券商中国·2025-11-03 10:34Core Viewpoint - The recent announcement by Industrial and Commercial Bank of China (ICBC) to suspend certain gold accumulation business has drawn market attention, following new tax regulations on gold transactions issued by the Ministry of Finance and the State Administration of Taxation [1][3]. Group 1: Business Adjustments - ICBC announced the suspension of its "Ruyi Gold Accumulation" business effective November 3, 2025, which includes the cessation of new account openings, active accumulation, new regular accumulation plans, and physical gold withdrawal applications, while existing customers' plans remain unaffected [3]. - China Construction Bank (CCB) also announced similar suspensions for its "Easy Storage Gold" business, effective from the same date, impacting real-time purchases, new investment plans, and physical gold exchanges, but not affecting existing customers [1][3]. Group 2: Regulatory Changes - The new tax policy, effective from November 1, 2025, to December 31, 2027, introduces specific tax rules for gold transactions, including VAT exemptions for certain trading activities and differentiating between investment and non-investment uses of gold [3][4]. - The policy aims to manage the VAT treatment of gold transactions, particularly focusing on the physical delivery aspect and the tax implications for different types of gold usage [3][4]. Group 3: Market Implications - Analysts suggest that the suspension of gold accumulation services by banks is a response to macroeconomic policy changes and increased market risks due to international economic conditions, which may help investors manage their positions more prudently [4]. - The new regulations may slow down the previously booming gold trading market, with some gold service providers temporarily halting buying and selling activities until further clarity on the policy is provided [6][7]. - The changes may pose structural challenges for small gold merchants, including cost pressures and compliance requirements, while potentially shifting consumer preferences towards standardized products that benefit from tax exemptions [6][7].