点石成金：黄金税务调整，产业结构重塑

Report Summary 1. Core View - The new gold tax policy will increase the tax costs of the gold industry chain to varying degrees, making the gold market more concentrated, curbing the scale of gray chain business, and cooling down speculative behavior in the physical gold industry chain. It will also maintain the activity of futures, TD, ETF and other transactions, and promote the standardized development of the industry [7][8]. 2. Key Points of the New Tax Policy - Exemption for Certain Transactions: Members or customers selling standard gold through the Shanghai Gold Exchange or Shanghai Futures Exchange are exempt from VAT if no physical delivery occurs. For physical delivery, different VAT policies apply based on investment or non - investment use [3]. - Investment Use by Member Units: For member units' investment use, the exchange implements VAT immediate refund, exempts urban maintenance and construction tax and education surcharge, and issues VAT special invoices. However, when member units sell to downstream, they can only issue ordinary invoices, and the downstream's tax cost increases as the VAT deduction rate drops from 13% to 0% [3][4]. - Non - investment Use by Member Units: For non - investment use by member units, the exchange exempts VAT and issues ordinary invoices. General VAT - paying member units can calculate input tax with a 6% deduction rate. They can issue VAT special invoices when selling processed non - investment gold products [4]. - Customer Transactions: Customers are exempt from VAT when purchasing standard gold from the exchange, and the exchange issues ordinary invoices. General VAT - paying customers can calculate input tax with a 6% deduction rate and can issue VAT special invoices when selling [6]. - Non - exchange Sales: Selling standard gold without going through the exchange should pay VAT according to current regulations [6]. 3. Impact on the Gold Industry - Industry Concentration: The new policy encourages gold investment product trading around exchanges and member units, making the gold market more concentrated and the gold flow more transparent [7]. - Price Impact: The tax cost increase at the raw material end of gold jewelry will be transmitted to downstream, leading to a significant theoretical increase in the purchase price of end - consumers. The purchase price of gold bars is less affected, but the subsequent circulation is restricted, and the sales pressure of non - member units increases sharply [7]. - Investment and Speculation: The policy cools down speculative behavior in the physical gold industry chain, restrains physical liquidity, and maintains the activity of futures, TD, ETF and other transactions. Ordinary people's participation in gold ETF, gold accumulation and other investments through regular channels is not affected and becomes more cost - effective [8]. - Recycling Market: Recycling agencies may lower the recycling price due to increased operating costs [8].