对黄金税收新政策的解读

Group 1 - The new tax policy for gold, effective from November 1, 2025, aims to clarify and update the tax treatment of gold transactions, impacting various segments of the gold industry [3][4]. - The new policy retains the exemption of VAT for the sale of non-standard gold and gold ore by mining and refining companies, similar to previous regulations [6][7]. - For standard gold sold through exchanges, the new policy maintains VAT exemption for transactions without physical delivery and implements a VAT refund policy for those with physical delivery, aligning with previous practices [8][9]. Group 2 - The new policy specifies that standard gold sold outside exchanges will incur VAT, which was not clearly addressed in previous regulations, indicating a shift in tax obligations for such sales [10][11]. - Mining companies like Shandong Gold will see no substantial change in tax burdens for gold sold through exchanges, as the transition from a VAT refund to direct exemption simplifies administrative processes [14][16]. - Refining companies will experience similar tax treatment for their products, maintaining the existing VAT exemption for non-standard gold sales and the VAT refund policy for standard gold sold through exchanges [17][19]. Group 3 - Gold processing companies will face increased procurement costs due to a reduction in the input tax deduction rate from 13% to 6%, which may affect their pricing strategies [20][21]. - The new policy encourages investment in gold by allowing member units to deduct input VAT when purchasing standard gold for investment purposes, potentially increasing the volume of gold held for investment [24].