【新华解读】黄金税收新规落地 市场迎来精准化治理新阶段

Core Viewpoint - The new tax policy for gold in China marks a shift towards refined and categorized management, aiming to close tax arbitrage opportunities and guide gold resources to better serve the real economy [1][2]. Summary by Sections Tax Policy Changes - The announcement specifies that "standard gold" traded on the Shanghai Gold Exchange and Shanghai Futures Exchange is exempt from value-added tax (VAT) for on-exchange transactions. However, upon physical delivery, different tax paths apply based on the purpose of the gold [2]. - For investment purposes, sellers are subject to immediate VAT refund and exemption from additional taxes, while buyers must pay VAT when selling or processing the gold into investment products, but can only issue ordinary invoices [2]. - For non-investment purposes, VAT is exempt, and buyers can calculate input tax based on the ordinary invoice amount and a 6% deduction rate [2]. Regulatory Framework - The new regulations establish a classification management model based on the "purpose" of gold, distinguishing between investment and non-investment uses, which enhances regulatory oversight [2][3]. - The policy increases the compliance burden on members regarding the change of gold use post-delivery, with strict penalties for violations [3]. Market Impact - The new rules are expected to have structural impacts on different market participants, particularly benefiting members dealing in investment gold due to favorable VAT treatment [4]. - The policy may lead to a short-term scarcity of small-sized investment gold bars (50g and 100g) due to increased demand [4]. - Traders are encouraged to focus on the real industry chain rather than tax arbitrage, pushing the industry towards higher value-added services [4]. Price Dynamics - The new policy may lead to a rise in domestic gold retail prices, particularly affecting investment gold bars more than jewelry, providing short-term support for domestic gold prices [5]. - Long-term gold price trends will still be influenced by global macroeconomic fundamentals, with expectations of continued price increases through 2026 driven by investment demand [5].