黄金税收新政对个人旧金饰无影响，零售金价或现短期波动

Core Viewpoint - The new tax policy on gold transactions, effective from November 1, 2025, aims to categorize gold usage into "investment" and "non-investment" types, providing a structured tax framework for gold trading in China [1][2]. Group 1: Tax Policy Highlights - The new regulation distinguishes between "investment" and "non-investment" uses of gold, with investment uses including the sale and production of high-purity gold bars and coins, while non-investment uses cover jewelry and industrial applications [2][3]. - Investment gold transactions will benefit from a VAT refund policy, while sales of these gold bars will incur full VAT without the ability to issue special invoices for buyers, potentially limiting secondary market transactions [3][4]. - Non-investment gold purchases will have a reduced VAT deduction rate of 6%, compared to the standard 13%, increasing the tax burden on purchasing enterprises [3][4]. Group 2: Market Impact and Trading Dynamics - The new tax policy encourages gold trading to shift towards regulated exchanges, where transactions will be exempt from VAT, contrasting with the higher tax rates applicable to off-exchange transactions [4][5]. - For example, a standard gold transaction worth 1 million yuan would incur a VAT of 130,000 yuan in off-exchange sales for general taxpayers, while exchange transactions would be exempt from VAT, highlighting the tax advantages of exchange trading [5]. - The policy aims to enhance market transparency and reduce risks associated with off-exchange trading, ultimately improving the regulatory framework and international standing of China's gold market [5]. Group 3: Consumer Concerns - Personal sales of used gold jewelry will remain exempt from VAT, alleviating concerns for individual sellers, although frequent and large-scale sales may be classified as business activities subject to taxation [5][6]. - Retail gold prices may experience short-term fluctuations due to the new tax policy, as upstream suppliers may pass on increased costs from reduced VAT deductions to consumers [6].