I buy gold every month to save, does that count as speculation?
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Purchasing gold is a way to save money. Illustration photo by Pexels |
I am an office worker. I have no significant income besides my salary. Each month, after paying rent and living expenses, I buy a mace of gold to save.
I recently read that the government are taxing gold trading to limit speculation.
I only buy one mace, a tenth of a tael, with one tael equal to 37.5 grams, each month and sometimes up to five maces when I receive holiday bonuses. I buy gold only to save.
If I am short on cash and decide to sell the gold, do I have to pay tax? How can I distinguish saving from speculation?
Taxes are effective tools to regulate the market, but they have never applied to gold in Vietnam. Experts say taxing gold could raise state revenue and create fairness compared with stocks or real estate. It could also curb “goldization,” forcing buyers to consider holding periods, price fluctuations, and potential taxes.
