黄金税收新政实施！你的买金成本会变吗

Core Viewpoint - The new tax policy for gold trading, effective from November 1, 2025, aims to enhance the attractiveness of on-exchange trading, promote the standardization and centralization of gold transactions, and improve market transparency and regulatory efficiency [1][5]. Summary of Key Adjustments - The announcement specifies that members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) on sales of standard gold [3]. - The policy differentiates between "investment use" and "non-investment use" for physical delivery, with varying tax treatments for each category [3][4]. - For investment use, VAT will be refunded immediately, and other taxes will be exempted, while for non-investment use, VAT will also be exempted but with different invoicing rules [4]. Market Impact - The new policy is expected to strengthen the appeal of on-exchange trading, guide the rational allocation of gold resources, and potentially shift some off-exchange trading to on-exchange, benefiting the long-term health of the gold market [5][6]. - The policy may lead to a clearer distinction in consumer behavior regarding investment and consumption gold products, with consumers likely favoring standardized products from exchanges due to cost advantages [6][8]. Affected Groups - The new tax policy will impact four main groups: members of the exchanges, institutional investors, ordinary consumers purchasing physical gold, and downstream businesses in the gold processing and retail sectors [6]. - Institutional investors may accelerate their shift to on-exchange trading to benefit from lower tax burdens, while ordinary consumers may become more discerning in their purchasing decisions based on tax advantages [6][7]. Challenges for Small Gold Merchants - Small gold merchants may face structural challenges due to increased cost pressures and compliance requirements, potentially leading to a market consolidation where only those with strong connections to exchange resources survive [7][8]. - The traditional profit models of small merchants may need to evolve, focusing on enhancing product value and brand differentiation rather than relying solely on price adjustments [8].