp fluctuations in gold prices.

In recent weeks, the price of SJC gold bars in Vietnam surged to a record level of VND135 million (US$5,113) per tael, at times exceeding global prices by nearly VND20 million ($757).

A gold tael equals approximately 1.2 troy ounces.