Core Points - The Ministry of Finance and the State Taxation Administration have announced tax policies related to gold transactions, specifically exempting value-added tax (VAT) for members and clients trading standard gold through designated exchanges [1][2] Group 1: Tax Policies for Standard Gold Transactions - Members or clients selling standard gold are exempt from VAT when trading through the Shanghai Gold Exchange and Shanghai Futures Exchange [1] - For physical delivery of standard gold, VAT policies apply as follows: - If members purchase standard gold for investment purposes, VAT is refunded immediately, and they are exempt from urban maintenance and construction tax, as well as education fees [1] - Members must issue a VAT special invoice based on the actual transaction price when selling or processing standard gold into investment products [1] - If members purchase standard gold for non-investment purposes, VAT is also exempt, and they must issue a regular invoice based on the actual transaction price [2] Group 2: Tax Treatment for Clients - Clients purchasing standard gold are exempt from VAT and must receive a regular invoice based on the actual transaction price [2] - Clients classified as general VAT taxpayers can calculate input tax based on the amount indicated on the regular invoice and a 6% deduction rate [2] - When clients sell or process standard gold into non-investment products, they are required to pay VAT according to existing regulations and can issue a VAT special invoice [2]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced new tax policies regarding gold, specifying that taxpayers who do not sell standard gold through exchanges must pay value-added tax (VAT) according to existing regulations [1] Group 1: Tax Policies - Taxpayers not selling standard gold through exchanges are required to pay VAT as per current regulations [1] - Member units purchasing standard gold from exchanges for investment purposes and engaging in physical delivery must determine the unit price, amount, and tax amount of the VAT special invoice according to specified regulations [1]