Gold Price Table on 9/7: SJC Amid the Global Gold Decline. Taxing Gold Transactions

Summary SJC gold remains stable while global prices soar, maintaining its ground even as global gold prices plunge. The price gap between the two markets remains near 3 million VND, an increase of over 1 million VND compared to last weekend. Experts: Taxing gold transactions to combat speculation, but it must be done carefully. Content Last weekend, as global gold prices surged to a one-month high of 2390 USD, SJC gold bars saw no price changes, causing the price gap between the two markets to narrow significantly to below 2 million VND. By the end of the US session on Monday, 8/7, global gold prices had fallen below the 2360 USD mark, losing over 30 USD compared to the previous weekend's close, but domestic gold bars remained stable, causing the price gap between the two markets to widen sharply to nearly 3 million VND. As of 9:30 AM on 9/7, SJC gold bars were bought by enterprises at 74.98-75.50 million VND/tael and sold at a fixed rate of 76.98 million VND/tael, with a buy-sell difference of about 1.48-2 million VND. Gold bars at the Big4 banks (Vietcombank, Vietinbank, BIDV, Agribank) also maintained a stable selling price at 76.98 million VND/tael, with banks still keeping only the selling side of the transaction. "Stabilized" gold continues to be sold by SJC and the four banks through online channels. With the recent session closing at 2355 USD, converted global gold prices reached 74.29 million VND/tael, 2.7 million VND lower than SJC gold – an increase of 1.2 million VND compared to the previous weekend. Taxing Cannot Be Done Indiscriminately Recently, to stabilize the gold market, the State Bank of Vietnam has implemented various policies for market management and supervision. Among these is the requirement for gold trading organizations to strictly apply electronic invoices in gold transactions. This regulation helps prevent tax evasion, loss of tax revenue, and records evidence to combat money laundering in the data system. Recently, many experts have suggested taxing gold transactions to combat speculation. At the seminar “Preventing the Risk of Gold-izing the Economy” on the morning of 8/7, Mr. Nguyen Van Phung – Member of the Executive Committee of the Vietnam Association of Accountants and Auditors (VAA) – former Deputy Director of the Tax Policy Department (Ministry of Finance) shared his views. He stated that the goal of combating the gold-izing of the economy and encouraging the circulation of money is very good, but taxing cannot be done indiscriminately. Taxation must be based on economic foundations and should come from production and business activities, requiring a comprehensive perspective and putting the interests of 100 million people first. “Policies introduced must facilitate business production, create financial flows and resources for the economy, rather than adding new tax policies that prompt people to continue hoarding gold for savings. The key is managing how to balance taxes, ensuring no revenue loss, fairness between sellers and buyers. Avoid scenarios where 100 taels of gold are sold but only 20-30 taels are declared for tax purposes. Evading revenue is a disservice to the people, and evading income is a disservice to the State,” Mr. Phung emphasized. Mr. Phung assessed that although the tax sector is currently making great efforts, their capabilities are limited. Therefore, the entire political system needs to be involved, with State agencies collaborating and sharing data to manage and monitor gold transaction revenues.

Gold Price Table on 9/7: SJC Amid the Global Gold Decline. Taxing Gold Transactions – A Solution or a New Burden?

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