事关黄金税收，两部门重磅发布！对个人购买黄金有何影响？是否会影响金价？专家解读

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies tax policies related to gold trading, particularly emphasizing the exemption of value-added tax (VAT) for transactions conducted through designated exchanges until the end of 2027, thereby enhancing the attractiveness of exchange-based gold investments [1][2][3]. Tax Policy Summary - The new policy exempts VAT for members or clients selling standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange until December 31, 2027 [1][2]. - Non-exchange channels, such as bank counters and jewelry stores, will still require sellers to pay VAT, which is currently set at 13%, thus increasing the tax burden on buyers in these channels [2][4]. - The policy aims to better distinguish between the commodity and financial attributes of gold, while maintaining existing tax policies for non-exchange gold sales [3]. Impact on Individual Investors - The policy is set to take effect on November 1, 2025, and will continue until December 31, 2027, with the timing of physical delivery determining applicability [4]. - Individual investors will continue to benefit from VAT exemptions when trading through exchanges, while those purchasing gold through non-exchange channels will face higher costs due to included VAT [4][5]. - The tax cost will significantly influence investors' choice of trading channels, with exchange trading being more favorable for long-term investors seeking lower tax burdens [5]. Effect on Gold Jewelry Consumption - The announcement specifies that taxpayers not selling standard gold through exchanges must adhere to existing VAT regulations [6]. - Consumers purchasing gold jewelry typically pay prices that already include VAT and consumption tax, which are 13% and 5% respectively, meaning the new policy will have limited direct impact on jewelry consumption [7]. - However, fluctuations in gold raw material prices due to shifts in investment demand could indirectly affect jewelry prices in the future [7]. Market Structure and Price Implications - The policy is expected to enhance the international competitiveness and pricing authority of China's gold market, supporting the development of Shanghai as an international financial center [8]. - The lower tax burden for exchange transactions is likely to attract more investors, potentially strengthening exchange gold prices while putting pressure on non-exchange gold prices due to reduced demand [9]. - The tax differences may lead to a shift in gold supply towards exchanges, increasing liquidity in these markets while possibly constraining supply in non-exchange channels [9].