黄金交易税收新规落地，买黄金饰品更贵了吗？业内人士分析→

Core Viewpoint - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding tax policies on gold trading aims to enhance the existing gold market policies, distinguishing between the commodity and financial attributes of gold [1] Summary by Relevant Sections Tax Policy Changes - From now until December 31, 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling members or clients [1] - For physical delivery of gold, the tax treatment will differentiate between investment and non-investment uses, applying relevant policies accordingly [1] Impact on Market Participants - The new policy is expected to have three main effects: 1. Non-investment gold jewelry enterprises will face increased costs due to a reduction in input tax deductions from 13% to 6% [1] 2. Investment gold sales will benefit member units selling gold coins [1] 3. The price of gold jewelry for end consumers is likely to rise, depending on how much of the cost increase is passed on by jewelry companies [1] Investor Behavior - Investors purchasing investment gold bars from non-exchange channels will still be subject to the current 13% VAT, making exchange channels more attractive due to tax benefits [2] - The new policy may accelerate the concentration of investors towards exchange channels, especially for large investments, with ordinary investors likely preferring bank-represented exchange products like gold ETFs for convenience and tax efficiency [2] Consumer Impact - The tax burden for consumers purchasing gold jewelry remains unchanged, as the tax policies for non-exchange gold sales have not changed [2] - The price of gold jewelry will still be influenced by gold market price fluctuations, despite the tax structure remaining stable [2][3] Recommendations for Investors - From an investment perspective, products like paper gold and gold ETFs are recommended due to their structural tax advantages [3] - Consumers are advised to focus on brand-compliant merchants for gold purchases and to be cautious of market price fluctuations when buying gold jewelry [3]