The General Department of Taxation has directed tax agencies in localities to examine all businesses and individuals trading in gold, silver, and gemstones to prevent tax evasion.

This forms part of a plan to implement the Prime Minister’s direction on measures to manage the gold market and the Ministry of Finance’s direction on fighting gold smuggling.

Tax agencies are requested to work closely with relevant agencies such as police, market watch forces, banks, and customs agencies to tighten management over the trading of gold, silver, and gemstones to reduce risks.

Individuals and organizations found to be violating tax regulations or exhibiting signs of criminality will be referred to police agencies for further investigation.

Both the domestic and global gold markets have experienced rising prices in recent days, with a strong increase seen in local gold prices negatively affecting the safety of the financial and monetary market.

Domestic gold prices for SJC gold bars rose VND800,000 ($32.6) to VND79.8 million ($3,257) per tael for sellers and nearly VND82 million ($3,346) per tael for buyers on the morning of March 8.