事关黄金税收，两部门重磅发布！对个人买黄金有何影响？是否会影响金价？

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 Implications - The new policy maintains the existing VAT exemption for standard gold transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange, while non-exchange channels like banks and jewelry stores will still incur VAT, which is currently set at 13% [2][3]. - The policy aims to better distinguish between the commodity and financial attributes of gold, reinforcing the tax advantages of exchange transactions [3]. Impact on Individual Investors - The policy, effective from November 1, 2025, allows individual investors to continue enjoying VAT exemptions when trading gold through exchanges, making it a more cost-effective option compared to non-exchange channels where prices include VAT [4][5]. - The tax burden for individual investors will significantly influence their choice of investment channels, with exchange transactions being more favorable for long-term holders seeking transparency in tax liabilities [5]. Effects on Gold Jewelry Consumption - The announcement does not alter the existing tax obligations for gold jewelry purchases, which include both VAT and consumption tax, thus the direct impact on consumer behavior regarding gold jewelry is expected to be minimal [6]. - However, fluctuations in the price of investment gold could indirectly affect the cost of gold jewelry, as reduced supply from non-exchange channels may lead to increased production costs [6]. Market Structure and Price Dynamics - The policy is anticipated to enhance the international competitiveness and pricing authority of China's gold market, potentially leading to a stronger price for exchange-traded gold due to increased investor interest [7][8]. - The tax disparity between exchange and non-exchange transactions is likely to shift more gold supply towards exchanges, improving liquidity in the market while potentially constraining supply from non-exchange sources [8].