Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced new tax policies related to gold, effective from November 1, 2023, until December 31, 2027, with applicability based on the timing of physical delivery and storage [1] Group 1 - The new tax policies will impact the gold industry significantly, as they are set to be in effect for a substantial period [1] - The implementation date of November 1, 2023, marks a strategic shift in the taxation framework for gold transactions [1] - The policies will remain applicable until the end of 2027, indicating a long-term regulatory environment for stakeholders in the gold market [1]

中国商业经济学会副会长宋向清对《证券日报》记者表示，此次政策对市场结构或也有影响，场内交易 地位可能强化。长期看，这将持续支持我国黄金市场提升国际竞争力和定价话语权。 《公告》明确，纳税人不通过交易所销售标准黄金，应按照现行规定缴纳增值税。 本报记者韩昱 财政部11月1日发布消息称，财政部、国家税务总局日前发布《关于黄金有关税收政策的公告》（以下 简称《公告》）。《公告》自2025年11月1日起实施，执行至2027年12月31日，适用时间以发生实物交 割出库的时间为准。 《公告》明确，在2027年年底前，对会员单位或客户通过上海黄金交易所、上海期货交易所（以下简 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，区别标准黄金的投资性用途和非投资性用途，分别按 规定适用增值税即征即退政策，以及免征增值税、买入方按照6%扣除率计算进项税额政策。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示，相关税收政 策或将吸引投资者向场内集中，尤其是大额资金，提升交易所的流动性与定价影响力。 于晓明认为，对 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, effective from November 1, 2025, to December 31, 2027, which exempts value-added tax (VAT) on standard gold transactions conducted through designated exchanges [1][2]. Group 1: Tax Policy Details - The new policy exempts VAT for member units or clients selling standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange until the end of 2027, provided that physical delivery occurs [1]. - For transactions without physical delivery, VAT is also exempted; however, for those with physical delivery, different VAT policies apply based on the investment nature of the gold [1]. Group 2: Market Impact - The tax policy is expected to attract investors to centralized trading venues, particularly large capital, thereby enhancing liquidity and pricing influence within the exchanges [1]. - The policy may strengthen the position of on-site trading in the market structure, supporting China's gold market in enhancing its international competitiveness and pricing power in the long term [1]. Group 3: Consumer Impact - Tax obligations remain for taxpayers selling standard gold outside the exchanges, adhering to current regulations [2]. - The direct impact of this policy on gold jewelry consumption is anticipated to be limited, as retail prices typically include VAT and consumption tax [2]. - Ordinary investors may prefer to engage in gold investments through bank-represented exchange products, such as accumulative gold and gold ETFs [2].

Core Viewpoint - The new tax policy for gold trading, effective from November 1, 2025, aims to enhance the attractiveness of on-exchange trading, promote the standardization and centralization of gold transactions, and improve market transparency and regulatory efficiency [1][5]. Summary by Sections Tax Policy Adjustments - The announcement specifies that 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 [3]. - For physical delivery, transactions will be categorized into "no physical delivery" and "physical delivery," with different tax treatments applied [3][4]. - Investment-use gold purchases will benefit from VAT refunds and exemptions from urban maintenance and education fees, while non-investment-use purchases will be exempt from VAT but will require different invoicing [3][4]. Market Impact - The new policy is expected to strengthen the appeal of on-exchange trading, guide the rational allocation of gold resources, and potentially shift some off-exchange trading to on-exchange, enhancing market transparency [5][6]. - Gold prices have seen significant increases, with spot gold prices reaching $4,002.69 per ounce, up over 52% year-to-date, indicating a favorable environment for the new tax policy [5]. Stakeholder Effects - The policy will impact four main groups: exchange members, institutional investors, ordinary consumers, and downstream businesses in the gold processing and retail sectors [6]. - Institutional investors may shift towards on-exchange trading to benefit from lower tax burdens, while ordinary consumers may become more discerning about purchasing channels to maximize tax advantages [6][7]. Challenges for Small Gold Merchants - Small gold merchants face structural challenges due to the new policy, including cost pressures and compliance requirements, which may lead some to exit the investment gold market [9]. - The traditional profit models of small merchants will undergo significant changes, necessitating a shift towards enhancing product value and brand differentiation to sustain profitability [9].

