刚刚，财政部、税务总局发布！事关黄金税收！

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, particularly focusing on the exemption of value-added tax (VAT) for certain transactions involving standard gold [1][2]. Tax Policies Summary - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when selling standard gold. If physical delivery occurs, VAT policies will apply as follows: - For investment purposes, VAT will be levied and refunded immediately, along with exemptions from urban maintenance and construction tax and education fees. Invoices will be issued based on the actual transaction price [3]. - For non-investment purposes, VAT will also be exempt, and invoices will be issued accordingly [4]. - Clients purchasing standard gold will also benefit from VAT exemptions, with specific invoicing requirements based on their VAT status [4]. Definitions and Conditions - The term "member unit" refers to entities registered with the Shanghai Gold Exchange, while "clients" are those registered with the exchange. The definition of "standard gold" includes specific purity and weight criteria [6][7]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher, while non-investment purposes refer to all other uses [7]. Tax Calculation and Reporting - The announcement details the calculation methods for VAT based on actual transaction prices and the handling of invoices for changes in the use of standard gold [8][9]. - Members must report any changes in the use of standard gold to the exchange within six months of physical delivery [10]. Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027. Previous tax notifications will be repealed as of the implementation date [12].