黄金，有新消息！

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which aims to enhance the competitiveness and pricing power of China's gold market while ensuring tax fairness and reducing risks [1] Tax Policy Summary - From now until the end of 2027, transactions involving standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling member units or clients [1] - For transactions without physical delivery, the exchanges will exempt VAT; for those with physical delivery, the VAT policy will differentiate between investment and non-investment uses of standard gold, applying a VAT refund policy and a 6% input tax deduction for buyers [1] Industry Impact - The new policy is seen as an improvement to existing regulations, allowing for better differentiation between the commodity and financial attributes of gold [1] - Experts believe that this policy will support the development of China's gold market, enhancing its international competitiveness and contributing to the construction of Shanghai as an international financial center [1]