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 for gold trading in China, effective from November 1, 2025, aims to categorize gold transactions into "investment" and "non-investment" uses, establishing different VAT treatments for each category, thereby enhancing the regulation and transparency of gold trading in the country [3][10]. Tax Policy Highlights - The new regulation distinguishes between "investment" and "non-investment" uses of gold, which is a significant breakthrough in tax classification [3][5]. - Investment use includes direct sales and the production of gold bars, ingots, and legal tender with a purity of 99.5% or higher, while non-investment use covers items like jewelry and industrial gold [5][6]. VAT Treatment - For investment purposes, VAT will be refunded immediately upon physical delivery, and no city maintenance or education fees will be levied, allowing buyers to fully deduct input VAT [7]. - For non-investment purposes, VAT will be exempted, but buyers can only deduct input VAT at a lower rate of 6%, which increases the tax burden on purchasing enterprises [7][11]. Trading Environment - The new policy encourages trading on national platforms like the Shanghai Gold Exchange by providing significant tax advantages for transactions conducted there, as opposed to off-exchange transactions which incur higher VAT rates [9][10]. - Off-exchange transactions will be subject to a 13% VAT for general taxpayers and 3% for small-scale taxpayers, while transactions through the exchange will be exempt from VAT [9][10]. Impact on Retail Market - The new regulations are expected to have minimal impact on individual sales of used gold jewelry, which remain exempt from VAT, but frequent sellers may be classified as business operators and subject to VAT [11]. - Retail gold prices may experience short-term fluctuations due to the new tax policy, as upstream costs may be passed down to consumers, influenced by international gold prices and market dynamics [11][12].