黄金，大消息！

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China have 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 risk prevention [1]. Tax Policy Details - From now until the end of 2027, value-added tax (VAT) will be exempted for members or clients selling standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange [1]. - For transactions that do not involve physical delivery, the exchanges will exempt VAT; for those that do, the VAT treatment will depend on whether the gold is for investment or non-investment purposes, applying different VAT policies accordingly [1]. Market Impact - The policy is seen as an improvement to existing regulations, allowing for a clearer distinction between the commodity and financial attributes of gold [1]. - Experts believe that this adjustment 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].