Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines tax policies regarding gold transactions, specifically exempting value-added tax (VAT) for members and clients trading standard gold through designated exchanges [1][2] - The policy includes specific provisions for both investment and non-investment uses of standard gold, detailing the VAT treatment and invoicing requirements for different types of transactions [1][2] Summary by Sections Tax Exemption for Standard Gold Transactions - Members or clients trading standard gold on the Shanghai Gold Exchange and Shanghai Futures Exchange are exempt from VAT when selling standard gold [1] - For physical delivery, VAT policies apply based on the nature of the transaction, with investment purposes receiving immediate VAT refunds and exemptions from additional taxes [1] Investment vs. Non-Investment Use - For standard gold purchased for investment purposes, VAT is refunded immediately, and additional taxes are exempted, with specific invoicing requirements for sales [1] - For non-investment purposes, VAT is also exempt, but different invoicing rules apply, allowing for VAT deductions based on specified rates [2] Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027, with applicability based on the timing of physical delivery [3]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced new tax policies regarding the sale of standard gold, specifying that value-added tax (VAT) must be paid if not sold through designated exchanges [1][2]. Group 1: Tax Policies for Standard Gold - Taxpayers selling standard gold outside the Shanghai Gold Exchange and Shanghai Futures Exchange are required to pay VAT according to existing regulations [1]. - Transactions through the exchanges are exempt from VAT for both selling members and clients, provided there is no physical delivery [1]. - For physical delivery, members purchasing standard gold for investment purposes will benefit from immediate VAT refunds and exemptions from urban maintenance construction tax and education fees [1]. Group 2: Tax Treatment for Non-Investment Purposes - Members purchasing standard gold for non-investment purposes are exempt from VAT and will receive ordinary invoices based on actual transaction prices [2]. - Clients purchasing standard gold are also exempt from VAT and will receive ordinary invoices, with VAT general taxpayers able to calculate input tax based on a 6% deduction rate [2]. - If the purchased standard gold is processed into non-investment products, VAT must be paid, and special VAT invoices can be issued [2].

Core Viewpoint - The announcement from the Chinese Ministry of Finance and the State Taxation Administration introduces new tax policies regarding gold transactions, effective from November 1, 2023, until December 31, 2027, which include exemptions and specific tax treatments for different types of gold transactions [1][2]. Group 1: Tax Exemptions for Standard Gold Transactions - Member units or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when selling standard gold [1]. - For transactions without physical delivery, the exchange will exempt VAT; for transactions with physical delivery, specific VAT policies will apply [1]. Group 2: Investment and Non-Investment Use of Gold - Member units purchasing standard gold for investment purposes will benefit from an immediate VAT refund and will also be exempt from urban maintenance and construction tax, as well as education fees [1]. - If the purchased standard gold is used for non-investment purposes, the exchange will also exempt VAT [2]. Group 3: Tax Obligations for Buyers - Buyers who are general VAT taxpayers will calculate input tax based on the amount indicated on the ordinary invoice and a 6% deduction rate when purchasing standard gold [2]. - Buyers processing standard gold into investment products must pay VAT according to existing regulations, while those producing and selling legally approved gold currency will also be subject to VAT [1]. Group 4: Reporting and Fees - If the actual use of standard gold changes after physical delivery, member units must report this change to the exchange before the change occurs [2]. - Transaction fees, handling fees, and storage fees charged by the exchange will be subject to VAT according to existing regulations [2].

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration on November 1 clarifies tax policies related to gold transactions, aiming to enhance the competitiveness and pricing power of China's gold market [1] Tax Policy Summary - From now until the end of 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling member units or clients [1] - For transactions without physical delivery, the exchanges will exempt VAT; for those with physical delivery, different VAT policies will apply based on the investment or non-investment use of standard gold [1] - The policy adjustment is seen as a refinement of existing regulations, distinguishing between the commodity and financial attributes of gold [1] Industry Impact - The new tax policy is expected to support the international competitiveness and pricing authority of China's gold market, contributing to the development of Shanghai as an international financial center [1] - The policy aims to promote tax fairness, mitigate tax risks, and enhance the precision and standardization of tax regulations [1]

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].

