两部门明确黄金有关税收政策 影响几何？

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, effective from November 1, 2025, to December 31, 2027, which exempts value-added tax (VAT) on standard gold transactions conducted through designated exchanges [1][2]. Group 1: Tax Policy Details - The new policy exempts VAT for member units or clients selling standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange until the end of 2027, provided that physical delivery occurs [1]. - For transactions without physical delivery, VAT is also exempted; however, for those with physical delivery, different VAT policies apply based on the investment nature of the gold [1]. Group 2: Market Impact - The tax policy is expected to attract investors to centralized trading venues, particularly large capital, thereby enhancing liquidity and pricing influence within the exchanges [1]. - The policy may strengthen the position of on-site trading in the market structure, supporting China's gold market in enhancing its international competitiveness and pricing power in the long term [1]. Group 3: Consumer Impact - Tax obligations remain for taxpayers selling standard gold outside the exchanges, adhering to current regulations [2]. - The direct impact of this policy on gold jewelry consumption is anticipated to be limited, as retail prices typically include VAT and consumption tax [2]. - Ordinary investors may prefer to engage in gold investments through bank-represented exchange products, such as accumulative gold and gold ETFs [2].