《财政部税务总局关于黄金有关税收政策的公告》（以下简称"黄金税收新规"）落地一个月，用金条打 首饰是否要缴税的话题受到关注。 在实际操作中，各地执行存在差异。《中国经营报》记者采访上海某打金店老板，被告知"不用缴税"。 北京市盈科（深圳）律师事务所、深圳市律师协会民事侵权委委员郑晓萍律师指出，个人将银行金条委 托加工为首饰，涉及黄金用途变更，从投资性黄金转为消费性首饰即非投资性黄金，需满足税收合规要 求。依据黄金税收新规，未申报用途变更、未缴纳相关税费的，可能存在税务风险，税务部门可责令补 缴增值税、消费税等税款，并处以滞纳金；情节严重的，可能面临罚款。税务部门的征管资源主要面向 企业经营主体，对于个人将少量金条加工成自用首饰的行为，很难也缺乏效率去要求每个消费者都进行 申报。但消费者个人大量购买银行投资金条、大量委托加工并对外销售，属于变相经营行为，达到刑事 立案标准的，可能涉嫌刑法规定的偷逃税罪或非法经营罪相关罪名。 消费者困惑：有人被告知要缴税，有人只付手工费 个人委托加工需注意合规与税务风险 受访人士指出，将合法购买的金条加工为首饰涉及用途变更，消费者需注意相关风险。 曾刚表示，个人购买金条后委托加工 ...

Core Insights - The new gold tax regulations have led to an increase in gold jewelry prices, causing a significant drop in market activity at Shenzhen's Shui Bei market, which is the largest gold wholesale market in China [1] - Merchants are now quoting two different pricing systems: one before tax and one after tax, reflecting the uncertainty in the market [1] - Upstream suppliers are facing difficulties in selling their products due to soaring prices, while downstream demand remains cautious [1] - Major brands such as Chow Tai Fook and Chao Hong Ji have raised their gold jewelry prices in response to the new regulations [1] - Analysts believe that the industry is still in the process of adapting to the new tax rules, which will require time for adjustment [1]

Core Viewpoint - The company, Zhou Dashing, has highlighted its significant tax cost advantage as a member of the Shanghai Gold Exchange under the new gold tax regulations, which positions it favorably in the market [1] Group 1: Company Advantages - As a member of the Shanghai Gold Exchange, the company benefits from a notable tax cost advantage compared to non-member entities [1] - The long-term outlook suggests that the operating environment will become more regulated, leading to market share consolidation among top companies with qualification, scale, and brand advantages [1] Group 2: Industry Outlook - The evolving industry landscape is expected to favor companies that possess competitive advantages, thereby creating a more favorable business environment for the company's development [1]

Core Points - The new tax policy on gold trading, effective from November 1, aims to reduce taxes for transactions conducted through exchanges while maintaining existing tax rules for non-exchange channels [1][3] - The policy differentiates between the "commodity nature" and "financial nature" of gold, encouraging investment through regulated exchange channels [1][3] Tax Policy Changes - Transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when sold [1] - If gold is not withdrawn from the exchange, it is directly exempt from VAT; if physical gold is withdrawn, investment gold will enjoy a tax refund policy, while consumer gold can deduct VAT at a rate of 6% [1] Impact on Consumers - Personal sales of used gold jewelry are exempt from VAT, allowing individuals to sell items like old gold necklaces without tax implications [2] - The direct impact on retail prices of gold jewelry is minimal, but potential indirect effects may arise if investment demand shifts to exchanges, possibly leading to higher processing costs and retail prices [2] Investment Recommendations - For those looking to invest in gold for inflation hedging or asset preservation, it is advisable to prioritize exchange channels, such as gold futures, which offer convenience and no VAT [2] - Consumers interested in purchasing gold jewelry or bars for personal use can continue to buy from retail outlets without concern [2] Policy Background - The adjustment aims to create a more regulated and fair gold market, addressing previous lax tax management in non-exchange transactions and preventing tax loopholes [3] - The policy supports the gold industry and strengthens Shanghai's position as an international financial center for gold pricing [3]

