Group 1 - The new tax policy in China's gold industry, effective from November 1, 2025, is considered the most significant reform in 20 years, leading to immediate price increases in physical gold and significant stock price fluctuations among gold jewelry companies [1] - The reform targets two main issues: the long-standing problem of fraudulent invoicing in the gold sector and the overheated demand for physical gold investments [3] - The previous tax system lacked clear distinctions between investment and consumption of gold, allowing some companies to exploit loopholes, which has now been addressed by the new "dual-track" tax system [4] Group 2 - The new tax rules stipulate that investment gold (gold bars with purity ≥ 99.5%) can only issue regular invoices, preventing downstream companies from deducting input tax, thereby curbing arbitrage in investment gold [4] - Non-investment gold (such as gold jewelry and industrial gold) can still issue special invoices, but the input tax deduction rate has dropped from 13% to 6%, increasing the tax burden on companies by approximately 7% [4] - The reform is expected to shift the gold market from extensive development to regulated operations, encouraging companies to focus on product innovation and service upgrades rather than price competition [4]
黄金税改风暴来袭！实物金价暴涨、金条下架，珠宝股跳水背后真相揭秘
Sou Hu Cai Jing·2025-12-28 07:51