VGA proposes MoF to remove 10% tax on exporting material gold

The Vietnam Gold Traders’ Association (VGA) has proposed the Ministry of Finance (MoF) to remove the 10% tax rate on exporting material gold, the local online newspaper Nguoi Lao Dong reported.

Imposition of 10% tax rates on exporting material gold will make it unprofitable for gold traders to export gold as the differences in prices would be insufficient to make up for exporting and tax expenses.”, the VGA pointed out.

The VGA also proposed the MoF to impose a maximum tax rate of 10.5% on gold jewelries regardless of gold purity, reasoning that it would help avoid gold smuggling.

Earlier, the Ministry of Finance raised gold export tax to 10% from previous 0%, on god bars of under 99.9% purity, powdered gold or material gold under Group 8718, effective from January 1, 2011. – Stoxplus.com

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Jan 15 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry