事关黄金，两部门发布重要公告

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration introduces a new tax policy for gold transactions, effective from November 1, 2025, which exempts value-added tax (VAT) for certain transactions involving standard gold through designated exchanges [1][4]. Summary by Sections Tax Exemption for Standard Gold Transactions - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when selling standard gold [4][5]. - If there is no physical delivery, the exchanges will also exempt VAT [1][4]. Tax Policies for Different Uses of Gold - For investment purposes, members purchasing standard gold will benefit from immediate VAT refund and exemption from urban maintenance and education fees [4][5]. - Non-investment purchases will also be exempt from VAT, with regular invoices issued [5][6]. Definition of Standard Gold - Standard gold is defined by specific purity and weight standards, including AU99.99, AU99.95, AU99.9, and AU99.5, with weights of 50g, 100g, 1kg, 3kg, and 12.5kg [4][6]. Reporting and Invoice Requirements - Members must report any change in the use of standard gold before the change occurs, with specific procedures for changing from investment to non-investment use and vice versa [8][9]. - Invoices must be issued according to the type of transaction and use, with specific rules for VAT deductions [9][10]. Implementation Timeline - The new tax policy will be in effect from November 1, 2025, until December 31, 2027, with previous regulations being repealed [11].