Core Viewpoint - The new tax policy for gold trading, effective from November 1, 2025, aims to enhance the attractiveness of on-exchange trading, promote the standardization and centralization of gold transactions, and improve market transparency and regulatory efficiency [1][5]. Summary of Key Adjustments - The announcement specifies that members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) on sales of standard gold [3]. - The policy differentiates between "investment use" and "non-investment use" for physical delivery, with varying tax treatments for each category [3][4]. - For investment use, VAT will be refunded immediately, and other taxes will be exempted, while for non-investment use, VAT will also be exempted but with different invoicing rules [4]. Market Impact - The new policy is expected to strengthen the appeal of on-exchange trading, guide the rational allocation of gold resources, and potentially shift some off-exchange trading to on-exchange, benefiting the long-term health of the gold market [5][6]. - The policy may lead to a clearer distinction in consumer behavior regarding investment and consumption gold products, with consumers likely favoring standardized products from exchanges due to cost advantages [6][8]. Affected Groups - The new tax policy will impact four main groups: members of the exchanges, institutional investors, ordinary consumers purchasing physical gold, and downstream businesses in the gold processing and retail sectors [6]. - Institutional investors may accelerate their shift to on-exchange trading to benefit from lower tax burdens, while ordinary consumers may become more discerning in their purchasing decisions based on tax advantages [6][7]. Challenges for Small Gold Merchants - Small gold merchants may face structural challenges due to increased cost pressures and compliance requirements, potentially leading to a market consolidation where only those with strong connections to exchange resources survive [7][8]. - The traditional profit models of small merchants may need to evolve, focusing on enhancing product value and brand differentiation rather than relying solely on price adjustments [8].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China have announced a new tax policy regarding gold transactions, which aims to enhance the competitiveness and pricing power of China's gold market while ensuring tax fairness and risk prevention [1]. Tax Policy Details - From now until the end of 2027, value-added tax (VAT) will be exempted for members or clients selling standard gold through the Shanghai Gold Exchange and the Shanghai Futures Exchange [1]. - For transactions that do not involve physical delivery, the exchanges will exempt VAT; for those that do, the VAT treatment will depend on whether the gold is for investment or non-investment purposes, applying different VAT policies accordingly [1]. Market Impact - The policy is seen as an improvement to existing regulations, allowing for a clearer distinction between the commodity and financial attributes of gold [1]. - Experts believe that this adjustment will support the development of China's gold market, enhancing its international competitiveness and contributing to the construction of Shanghai as an international financial center [1].

Core Viewpoint - The recent adjustments in tax rates for gold and diamonds are expected to directly impact the pricing strategies of leading jewelry brands, particularly those promoting diamond-studded gold products. The announcement of these tax changes has created a sense of urgency and uncertainty in the market, especially with the sudden implementation of the gold tax policy on November 1, 2023 [3][7]. Tax Policy Changes - The announcement from the Ministry of Finance and the State Administration of Taxation regarding gold tax policies was released on October 29, 2023, and is effective from November 1, 2023, until December 31, 2027. This announcement also repeals previous tax regulations from 2002 and 2008 [3][7]. - The new tax policy categorizes gold usage into investment and non-investment types, with more significant tax adjustments for non-investment purposes. Non-investment gold transactions will be exempt from VAT and can issue ordinary invoices, allowing buyers to deduct 6% of the invoice amount as input tax [7][15]. Market Reactions - Initial observations from jewelry stores in South China on the day of the new tax policy's implementation indicated that the price adjustments had not yet been reflected in the products available for sale [8][10]. - Leading jewelry brands, such as Chow Tai Fook and Lao Pu Gold, have been pushing fixed-price gold products, which are not directly tied to fluctuating gold prices. These products have shown strong revenue-generating capabilities, as evidenced by Chow Tai Fook's recent financial performance [8][10]. Industry Impact - The new tax policy is expected to have a cascading effect on the entire gold industry supply chain, particularly affecting wholesalers and retail stores. The increase in tax burden on raw materials will likely compel retailers to raise prices [10][12]. - The potential rise of gold processing shops is anticipated, as consumers may seek to purchase investment-grade gold directly from banks and then process it independently, circumventing the new tax implications [12][15]. Consumer Behavior - Despite the uncertainty surrounding price adjustments due to the new tax policies, consumer interest in gold-studded products remains high, with significant foot traffic observed in stores on the policy's implementation day [10][12].

