黄金有关税收政策发布 对个人购金、黄金投资有何影响？

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold transactions, particularly focusing on the exemption of value-added tax (VAT) for standard gold sales under specific conditions, effective from November 1, 2025, to December 31, 2027 [1][2]. Tax Policy Changes - The new policy states that when members or clients sell standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange, they are exempt from VAT if no physical delivery occurs [2][3]. - The key change is the classification of standard gold based on its actual use, leading to different VAT treatments depending on whether the gold is for investment purposes or other uses [3][4]. Implications for Investors - For investment purposes, members purchasing standard gold will be subject to VAT "immediate collection and refund" policies, while direct sales or processing into investment gold products will incur VAT [3][4]. - Non-investment use of standard gold will be exempt from VAT, with ordinary invoices issued instead of VAT special invoices [3][5]. Market Impact - The announcement is seen as a response to the recent high gold prices and increased trading activity, with COMEX gold futures prices remaining above $4,000 per ounce [7][8]. - The policy may reduce the impact of informal gold circulation on prices and encourage institutional participation in the gold market [8]. Consumer Effects - The policy is expected to have minimal impact on individual consumers purchasing gold or gold jewelry, as the retail prices typically include VAT and consumption tax [9][11]. - However, if consumers purchase through dealers rather than directly from member units, they may face increased costs due to the changes in tax treatment [9][10].