Proposal to tax gold transactions to avoid speculation, what does the Ministry of Finance say?

At the regular press conference of the second quarter of 2024 of the Ministry of Finance , Deputy Minister Nguyen Duc Chi and Mr. Dang Ngoc Minh - Deputy General Director of the General Department of Taxation informed about tax management in gold trading activities.

Responding to the proposal to tax gold transactions to reduce the demand of some investors and the market, especially for the purpose of speculation and price manipulation, Deputy Minister of Finance Nguyen Duc Chi said that taxing gold transactions not only directly affects the trading subjects but also many other aspects.

Therefore, the Ministry of Finance will have a thorough assessment and report to competent authorities for consideration.

According to Mr. Minh, like many other industries, gold trading activities are always under the management of state agencies, including tax authorities.

Implementing the Prime Minister 's direction on controlling the issuance of invoices in gold buying and selling transactions, the tax sector has deployed many solutions, including applying electronic invoices from cash registers to control gold buying and selling transactions.

Along with strengthening tax management, Mr. Minh said that the Ministry of Finance is currently proposing non-cash payments for gold trading activities.

"Normally people bring a lot of cash to gold shops. Here we propose that gold buying and selling activities should not use cash, just pay via account," Mr. Minh informed.

Mr. Dang Ngoc Minh - Deputy General Director of General Department of Taxation.

According to the Tax Authority, nationwide, 53,425 businesses have applied electronic invoices generated from cash registers, of which 5,835 gold and silver businesses have applied and used over 1.06 million electronic invoices generated from cash registers.

In recent times, to stabilize the gold market, the State Bank of Vietnam has proposed many solutions such as bidding to increase the supply of SJC gold bars, but then stopped this plan due to ineffectiveness. From June 3, the State Bank continued to implement the sale of gold to stabilize prices through 4 state-owned commercial banks, including Agribank , BIDV, Vietcombank and Vietinbank and Saigon Jewelry Company (SJC) .

Source: https://www.nguoiduatin.vn/de-xuat-danh-thue-giao-dich-vang-de-tranh-dau-co-bo-tai-chinh-noi-gi-a668930.html