Zheng Quan Shi Bao·2025-11-03 11:09Core Viewpoint - The recent announcement by Industrial and Commercial Bank of China (ICBC) to suspend certain gold accumulation business has drawn market attention, following new tax regulations on gold transactions issued by the Ministry of Finance and the State Administration of Taxation [1][3]. Group 1: Business Adjustments - ICBC announced the suspension of its "Ruyi Gold Accumulation" business effective November 3, 2025, which includes the cessation of new account openings, active accumulation, new regular accumulation plans, and requests for physical gold withdrawals, while existing plans and redemptions remain unaffected [3]. - China Construction Bank (CCB) also announced similar suspensions for its "Easy Gold" business, effective from the same date, impacting real-time purchases, new investment plans, and physical gold exchanges, but not affecting existing clients [1][3]. Group 2: Regulatory Changes - The new tax policy, effective from November 1, 2025, to December 31, 2027, introduces specific tax rules for gold transactions, including VAT exemptions for certain transactions conducted through designated exchanges [3][4]. - The policy differentiates between transactions that involve physical delivery and those that do not, with varying VAT implications based on the investment nature of the gold [3][4]. Group 3: Market Implications - Analysts suggest that the suspension of certain gold accumulation services by banks is a response to macroeconomic policy changes and increased market risks due to international economic conditions [4]. - The new regulations may slow down the previously booming gold trading market, as evidenced by reports of gold service providers temporarily halting trading activities [6][7]. - Small and medium-sized gold merchants may face structural challenges due to increased costs and compliance pressures stemming from the new tax regulations, which could affect their competitive positioning [7]. Group 4: Consumer Impact - Ordinary consumers may change their purchasing behavior, favoring standardized gold products that benefit from tax exemptions, while weighing factors such as channel, brand, and price when buying jewelry [7]. - The differentiation in gold product attributes may lead to a clearer understanding among consumers regarding investment versus consumption, potentially reshaping market dynamics [7].