Core Viewpoint - The announcement outlines new tax policies regarding the trading of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange, effective from November 1, 2025, to December 31, 2027, which includes exemptions and specific tax treatments for different types of transactions [13]. Tax Policy for Standard Gold Transactions - Members or clients trading standard gold through the exchanges will be exempt from value-added tax (VAT) when selling standard gold, with specific conditions for physical delivery and investment purposes [1][2]. - For members purchasing standard gold for investment purposes, VAT will be collected and refunded immediately, along with exemptions from urban maintenance and education fees [1]. - Non-investment purchases by members will also be exempt from VAT, with ordinary invoices issued [2]. Definitions and Conditions - "Standard gold" is defined as gold that meets 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 [6]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher, while non-investment purposes refer to all other uses [6]. Reporting and Compliance - Members must report any changes in the use of standard gold after physical delivery, with specific procedures for changing from investment to non-investment purposes and vice versa [9][10]. - Failure to report changes or comply with invoicing regulations may result in penalties, including the suspension of VAT refund privileges [12]. Implementation Timeline - The new tax policies will be effective from November 1, 2025, and will replace previous regulations established in 2002 and 2008 [13].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced tax policies regarding gold transactions, specifically exempting value-added tax (VAT) for certain transactions involving standard gold [1][2]. Group 1: Tax Policies for Member Units - Member units or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange are exempt from VAT when selling standard gold [1]. - For member units purchasing standard gold for investment purposes, VAT will be refunded immediately, and they are also exempt from urban maintenance and construction tax, as well as education fees [1]. - If member units sell or process standard gold into investment gold products (excluding legally issued gold currency), they must pay VAT according to current regulations and issue ordinary invoices [1]. Group 2: Tax Policies for Non-Investment Purposes - Member units purchasing standard gold for non-investment purposes are exempt from VAT and must issue ordinary invoices based on the actual transaction price [2]. - If the buyer is a general VAT taxpayer, they can calculate input tax based on the amount stated on the ordinary invoice and a 6% deduction rate [2]. - Clients purchasing standard gold are also exempt from VAT and must receive ordinary invoices based on the actual transaction price [2].

Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, effective from November 1, 2025, to December 31, 2027 [10] 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 as follows: - If members purchase standard gold for investment purposes, VAT will be levied and refunded immediately, and they will be exempt from urban maintenance and construction tax and education fees [1] - If members purchase standard gold for non-investment purposes, VAT will be exempt, and they will issue ordinary invoices [2] - Clients purchasing standard gold will also be exempt from VAT and will receive ordinary invoices [2] Definitions and Conditions - The term "standard gold" refers to gold that meets 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 [4] - Investment purposes include direct sales and processing into gold products with a purity of 99.5% or higher [4] Invoice and Tax Calculation - The calculation of VAT for members purchasing standard gold for investment purposes involves specific formulas for determining unit price, amount, and tax amount based on actual transaction prices [5] - If the purpose of the gold changes after physical delivery, members must report this change to the exchange within six months [6] Compliance and Penalties - Members failing to report changes in gold usage or not issuing invoices as required may face penalties, including a shift from immediate VAT refund to VAT exemption [8][9] - Serious tax violations related to gold transactions may result in the inability to issue VAT invoices [9] Implementation Timeline - The new tax policies will be effective from November 1, 2025, and will replace previous regulations from 2002 and 2008 [10]

Core Viewpoint - The announcement outlines new tax policies regarding the trading of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange, including exemptions and specific tax treatments for different types of transactions and purposes [2][8]. Tax Exemption for Standard Gold Transactions - Members or clients trading standard gold through the exchanges are exempt from value-added tax (VAT) when selling standard gold, with specific conditions for physical delivery and investment purposes [2][3]. - For investment purposes, VAT is collected and refunded immediately, while city maintenance and education fees are also exempted [2][3]. Tax Treatment for Non-Investment Purposes - When standard gold is purchased for non-investment purposes, VAT is exempted, and a regular invoice is issued [3]. - Clients purchasing standard gold are also exempt from VAT, with specific invoicing requirements based on their VAT status [3]. Definition of Standard Gold - 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]. Reporting and Changing Use of Gold - 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 purposes and vice versa [5][6]. - The announcement specifies the process for issuing invoices and handling VAT adjustments based on the change in use [5][6]. Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027, with previous regulations being repealed [8].

Core Viewpoint - The article discusses the new tax policies regarding gold transactions as announced by the Ministry of Finance and the State Taxation Administration, highlighting the exemption of value-added tax (VAT) for certain transactions involving standard gold [1][2]. Tax Policies Summary - When member units or clients trade standard gold through the Shanghai Gold Exchange or Shanghai Futures Exchange, the seller is exempt from VAT if there is no physical delivery [1]. - For physical delivery transactions, member units purchasing standard gold for investment purposes will receive an immediate VAT refund and be exempt from urban maintenance and education fees, while issuing a special VAT invoice based on the actual transaction price [1][2]. - If the purchased standard gold is sold or processed into investment gold products (excluding legally issued gold currency), the buyer must pay VAT according to existing regulations and issue a regular invoice [1][2]. - For standard gold purchased for non-investment purposes, the transaction is also exempt from VAT, and a regular invoice is issued based on the actual transaction price [3][4]. - Buyers who are general VAT taxpayers can calculate input tax based on the amount stated on the regular invoice and a 6% deduction rate [4]. - Customers purchasing standard gold will similarly benefit from VAT exemption and will receive a regular invoice, with the same input tax calculation applicable for general VAT taxpayers [4].

