(NLDO) – Property tax is still applied in some countries, but if we have to tax savings interest, it should be applied to all investment channels including gold.
After the Lao Dong Newspaper reflected the opinion that interest on bank savings deposits should not be taxed as proposed by the People's Committee of Can Tho City in the draft report on the development of the Law on Personal Income Tax (replacement) of the Ministry of Finance, the reporter continued to record the opinion of Associate Professor, Dr. Nguyen Huu Huan, Ho Chi Minh City University of Economics (UEH).
* Reporter: Many opinions reacted to the proposal to tax savings interest and this is not the first time this proposal has been made, what do you think?
- Associate Professor, Dr. Nguyen Huu Huan: In my opinion, this issue depends on the policy-making perspective of the management agency.
In fact, property tax still exists in countries, but if the viewpoint is to tax property on investment channels, it must be applied to all channels including savings interest, gold, stocks, real estate, etc. That means if we tax savings interest, we must also tax gold to ensure fairness for investment channels.
* Why tax gold?
- As I said, if property tax is applied, it must be applied synchronously to all investment channels to avoid people withdrawing their savings to buy gold. If all channels are taxed, there will be no reason to withdraw savings to invest in other names. Buying gold now also requires businesses to issue full invoices.
Proposal to tax savings interest attracts public attention
Returning to the question of whether or not to tax interest on savings deposits, we need to consider whether the budget really needs the revenue from this tax and what is the purpose of the tax?
Only by answering these questions can we decide whether to apply tax on deposit interest. At the same time, it is necessary to clearly distinguish that the tax is levied on deposit interest, not on savings deposits.
For example, people save 100 million VND, interest rate 5%/year. Interest in 1 year of this deposit is 5 million VND, interest per month is more than 416,000 VND. Tax rate can be 5-10% of the interest.
However, taxing deposit interest also needs to be considered in the context that it may cause the amount of money deposited in banks to decrease, banks will have to increase interest rates to mobilize, affecting lending interest rates...
* Your view is that the impact of this tax policy, if any, will not be too large?
- When issuing any policy, the operators will have to weigh and measure the gains and losses of that policy. If taxing deposit interest will increase budget revenue, but what will be the loss? What is the specific tax rate?
Importantly, if taxes must be imposed, the law should be aimed at the rich, those with high incomes, such as those with savings of 5-10 billion VND. The tax rate should also be calculated on a scale to ensure fairness, the higher the income, the higher the tax rate.
Source: https://nld.com.vn/neu-danh-thue-lai-tien-gui-phai-danh-ca-thue-vang-196250219164924338.htm
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