Core Insights - The recent surge in domestic gold prices in China is attributed to a new tax policy affecting gold transactions, which has led to a significant price increase in the market [1][2] - The new policy, announced by the Ministry of Finance and the State Taxation Administration, reduces taxes on gold transactions conducted through the Shanghai Gold Exchange and the Shanghai Futures Exchange [1][2] - The change in tax policy has resulted in a shift from a 13% VAT deduction to a 6% deduction for ordinary invoices, increasing the tax burden on gold businesses and leading to higher consumer prices [2][3] Tax Policy Changes - The new tax policy exempts VAT on gold sold through designated exchanges, provided there is no physical delivery [1][2] - For physical delivery, the tax treatment varies based on the purpose of the gold, with investment gold benefiting from immediate tax refunds, while consumer gold transactions are subject to ordinary invoices [2] Market Reactions - Following the announcement of the new tax policy, gold prices in major markets, such as Shenzhen, saw a sharp increase, with prices rising from 930 CNY per gram to 991 CNY per gram [1] - Major jewelry brands have also adjusted their prices significantly, with increases ranging from 61 CNY to 63 CNY per gram for various gold products [2] Investment Recommendations - For investors looking to hedge against inflation or preserve wealth, it is advisable to utilize exchange channels like gold futures, which do not incur VAT if physical delivery is avoided [3] - Financial products such as gold ETFs are recommended for their low transaction costs and high liquidity, allowing investors to avoid the complications of physical gold ownership [3] Market Transparency and Regulation - The new regulations aim to clarify the distinction between the financial and commodity aspects of gold, enhancing market transparency and reducing tax arbitrage opportunities [3]
黄金税收新规落地 国内金价突然一夜暴涨
Sou Hu Cai Jing·2025-11-11 03:06