黄金税收新规落地，有银行实物金条卖断货，金店店员称暂未受影响

Core Viewpoint - The new tax policy on gold, announced by the Ministry of Finance and the State Taxation Administration, aims to refine the existing gold market regulations, particularly regarding the distinction between gold as a commodity and as a financial asset. The policy will exempt value-added tax (VAT) for transactions conducted through designated exchanges, effective from November 1, 2025, to December 31, 2027 [2][10]. Group 1: Tax Policy Changes - The new regulation states that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT for sellers, while non-exchange sales will still incur VAT as per existing regulations [2][10]. - The policy is designed to encourage on-exchange trading and reduce off-exchange transactions, which are subject to higher tax burdens [8][10]. Group 2: Impact on Financial Institutions - Industrial and Commercial Bank of China (ICBC) announced a suspension of certain gold accumulation services starting November 3, 2025, due to macroeconomic policy impacts, although existing plans for current customers remain unaffected [4][5]. - Similarly, China Construction Bank (CCB) will halt various gold-related services, including real-time purchases and physical gold exchanges, while existing investment plans will continue [6]. Group 3: Market Reactions - Following the announcement, there was a surge in demand for physical gold bars, leading to rapid sellouts at various banks [4][6]. - Despite the heightened activity in the physical gold market, the A-share gold sector has experienced a downturn, with significant declines in stock prices for several gold-related companies [6]. Group 4: Expert Insights - Experts suggest that the new tax regulations may lead to a price increase for gold jewelry, while the impact on investment gold remains uncertain [7][10]. - The policy aims to streamline the gold sales chain and reduce the accumulation of physical gold, potentially shifting investor interest towards paper gold and futures trading [10].