Di Yi Cai Jing·2025-11-04 06:08Core Viewpoint - The recent changes in gold tax policies have led multiple major banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China, to suspend gold accumulation and physical exchange services, with some banks making significant adjustments to their offerings [1][2][3]. Group 1: Bank Responses - ICBC announced the suspension of its gold accumulation services effective November 3, 2025, due to macroeconomic policy impacts, but existing customers' plans remain unaffected [2]. - China Construction Bank also suspended its gold accumulation services, including real-time purchases and physical gold exchanges, while allowing existing plans to continue [2][3]. - Agricultural Bank of China halted its gold accumulation services and physical gold exchanges, citing the new tax policy as the reason for the suspension [3]. Group 2: Adjustments in Gold Products - China Merchants Bank has shifted some of its self-operated gold products to a consignment model and temporarily removed certain products from sale, with the current prices reflecting the new tax-inclusive rates [1][4]. - The availability of physical gold products has decreased, with some banks reporting limited inventory, particularly for investment gold bars [4][5]. Group 3: Tax Policy Implications - The new tax policy, effective from November 1, 2023, clarifies the VAT rules for gold transactions, impacting how banks and their partners handle gold sales and pricing [5][6]. - The policy change means that banks may face increased costs when selling gold bars due to the shift from VAT exemptions to standard VAT rates for certain transactions [6][7]. - The overall impact on banks' gold business is expected to be limited, but adjustments in product offerings and pricing strategies are anticipated as banks adapt to the new regulations [5][7][8].