E-invoices compulsory for gold transactions from mid-June

Gold businesses shall have to implement e-invoices connected to tax authorities before June 15, or else their licences will be revoked.

The move aims to narrow gold price gap between domestic and international markets and to enhance gold market transparency.

The Government chief also urged the State Bank of Viet Nam to strengthen inspection and strictly handle violations in gold business, and continue to review the implementation of Decree No. 24/2012/ND-CP of the Government on gold business trading.

Under the Law on tax management, enterprises and business households shall be required to use e-invoices from July 1, 2022. 

To date, all gold businesses use e-invoices, according to General Department of Taxation. However, in some localities, customers buy gold without invoices, meaning tax authorities have difficulty keeping tabs on the market, and leading to tax revenue losses.

Gold price has soared in recent weeks and repeatedly reached new historic peaks. Last Friday it soared to VND92.4 million per tael as shops ran out of inventory.

With domestic gold prices skyrocketing in recent weeks, the central bank resumed gold bar auctions in late April, after a pause of 13 years, in a bid to rebalance the market through increasing supply. 

SJC gold bars hit a record of VND92.5 million (US$3,614) per tael last week and cooled a little to be at VND90 million at 1pm on Wednesday afternoon. However, the difference between the domestic and world prices remains huge at VND17 million per tael.

The sixth auction held on Tuesday had the highest winning volume of 8,199 taels after the central bank lowered the minimum bidding volume to 500 taels compared to 700 taels in previous auctions./.