Core Insights - The introduction of new tax regulations on gold is raising concerns among ordinary consumers and investors regarding its impact on the market [2][3] - The World Gold Council reported a 3% year-on-year increase in global gold demand for the first three quarters of this year, reaching 1,313 tons, with a significant 44% increase in total demand value, hitting a record high of $146 billion [2] - The new tax regulations aim to clarify the distinction between investment gold and non-investment gold, with specific tax exemptions for standard gold traded on exchanges [3] Group 1 - The new tax regulations highlight the difference between investment gold (bars, coins) and non-investment gold (jewelry), with the former exempt from value-added tax when purchased on exchanges [3] - The policy adjustment is seen as a refinement of existing regulations, promoting a clearer and healthier investment environment in the gold market [3] - The regulations are expected to discourage speculative behaviors and improve market order, benefiting long-term industry development [4] Group 2 - The recent fluctuations in gold prices have led to some investors being misled by the notion of "only rising" gold prices, emphasizing the importance of understanding the nature of gold as an investment versus a consumer product [3] - The new regulations serve as a warning to intermediaries in the gold market against misleading practices, such as misrepresenting non-investment gold as investment gold [3] - Maintaining a rational mindset and strategic planning is crucial for investors in navigating the inherent price volatility of gold [4]

Core Viewpoint - The new tax policy for gold in China marks a shift towards refined and categorized management, aiming to close tax arbitrage opportunities and guide gold resources to better serve the real economy [1][2]. Tax Policy Details - The new policy exempts value-added tax (VAT) on "standard gold" traded on the Shanghai Gold Exchange and Shanghai Futures Exchange, with different tax paths based on the purpose of use [2]. - For investment purposes, sellers will receive VAT refunds and be exempt from additional taxes, while buyers must pay VAT when selling or processing investment gold products [2]. - Non-investment purposes will also be exempt from VAT, with specific invoicing requirements for general taxpayers [2]. Regulatory Implications - The new regulations enhance the supervisory functions of the Shanghai Gold Exchange and Shanghai Futures Exchange, increasing penalties for violations to eliminate previous tax arbitrage opportunities [3]. - Members must apply for changes in gold usage within six months of physical delivery, with strict penalties for non-compliance [3]. Market Impact - The new rules are expected to benefit investment-oriented members by providing VAT invoice advantages, potentially leading to a shortage of small-sized investment gold bars [4]. - Traders will need to focus on the real industry chain, moving away from tax arbitrage models [4]. - Gold processing companies will be encouraged to innovate and add value rather than merely transporting raw materials [4]. Price Dynamics - The new policy may lead to a rise in domestic retail gold prices, particularly affecting investment gold bars more than jewelry, providing short-term support for domestic gold prices [5]. - Long-term gold price trends will still be influenced by global macroeconomic fundamentals, with expectations of continued price increases through 2026 driven by investment demand [5].

Core Viewpoint - The recent announcement by the Chinese Ministry of Finance and the State Taxation Administration to cancel the gold purchase tax incentives has led to a decline in gold jewelry stocks and is expected to increase costs for jewelry companies, prompting price adjustments [1] Company Summary - Lao Pu Gold (06181) shares fell by 4.09%, trading at 609.5 HKD - Chow Tai Fook (01929) shares decreased by 3.09%, trading at 13.47 HKD - Chow Sang Sang (00116) shares dropped by 3.06%, trading at 12.68 HKD [1] Industry Summary - The new tax policy will reduce the VAT deduction rate for gold procurement from 13% to 6%, potentially increasing gold procurement costs by up to 7% [1] - Chow Tai Fook indicated that the new tax regulations will add extra costs to gold procurement and production, leading to price adjustments for certain gold products starting November 3 [1] - Citigroup's report suggests that the jewelry industry may raise prices to pass on the increased costs to consumers, with the demand for weight-based gold jewelry being the most affected [1]