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Core Points - The Ministry of Finance and the State Taxation Administration announced new tax policies regarding gold transactions, effective from November 1, 2025, to December 31, 2027 [9] Tax Policy for Gold Transactions - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when selling standard gold [1] - For physical delivery of gold, VAT policies will apply based on the nature of the transaction, with specific provisions for investment and non-investment purposes [2][3] Definitions and Standards - Standard gold is defined by specific purity levels (AU99.99, AU99.95, AU99.9, AU99.5) and weights (50g, 100g, 1kg, 3kg, 12.5kg) [4] - Investment purposes include direct sales and production of gold products with a purity of 99.5% or higher, while non-investment purposes refer to all other uses [4] VAT Calculation and Invoicing - For investment purposes, VAT will be collected and refunded immediately, while for non-investment purposes, VAT will be exempt [5][6] - The calculation of VAT for transactions involves specific formulas based on actual transaction prices and quantities [5] Reporting and Compliance - Members must report any changes in the use of gold before the change occurs, with a six-month window to apply for changes [6][8] - Failure to report changes or comply with invoicing regulations may result in penalties, including the suspension of VAT invoicing privileges [8] Implementation and Transition - The new policies will replace previous regulations from 2002 and 2008, streamlining the tax framework for gold transactions [9]

Core Viewpoint - The announcement from the Ministry of Finance details tax policies related to gold transactions on the Shanghai Gold Exchange and Shanghai Futures Exchange, emphasizing the exemption of value-added tax (VAT) under specific conditions for both buyers and sellers [1][2]. Tax Policy Details - Members or clients trading standard gold on the exchanges are exempt from VAT when selling standard gold. If there is no physical delivery, VAT is also exempt for buyers. For physical delivery, different VAT policies apply based on the purpose of the gold [2][4]. - For investment purposes, VAT is collected and refunded immediately, and urban maintenance and education fees are exempted. A special VAT invoice is issued based on the actual transaction price [2][4]. - For non-investment purposes, VAT is exempt, and a regular invoice is issued based on the actual transaction price. General VAT taxpayers can calculate input tax based on the amount on the regular invoice and a 6% deduction rate [4][5]. Detailed Tax Calculation - The new regulations provide specific formulas for calculating tax amounts for both exchanges, with a focus on the excess or shortfall amounts and settlement payments [3][5]. - For the Shanghai Gold Exchange, the formulas include: - Unit Price = Actual Transaction Price / (1 + VAT Rate) - Amount = Unit Price × Quantity - Tax Amount = Amount × VAT Rate - Actual Transaction Amount = Transaction Amount + Excess Amount [6][7]. - For the Shanghai Futures Exchange, the formulas are similar, with adjustments for delivery payments and settlement prices based on recent futures contract prices [7].

（原标题：事关黄金税收！财政部、税务总局最新公告） （一）会员单位购入标准黄金用于投资性用途的，交易所实行增值税即征即退，同时免征城市维护建设 税、教育费附加，并按照实际成交价格向买入方会员单位开具增值税专用发票。 （二）会员单位购入用于非投资性用途的标准黄金，交易所免征增值税，并按照实际成交价格向买入方 会员单位开具普通发票。 11月1日，财政部、税务总局发布关于黄金有关税收政策的公告，其中提到，会员单位或客户通过上海 黄金交易所、上海期货交易所（以下称交易所）交易标准黄金，卖出方会员单位或客户销售标准黄金 时，免征增值税。未发生实物交割出库的，交易所免征增值税；发生实物交割出库的，按照以下规定适 用增值税政策： （三）客户购入标准黄金，交易所免征增值税，并按照实际成交价格向买入方客户开具普通发票。 ...

Core Points - The Ministry of Finance and the State Taxation Administration announced a tax policy regarding gold transactions, exempting value-added tax (VAT) for members or clients trading standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange [2] - The exemption applies when the seller is a member unit or client selling standard gold, and it is effective from November 1, 2025, to December 31, 2027, based on the timing of physical delivery [2] Tax Policy Details - Members or clients trading standard gold through the exchanges will be exempt from VAT when selling standard gold [2] - If there is no physical delivery, the exchanges will also exempt VAT; however, if physical delivery occurs, the applicable VAT policy will be enforced [2] - Taxpayers not using the exchanges for selling standard gold must comply with existing VAT regulations [2]