Hanoi (VNS/VNA) - The Ministry of Finance (MoF) has just proposed to increaseexport tax on gold products of less than 95 percent purity to 2 percent from 0 percent.
The proposal is in the draft decree to amend and supplement Decree122/2016/ND-CP on export tariffs, preferential import tariffs, list ofgoods and flat-rate duties, mixed tariffs, and out-of quota importtariffs.
With the existing regulations on trading, importing and exporting gold, thereare two export tax rates of 0 percent and 2 percent for gold, gold jewelleryand fine works of at least 8 karat purity.
Companies are not allowed to export raw gold, only fine works and goldjewellery under the Business Registration License.
However, recently, there has been a phenomenon of gold exporting enterprisesdeclaring gold fine works of less than 95 percent purity and declaring thecustoms code with a tax rate of 0 percent.
As the tax base for exported gold is still according to the enterprise'sdeclaration, the customs authority does not have enough basis for inspectionand verification. Meanwhile, companies conducting gold quality inspectionbefore exporting all declare that the gold is below 95 percent purity, there-examination documents of foreign partners also show the same results,causing the risk of lost tax revenues.
MoF said that the world and domestic gold markets have fluctuated strongly inrecent years, mainly due to the uncertainties of the world economy, trade wars,a well as a sharp drop in the US dollar compared to other major currencies, andespecially the complexity of the pandemic, affecting investors’ sentiment allover the world.
Gold exports surged recently. Data compiled by the General Department ofCustoms showed that in the first half of this year, the export turnover of goldreached 380 million USD.
In 2020, the amount was 2.6 billion USD, up more than 600 million USD comparedto 2019 and 2 billion USD over the same period of 2018. Of which goodsmade of gold with gold content of less than 95 percent under the code7114.19.00.90 account for a large part, about 2.1 billion USD.
Last year, there were 469 enterprises exporting andimporting gold products including pearls, precious stones, semi-precious stonesand their products, jewellery made of other materials, and metal coins./.
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Employees check gold rings at Phu Quy Jewellery's store. (Photo: VNA) 