Core Viewpoint - The recent announcement by China's Ministry of Finance and State Taxation Administration to cancel the gold purchase tax incentives has led to a decline in gold jewelry stocks, with companies like Lao Pu Gold, Chow Tai Fook, and Chow Sang Sang experiencing significant drops in their stock prices [1]. Group 1: Stock Performance - Lao Pu Gold (06181) fell by 4.09%, trading at 609.5 HKD [1] - Chow Tai Fook (01929) decreased by 3.09%, trading at 13.47 HKD [1] - Chow Sang Sang (00116) declined by 3.06%, trading at 12.68 HKD [1] Group 2: Policy Impact - The new tax policy will eliminate the gold purchase tax incentives from November 1, 2025, to December 31, 2027, increasing procurement costs for gold jewelry companies [1]. - Chow Tai Fook indicated that the new tax policy will add extra costs to gold procurement and production, leading to price adjustments starting November 3 [1]. Group 3: Market Analysis - Citigroup's report states that the new tax regulation will reduce the VAT deduction rate for jewelers from 13% to 6%, potentially increasing gold procurement costs by up to 7% [1]. - Morgan Stanley's analysis suggests that brands are likely to pass on these increased costs to consumers through higher retail prices, with the demand for weight-based gold jewelry being the most affected [1].

Core Viewpoint - The new tax regulations on gold transactions, effective from November, aim to guide funds towards regulated trading channels and promote high-quality development of the gold market [1][3]. Group 1: Tax Policy Impact - The new regulations consist of 13 tax rules focused on investment gold transactions, affecting off-exchange trading and short-term speculation [1]. - The retail gold market has recently experienced fluctuations due to these policy changes [1]. Group 2: Consumer Behavior and Market Dynamics - The new tax policy does not directly impact the purchase of gold jewelry, as it primarily targets investment gold transactions; however, there may be indirect effects on production costs if demand shifts towards exchange-traded gold [2]. - Individuals do not need to worry about taxes when liquidating personal gold, as the new rules apply only to businesses [2]. - For investment purposes, "paper gold" and gold ETFs remain unaffected by the new regulations, making them a more convenient option compared to physical gold [2][3]. Group 3: Recommendations for Gold Purchases - Consumers are advised to purchase standard gold bars from regulated trading entities to ensure better liquidity and compliance with the new tax rules [2][3]. - While purchasing from small gold shops is acceptable for personal use or collection, those looking to invest for appreciation should prefer standard gold bars from reputable sources [2].

Core Viewpoint - The new tax policy on gold, announced by the Ministry of Finance and the State Taxation Administration, aims to refine the existing gold market regulations, particularly regarding the distinction between gold as a commodity and as a financial asset. The policy will exempt value-added tax (VAT) for transactions conducted through designated exchanges, effective from November 1, 2025, to December 31, 2027 [2][10]. Group 1: Tax Policy Changes - The new regulation states that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT for sellers, while non-exchange sales will still incur VAT as per existing regulations [2][10]. - The policy is designed to encourage on-exchange trading and reduce off-exchange transactions, which are subject to higher tax burdens [8][10]. Group 2: Impact on Financial Institutions - Industrial and Commercial Bank of China (ICBC) announced a suspension of certain gold accumulation services starting November 3, 2025, due to macroeconomic policy impacts, although existing plans for current customers remain unaffected [4][5]. - Similarly, China Construction Bank (CCB) will halt various gold-related services, including real-time purchases and physical gold exchanges, while existing investment plans will continue [6]. Group 3: Market Reactions - Following the announcement, there was a surge in demand for physical gold bars, leading to rapid sellouts at various banks [4][6]. - Despite the heightened activity in the physical gold market, the A-share gold sector has experienced a downturn, with significant declines in stock prices for several gold-related companies [6]. Group 4: Expert Insights - Experts suggest that the new tax regulations may lead to a price increase for gold jewelry, while the impact on investment gold remains uncertain [7][10]. - The policy aims to streamline the gold sales chain and reduce the accumulation of physical gold, potentially shifting investor interest towards paper gold and futures trading [10].