Guo Ji Jin Rong Bao·2025-11-05 07:59Core Viewpoint - The implementation of the new gold tax policy in November has led banks to adjust their gold accumulation and redemption services, impacting how these products are offered to consumers [1][4][7]. Group 1: Bank Adjustments - Major banks such as Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) quickly suspended certain gold accumulation services following the new tax policy [1][3]. - ICBC announced the suspension of its "Ruyi Gold Accumulation" service, affecting new account openings and physical gold redemption, although existing plans for current customers remain unaffected [3][7]. - China Merchants Bank (CMB) has also temporarily limited the types of gold products available for redemption, focusing on jewelry and high-cost gold bars [2][4]. Group 2: Tax Policy Changes - The new tax regulations, effective from November 1, differentiate between investment and non-investment gold, with specific tax implications for each category [5][6]. - Standard gold transactions on exchanges are exempt from value-added tax (VAT), while physical gold transactions incur a 13% VAT, which may shift investor preferences towards accumulation products offered by banks [6][7]. - The policy aims to enhance market order and transparency, encouraging investment in standard gold while regulating the consumption of physical gold [6][7]. Group 3: Market Implications - The adjustments in bank services are seen as necessary responses to the increased market volatility and the need for risk management in light of the new tax policy [4][6]. - Experts suggest that banks should communicate changes effectively to minimize potential impacts on investors, as the adjustments may lead to a temporary disruption in service availability [8].