Tax on gold bar transfers not yet in force from July 1, ministry says

Tax on gold bar transfers not yet in force from July 1, ministry says

The Ministry of Finance has clarified that individual income tax is not yet being collected on gold bar transfers from July 1.

Customers trade gold at a jewellery store in HCM City. Domestic gold prices fell sharply on Tuesday. — Photo baotintuc.vn

The Ministry of Finance has dismissed reports that all gold bar transactions will be subject to a 0.1 per cent personal income tax from July 1, saying implementing regulations have not yet been issued.

Speaking to the press yesterday, a representative of the ministry's Department for Management and Supervision of Tax, Fee and Charge Policies said reports circulating on some news websites and social media had misinterpreted the new law.

Under the 2025 Law on Personal Income Tax, which takes effect on July 1, income from gold bar transfers is classified as taxable income.

However, the law authorises the Government to determine the taxable transaction threshold, the implementation date and any adjustment to the tax rate in line with the roadmap for managing the gold market.

The ministry has not included detailed provisions on taxing gold bar transfers in the draft implementing decree.

It said the Government would decide when the tax takes effect, the transaction threshold subject to tax and any adjustment to the tax rate once conditions for managing the gold market and tax administration are in place.

The State Bank of Vietnam is currently working with ministries and agencies to develop a proposal for a gold trading exchange, while also drafting amendments to Decree 24/2012/NĐ-CP on the management of gold trading activities.

Meanwhile, the Ministry of Finance is coordinating with the central bank and other relevant agencies to draft a separate Government decree on tax policy and tax administration for gold trading and transactions.

The decree is expected to cover value-added tax, corporate income tax and personal income tax, including tax on gold bar transfers, and will apply to different types of businesses and individual traders, including transactions conducted through a future gold trading exchange if one is established.

The ministry said the decree would also be aligned with related legal reforms, including amendments to regulations governing the gold market and the roadmap for establishing a gold trading exchange.

Gold extends losses

Domestic gold prices continued to decline on Tuesday, with major retailers cutting SJC gold bar prices by up to VNĐ2 million (US$76) per tael from the previous session.

SJC, Bảo Tín Minh Châu, Phú Quý and several other major dealers quoted SJC gold bars at around VNĐ144 million per tael for buying and VNĐ147 million for selling.

The decline extended to gold rings, with prices at major retailers falling by between VNĐ1 million and VNĐ2 million per tael. SJC, DOJI, PNJ and Phú Quý all adjusted prices lower, while Bảo Tín Minh Châu cut both buying and selling prices of its Dragon Gold products by VNĐ1 million.

Despite Tuesday's losses, domestic gold prices remained well above levels seen earlier this year. However, they retreated sharply in June, with SJC gold bars losing around VNĐ12.5 million per tael over the month and gold rings falling by as much as VNĐ14.5 million, reflecting weaker domestic demand and softer market sentiment. 

Bizhub