周末重磅！黄金有关税收新政发布

Core Viewpoint - The new tax policy for gold, effective from November 1, 2025, aims to differentiate between investment gold and non-investment gold, promoting a healthier industry ecosystem and addressing previous broad management practices [3][8]. Tax Policy Changes - The announcement specifies that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) if no physical delivery occurs. If physical delivery occurs, VAT will apply according to regulations [4][6]. - The policy categorizes gold into investment and non-investment uses, with investment uses including direct sales and production of gold bars with a purity of 99.5% or higher [8][9]. Industry Impact - Analysts believe the new policy will help curb excessive speculation in the gold market, reflecting true market demand and enhancing liquidity in the gold spot market [9][12]. - The differentiation between investment and non-investment gold is expected to lower tax burdens for gold jewelry processing and other physical enterprises, potentially encouraging more gold to flow into the real economy [9][12]. Implementation and Compliance - Industry stakeholders are awaiting more detailed implementation guidelines, with some companies already in discussions with the Shanghai Gold Exchange and tax authorities for practical applications of the new policy [10][11]. - The new regulations provide clearer definitions and calculations for invoices and deductions, which may help unify tax and accounting standards across the gold industry [12]. Market Context - As of October 31, 2023, gold prices have surged, with London spot gold and Shanghai gold prices increasing by over 52% and 50%, respectively, since the beginning of the year [12].