Vietnam's finance ministry dismisses rumors of 0.1% tax on gold bullion transactions from July 1

In a statement released on Tuesday, the ministry said the 2025 Personal Income Tax Law stipulates that income derived from the transfer of gold bullion is subject to personal income tax.

However, the law also authorizes the government to determine the taxable threshold, implementation timeline, and applicable tax rates in line with the roadmap for regulating the gold market.

Regarding the draft decree guiding the implementation of the law, the ministry said it had proposed that the government not include detailed provisions on taxing gold bar transfers in the current decree.

Instead, it said a separate decree should be developed to comprehensively regulate tax policy and tax administration for gold trading and transactions.

The ministry added that it had incorporated feedback on the draft decree and published the revised version on both the ministry's portal and the government's portal.

It is currently working with the State Bank of Vietnam and other relevant agencies to draft a separate decree on tax policy and tax administration for gold trading.

The new decree will provide a comprehensive framework covering value-added tax, corporate income tax, and personal income tax, including tax rules applicable to gold bullion transfers.

According to the ministry, the policy will be designed to suit different categories of businesses and individuals engaged in gold trading, including transactions conducted through a future gold exchange, while remaining consistent with new legal regulations and the roadmap for developing Vietnam's gold market.

Earlier, in comments on the draft decree guiding the implementation of the Personal Income Tax Law, the central bank proposed introducing taxation on income from gold bar transfers as soon as possible, except for individuals buying and selling gold solely for savings or personal holdings rather than business purposes.

The central bank said the proposal aims to implement directives from competent authorities to strengthen oversight of the gold market.

It cited a notice issued by the Office of the Party Central Committee, calling for studying the application of taxes on gold trading transactions to improve market transparency, strengthen regulatory oversight, and curb speculation.

The State Bank of Vietnam noted that while the Personal Income Tax Law already classifies income from gold bar transfers as taxable, the specific taxable threshold, implementation date, and tax rate remain subject to government regulations.

According to the Ministry of Finance, assigning these decisions to the government provides the necessary legal basis for implementation once conditions for managing the gold market are in place.

The ministry added that the central bank is coordinating with relevant ministries and agencies to develop a proposal for establishing a gold trading exchange for submission to the government.

Only after that proposal is approved will authorities have a basis for finalizing gold market management regulations and proposing the application of personal income tax to gold bullion transfers.

Therefore, the current draft decree implementing the Personal Income Tax Law does not contain detailed provisions on taxing gold bar transfers.