Core Viewpoint - The new tax policy for gold transactions aims to enhance the competitiveness and pricing power of China's gold market, particularly through adjustments to the value-added tax (VAT) for standard gold traded on designated exchanges [2][4]. Group 1: Tax Policy Changes - The announcement states that from now until the end of 2027, transactions involving standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT for sellers [2]. - For transactions that do not involve physical delivery, the exchanges will exempt VAT; for those that do, the policy differentiates between investment and non-investment uses of standard gold, applying VAT policies accordingly [2]. - The policy is seen as an improvement over existing regulations, allowing for better differentiation between gold as a commodity and as a financial asset [2]. Group 2: Impact on Gold Market - Experts believe that the new policy will support the international competitiveness of China's gold market and contribute to the construction of Shanghai as an international financial center [2]. - The policy is expected to enhance the precision and standardization of tax regulations, which may help mitigate tax risks [2]. Group 3: Consumer Impact - The new tax regulations are not expected to have a significant direct impact on the consumption of gold jewelry, as the tax structure for retail purchases remains unchanged [4]. - Consumers typically pay VAT and consumption tax included in the retail price of gold jewelry, which means they do not perceive the tax burden separately [4]. - However, fluctuations in the prices of investment gold could indirectly affect the costs of gold jewelry production, potentially leading to changes in retail prices [4].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which aims to enhance the competitiveness and pricing power of China's gold market while ensuring tax fairness and reducing risks [1] Tax Policy Summary - From now until the end of 2027, transactions involving standard gold through the Shanghai Gold Exchange and the 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, the VAT policy will differentiate between investment and non-investment uses of standard gold, applying a VAT refund policy and a 6% input tax deduction for buyers [1] Industry Impact - The new policy is seen as an improvement to existing regulations, allowing for better differentiation between the commodity and financial attributes of gold [1] - Experts believe that this policy will support the development of China's gold market, enhancing its international competitiveness and contributing to the construction of Shanghai as an international financial center [1]

以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 记者 | 石雨昕 编辑 | 何小 桃 陈俊杰 易启江 11月1日， 财政部 、 国家税务总局 发布《关于黄金有关税收政策的公告》（以下简称公告），明 确黄金有关税收政策。 根据公告，在2027年底前，对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。 与此前相比，新政实施会对黄金投资税负产生哪些影响？不同交易渠道的税收差异有多大？普通人 交易黄金饰品这类 "实物黄金" 会不会受到影响？ 北京德和衡律师事务所高级联席合伙人，中国法学会律师法学研究会理事武嘉接受《每日经济新 闻》记者微信采访时表示，该公告延续了我国对黄金交易所场内交易的税收优惠，而通过非交易所 渠道如银行柜台、金店等购买投资性金条和黄金制品的卖方仍需缴纳增值税，进一步明确了交易所 交易在税收上的优势。 01 延续了我国对黄金交易所，场内交易的税收优惠 根据公告，在2027年底前，对会员单位或客户通过上海黄金交易 ...