财政部、税务总局发布关于黄金有关税收政策的公告

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding the trading of standard gold, including exemptions and specific tax treatments for different types of transactions and purposes [1][12]. Tax Policy for Standard Gold Transactions - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange are exempt from value-added tax (VAT) when selling standard gold [1]. - For investment purposes, VAT is collected and refunded immediately, and urban maintenance and construction tax, as well as educational fees, are exempted [1]. - If standard gold is purchased for non-investment purposes, VAT is also exempt, and a regular invoice is issued [2]. Definitions and Scope - "Members" refer to entities registered with the Shanghai Gold Exchange, while "clients" are those registered with the exchange [4]. - "Standard gold" is defined by specific purity and weight standards, including AU99.99, AU99.95, AU99.9, AU99.5, and weights of 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms [5]. Tax Calculation Methodology - The calculation of VAT for members purchasing standard gold for investment purposes involves determining the unit price, amount, and tax based on actual transaction prices and quantities [6][7]. - The actual transaction price is defined as the total transaction amount divided by the total quantity of standard gold, adjusted for any weight discrepancies [7]. Reporting and Compliance - Members must report any changes in the use of standard gold before the change occurs, with specific procedures for changing from investment to non-investment purposes and vice versa [8]. - Failure to report changes or comply with invoicing regulations may result in penalties, including the suspension of VAT invoicing privileges [11]. Implementation Timeline - The new tax policies will take effect on November 1, 2025, and will remain in force until December 31, 2027 [12].