Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold trading, particularly emphasizing the exemption of value-added tax (VAT) for transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange until the end of 2027 [1][2]. Tax Policy Implications - The new policy continues the existing tax exemption for standard gold transactions on the exchanges, 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, enhancing the tax support for the gold industry compared to international markets [3]. Impact on Investment Channels - The policy is set to be implemented from November 1, 2025, to December 31, 2027, and will likely influence individual investors' choices regarding gold investment channels [4]. - Investors using exchange channels will benefit from lower tax burdens, while those purchasing gold through non-exchange channels will face higher costs due to included VAT [5][6]. Effects on Gold Jewelry Consumption - The announcement specifies that consumers purchasing gold jewelry will still pay VAT and consumption tax, which are already included in retail prices, indicating limited direct impact on jewelry consumption [7]. - However, fluctuations in gold prices due to changes in investment demand could indirectly affect the cost of gold jewelry [7]. Market Structure and Price Dynamics - The policy is expected to enhance the international competitiveness of China's gold market and may lead to a stronger price for exchange-traded gold due to lower tax burdens attracting more investors [8][9]. - Conversely, the demand for non-exchange gold may decline due to higher tax liabilities, potentially leading to price pressures in that segment [9].
黄金税收公告发布，对个人购买黄金有何影响？是否会影响金价？专家解读
Sou Hu Cai Jing·2025-11-02 01:10