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Thursday, July 25, 2024

Tax on gold transactions mulled

By Truc Dao

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HCMC – The Ministry of Finance will review a proposal to tax gold transactions, said Deputy Minister of Finance Nguyen Duc Chi at a press conference on June 18.

During a quarterly press conference held by the ministry, significant interest was shown in electronic invoicing for gold transactions and the proposed tax on gold transactions.

Chi said, “When introducing a new tax, the Ministry of Finance must conduct a comprehensive assessment of its impact and feasibility, not just the direct impact on gold transactions. The Ministry of Finance will review the proposal and report to the relevant authorities.”

Experts underscored the need to manage gold transactions through taxation to prevent speculation, hoarding, and price manipulation.

In addition to enhancing tax management, the ministry is urging the acceleration of cashless payments for gold transactions.

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