两部门明确黄金有关税收政策

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration on November 1 clarifies tax policies related to gold transactions, aiming to enhance the competitiveness and pricing power of China's gold market [1] Tax Policy Summary - From now until the end of 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling member units or clients [1] - For transactions without physical delivery, the exchanges will exempt VAT; for those with physical delivery, different VAT policies will apply based on the investment or non-investment use of standard gold [1] - The policy adjustment is seen as a refinement of existing regulations, distinguishing between the commodity and financial attributes of gold [1] Industry Impact - The new tax policy is expected to support the international competitiveness and pricing authority of China's gold market, contributing to the development of Shanghai as an international financial center [1] - The policy aims to promote tax fairness, mitigate tax risks, and enhance the precision and standardization of tax regulations [1]