黄金税收新政来袭！投资者必看

Core Insights - The Ministry of Finance and the State Taxation Administration announced a significant tax policy change regarding gold, effective from November 1, 2025, until December 31, 2027, which will transform the gold market [1] Tax Policy Highlights - Tax Exemption for Exchange Transactions: Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) upon selling. Transactions without physical delivery will also be exempt from VAT [1] - Investment Use Benefits: Members purchasing standard gold for investment purposes (e.g., processing into gold bars or ingots with a purity of 99.5% or higher) will benefit from immediate VAT refunds and exemptions from urban maintenance and construction tax, as well as educational fees [1] - Usage Change Reporting Requirement: If the actual use of standard gold purchased from the exchange changes, members must report and apply for a change within six months, with only one application allowed. Failure to comply will result in the suspension of VAT special invoice issuance [1] - Severe Penalties for Violations: Members or clients engaging in fraudulent activities to exploit tax policies, such as obtaining export tax refunds or issuing false VAT invoices, will have their VAT special invoice issuance qualifications suspended starting the month after the penalty decision [1] Market Impact Analysis - The new policy aims to further regulate the tax order in the gold market and promote healthy development of gold trading. Investors are advised to closely monitor policy changes and plan investment strategies accordingly to avoid potential losses due to policy misunderstandings [1]