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 [13] - The announcement includes exemptions from value-added tax (VAT) for transactions involving standard gold through designated exchanges [1][2] Tax Policy Summary - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when selling standard gold [1] - For investment purposes, members purchasing standard gold will benefit from immediate VAT refunds and exemptions from urban maintenance and education fees [1] - Non-investment purchases of standard gold will also be exempt from VAT, with ordinary invoices issued to buyers [2] - Tax obligations apply if standard gold is sold outside the exchanges [3] Definitions and Conditions - "Members" refers to entities registered with the Shanghai Gold Exchange, while "clients" are those registered with the exchange for trading [4][5] - "Standard gold" is defined by specific purity and weight standards, including AU99.99, AU99.95, AU99.9, AU99.5, and weights ranging from 50 grams to 12.5 kilograms [6] - "Investment purposes" include direct sales and production of gold products with a purity of 99.5% or higher [6] Invoice and Tax Calculation - For transactions involving physical delivery of standard gold, specific calculations for VAT invoices are outlined, including methods for determining unit price, amount, and tax [8] - Changes in the use of standard gold after physical delivery must be reported to the exchange within six months [9][10] Compliance and Penalties - Failure to report changes in the use of standard gold may result in penalties, including the suspension of VAT invoice issuance [12] - The announcement also addresses potential tax fraud related to gold transactions [12] Implementation Timeline - The new tax policies will be in effect from November 1, 2025, and will replace previous regulations [13]

以下为政策原文 现将黄金有关税收政策公告如下： 一、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： （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。买入方会员单位将标准 黄金直接销售或者加工成投资性用途黄金产品（经中国人民银行批准发行的法定金质货币除外）并销售 的，应按照现行规定缴纳增值税，并向购买方开具普通发票，不得开具增值税专用发票。 经中国人民银行批准生产发行法定金质货币的会员单位，从交易所购入标准黄金，生产销售法定金质货 币的（适用免征增值税政策的熊猫普制金币除外），按照现行规定缴纳增值税，可以向购买方开具增值 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。买入方会员单位为增值税一般纳税人的，以普通发票上注明的金额和6%的扣 除率计算进项税 ...

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, particularly focusing on the exemption of value-added tax (VAT) for certain transactions involving standard gold [1][2]. Tax Policies Summary - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when selling standard gold. If physical delivery occurs, VAT policies will apply as follows: - For investment purposes, VAT will be levied and refunded immediately, along with exemptions from urban maintenance and construction tax and education fees. Invoices will be issued based on the actual transaction price [3]. - For non-investment purposes, VAT will also be exempt, and invoices will be issued accordingly [4]. - Clients purchasing standard gold will also benefit from VAT exemptions, with specific invoicing requirements based on their VAT status [4]. Definitions and Conditions - The term "member unit" refers to entities registered with the Shanghai Gold Exchange, while "clients" are those registered with the exchange. The definition of "standard gold" includes specific purity and weight criteria [6][7]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher, while non-investment purposes refer to all other uses [7]. Tax Calculation and Reporting - The announcement details the calculation methods for VAT based on actual transaction prices and the handling of invoices for changes in the use of standard gold [8][9]. - Members must report any changes in the use of standard gold to the exchange within six months of physical delivery [10]. Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027. Previous tax notifications will be repealed as of the implementation date [12].

Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, effective from November 1, 2025, to December 31, 2027 [1][9][10] 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][2] - For physical delivery of gold, VAT policies will apply as follows: - If members purchase standard gold for investment purposes, VAT will be refunded immediately, and they will be exempt from urban maintenance and construction tax and education fees [1][2] - If members purchase standard gold for non-investment purposes, VAT will also be exempt, and they will issue ordinary invoices [2][3] Definitions and Conditions - 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 [4] - Investment purposes include direct sales and processing into gold products with a purity of 99.5% or higher [4] Invoicing and Tax Calculation - The calculation of VAT for members purchasing standard gold for investment purposes involves specific formulas for determining unit price, amount, and tax based on actual transaction prices [5][6] - 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 [6][7] Compliance and Penalties - Members failing to report changes in gold usage or engaging in tax fraud will face penalties, including the suspension of VAT special invoices and the application of VAT exemption policies [8][9] - The management of VAT collection for gold transactions will be established separately by the State Taxation Administration [9] Implementation Timeline - The new tax policies will be effective from November 1, 2025, and will replace previous regulations from 2002 and 2008 [9][10]

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].