点评报告：国家黄金税收政策变化解读

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The new gold tax policy aims to address tax regulatory pressures in the current "gold - buying boom" by implementing refined tax management and distinguishing between "investment" and "non - investment" uses of gold, plugging "tax arbitrage" loopholes [4]. - The policy may lead to increased costs for non - exchange physical gold transactions, potentially causing investment demand to shift to virtual trading markets and affecting the scale of the spot market [4]. - Due to the lack of implementation details, market participants are in a wait - and - see state, and short - term trading volume may be affected [4]. - In the long run, global macro - economic, fiscal and monetary policies, and geopolitical events are the core factors affecting gold prices, but the new policy may dampen market enthusiasm in the short term [5]. - The new policy can enhance the international competitiveness of China's gold market and contribute to the internationalization of the RMB [5]. 3. Summary by Related Content Policy Core - For gold transactions on the Shanghai Gold Exchange and Shanghai Futures Exchange, when the seller sells standard gold, VAT is exempted. For physical delivery, different VAT policies apply based on the use of the gold [1]. - For investment - use standard gold purchased by member units, the exchange implements VAT immediate refund, exempts urban maintenance and construction tax and education surcharges, and issues VAT special invoices. The buying member unit pays VAT when reselling and can only issue ordinary invoices [1]. - For non - investment - use standard gold purchased by member units, the exchange exempts VAT and issues ordinary invoices. General VAT - paying member units can calculate input tax at a 6% deduction rate and can issue VAT special invoices when reselling [2]. - For standard gold purchased by customers, the exchange exempts VAT and issues ordinary invoices. General VAT - paying customers can calculate input tax at a 6% deduction rate and can issue VAT special invoices when reselling [2]. Specific Policy Changes - Investment gold is not tax - exempt when sold to individual investors, and downstream cannot obtain special invoices for deduction. Non - investment gold can have 6% of its VAT deducted in the processing link and is sold at a VAT - included price in the retail link [3]. - Member units or customers need to clearly indicate the type of gold use on invoices. If the use of gold changes, member units should report to the exchange within 6 months and can only apply for a change once [3]. Impact on the Market - The policy helps plug tax loopholes, forcing enterprises to choose between "investment gold" and "consumer goods" tracks and refine their financial and tax management [4]. - Non - exchange physical gold transactions may face cost increases, leading to a potential shift of investment demand to virtual trading markets. Non - investment gold products still face at least 7% VAT cost [4]. - Due to the lack of implementation details, short - term trading volume may be affected as market participants are in a wait - and - see state [4]. - The new policy may dampen short - term market enthusiasm during a gold bull market, but in the long run, macro - factors are the core determinants of gold prices [5]. - The policy can enhance the international competitiveness of China's gold market and contribute to RMB internationalization [5].