中国财政部、国家税务总局公布黄金有关税收政策

Core Viewpoint - The announcement from the Chinese Ministry of Finance and the State Taxation Administration introduces new tax policies regarding gold transactions, effective from November 1, 2023, until December 31, 2027, which include exemptions and specific tax treatments for different types of gold transactions [1][2]. Group 1: Tax Exemptions for Standard Gold Transactions - Member units or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when selling standard gold [1]. - For transactions without physical delivery, the exchange will exempt VAT; for transactions with physical delivery, specific VAT policies will apply [1]. Group 2: Investment and Non-Investment Use of Gold - Member units purchasing standard gold for investment purposes will benefit from an immediate VAT refund and will also be exempt from urban maintenance and construction tax, as well as education fees [1]. - If the purchased standard gold is used for non-investment purposes, the exchange will also exempt VAT [2]. Group 3: Tax Obligations for Buyers - Buyers who are general VAT taxpayers will calculate input tax based on the amount indicated on the ordinary invoice and a 6% deduction rate when purchasing standard gold [2]. - Buyers processing standard gold into investment products must pay VAT according to existing regulations, while those producing and selling legally approved gold currency will also be subject to VAT [1]. Group 4: Reporting and Fees - If the actual use of standard gold changes after physical delivery, member units must report this change to the exchange before the change occurs [2]. - Transaction fees, handling fees, and storage fees charged by the exchange will be subject to VAT according to existing regulations [2].