No Tax on the Transfer of Gold Bars as of July 1, 2026 – Ministry of Finance (MOF) Clarifies

What is the information circulating?

Recently, information has appeared on many news sites and social media platforms claiming that, starting July 1, 2026, all transactions involving gold bars will be subject to a 0.1% Personal Income Tax (PIT) on the value of each transfer. This information is causing concern among many people who hold or trade gold bars.

What does the Ministry of Finance (MOF) say about this information?

On June 30, 2026, the Ministry of Finance (MOF) officially confirmed that the above interpretation is inaccurate and that no tax is currently being levied on gold bar transactions.

What does the new Personal Income Tax Law stipulate regarding gold bars?

According to the Ministry of Finance (MOF), the Personal Income Tax Law No. 109/2025/QH15, passed by the 15th National Assembly at its 10th session and effective as of July 1, 2026, stipulates that income from the transfer of gold bars is taxable income.

However, this Law also delegates to the Government the authority to specify the following important details:

• The taxable threshold for gold bars;
• The effective date for the tax;
• Adjustments to the personal income tax rate on the transfer of gold bars.

The delegation of authority to the Government is intended to ensure alignment with the gold market management roadmap. Therefore, until the Government issues a guiding Decree, the tax will not be collected.

What is the current status of the guiding Decree?

The Ministry of Finance (MOF) has reported the following:

• Government Proposal No. 295/TTr-BTC dated May 19, 2026, regarding the draft Decree detailing the Personal Income Tax Law;
• Official dispatch No. 7257/BTC-CST dated May 29, 2026, sent to the Government’s Electronic Information Portal regarding the publication of an explanatory note and the incorporation of feedback on the draft Decree;
• Official dispatch No. 8454/BTC-CST dated June 19, 2026, reporting to the Government on the incorporation and clarification of comments from Government members.

In the above documents, the Ministry of Finance (MOF) reported to the Government that the current draft Decree does not yet provide detailed regulations on the taxation of gold bar transactions, and that a more comprehensive regulatory document is needed to address tax policies and tax administration for all gold trading and sales activities.

Will there be a separate Decree on gold business taxation in the near future?

The Ministry of Finance (MOF) is coordinating with the State Bank of Vietnam and relevant agencies to draft a Government Decree regulating tax policies and tax administration for gold trading and sales activities. This Decree is expected to include:

• Value Added Tax (VAT);
• Corporate income tax;
• Personal Income Tax (PIT) (including PIT on the transfer of gold bars).

The regulations will be tailored to each category—businesses, individual traders, and gold transferors—including transactions on a gold exchange (if established). Additionally, the Decree must align with new relevant legal provisions, such as:

• The Investment Law, which has removed business conditions for gold jewelry and handicrafts;
• The State Bank of Vietnam is amending and supplementing Government Decree No. 24/2012/ND-CP dated April 3, 2012, on the management of gold business activities;
• The roadmap for establishing a gold exchange.

What should businesses and individuals be aware of?

Based on official information from the Ministry of Finance (MOF), several practical considerations can be noted:

1. Currently, no personal income tax is levied on the transfer of gold bars, even though Law No. 109/2025/QH15 has been in effect since July 1, 2026.
2. The Law serves only as a legal framework; the actual collection of taxes must await a guiding Decree from the Government.
3. A comprehensive Decree guiding gold trading taxes is currently being drafted and undergoing public consultation; it has not yet been issued.
4. Once the Decree is issued, businesses and individuals engaged in gold bar transactions must update their practices immediately to ensure compliance.

If your business engages in gold trading, buying, or selling, please closely monitor the upcoming guidance documents or contact a tax advisory service for timely assistance.