The Personal Income Tax Law 2025 stipulates that income from gold bar transfers is subject to a 0,1% tax rate on each transaction's buying and selling price. The government will establish the threshold value for taxable gold bars, the application date, and tax rate adjustments.

However, in its explanatory report on the draft decree guiding the Personal Income Tax Law, the Ministry of Finance stated it has not included provisions related to gold bar transaction tax in the draft decree.

Commenting on this matter, the State Bank of Vietnam believes that specific guidance on income tax for gold bar transactions is essential to enhance transparency and improve gold market management efficiency.

"This is particularly crucial given the relatively complex fluctuations in domestic gold prices, influenced by international markets, and the inherent risks of speculation and hoarding," the State Bank of Vietnam noted.

However, the Ministry of Finance argues that there is currently insufficient practical basis to implement income tax on gold transactions. According to the drafting agency, the State Bank of Vietnam is collaborating with other ministries and sectors to develop a proposal for establishing a gold exchange, which will be submitted to the government for consideration.

The Ministry of Finance stated that only after this proposal is approved will functional agencies have a basis to finalize regulations and submit them to the government for consideration of applying personal income tax to gold transactions.

Gold bar transactions at SJC Nguyen Thi Minh Khai on the God of Wealth Day. *Photo: Thanh Tung*

In practice, income tax serves as a market regulatory tool, yet it has not been applied to gold transactions in Vietnam. Analysts suggest that taxing the precious metal could generate revenue for the state budget and ensure fairness compared to other investment channels such as stocks and real estate.

This solution would also help counter the "goldization" of the economy, as buyers would need to calculate holding periods and anticipate profits or losses based on global and domestic price fluctuations, alongside the payable tax amount.

According to the Personal Income Tax Law 2025, regulators anticipate collecting a 0,1% tax on gold bar transactions based on the transfer price of each instance. Specifically, the personal income tax payable equals the gold bar selling price multiplied by the 0,1% tax rate.

For example, if an individual sells gold bars for 500 million VND, the personal income tax payable would be 500,000 VND (representing 0,1% of the total amount received).

Phuong Dung