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 the tax policies related to gold trading, emphasizing the tax advantages of trading through exchanges compared to non-exchange channels [1][2][3] Tax Policy Summary - The new policy extends the tax exemption for value-added tax (VAT) on standard gold transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange until the end of 2027 [2][3] - Non-exchange channels, such as bank counters and gold shops, will still require sellers to pay VAT, which is currently set at 13%, thus increasing the tax burden on buyers [2][3] Impact on Investment Channels - The policy is expected to influence individual investors' choices, with the tax advantages of exchange trading likely to attract more investors, especially for larger investments [5][6] - Ordinary investors may prefer indirect participation in gold investment through bank-represented products like gold ETFs, balancing convenience and tax burden [5][6] Effect on Gold Jewelry Consumption - The announcement specifies that VAT will still apply to gold sold outside exchanges, meaning the retail price of gold jewelry typically includes VAT and consumption tax [6][7] - The direct impact of the new policy on gold jewelry consumption is expected to be limited, although fluctuations in gold raw material prices could indirectly affect jewelry costs [6][7] Market Structure and Price Implications - The policy is anticipated to enhance the international competitiveness and pricing power of China's gold market, potentially leading to a stronger price for exchange-traded gold [7][8] - The tax differences may result in a shift of gold supply towards exchanges, increasing liquidity in the market while putting pressure on non-exchange gold prices [8]