Core Viewpoint - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding tax policies on gold is expected to impact personal gold investment channels and the consumption of gold jewelry, effective from November 1, 2025, to December 31, 2027 [1] Group 1: Tax Policy Details - The policy exempts value-added tax (VAT) for members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange when selling standard gold [1] - For transactions without physical delivery, the exchange will exempt VAT; for those with physical delivery, the policy distinguishes between investment and non-investment uses of standard gold, applying different VAT regulations accordingly [1] - Industry experts view the policy as an improvement to existing gold market regulations, allowing for a clearer distinction between the commodity and financial attributes of gold [1] Group 2: Impact on Consumers and Market Dynamics - Interviews with merchants in the Shenzhen Shui Bei gold jewelry market indicate that the new policy has no immediate impact on personal consumers purchasing gold jewelry, although there is a desire for clearer implementation guidelines [1] - The investment gold bar market is experiencing supply shortages and price increases on major online shopping platforms, suggesting a shift in market dynamics [1] - The policy is expected to drive investors towards exchange channels for gold investment due to the tax advantages, potentially increasing the cost of non-exchange gold raw materials and indirectly affecting the retail price of gold jewelry [2] Group 3: Market Outlook - Recent fluctuations in international gold prices have been noted, with most market institutions predicting that gold prices will likely remain high in the short term [2] - Investors are advised to approach current market conditions with rationality when considering gold investments [2]
黄金税收新规发布 饰品消费直接影响较小
Zheng Quan Shi Bao·2025-11-02 18:12