Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies tax policies related to gold trading, particularly emphasizing the exemption of value-added tax (VAT) for transactions conducted through designated exchanges until the end of 2027, thereby enhancing the attractiveness of exchange-based gold investments [1][2][3]. Tax Policy Implications - The new policy maintains the existing VAT exemption for standard gold transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange, while non-exchange channels like banks and jewelry stores will still incur VAT, which is currently set at 13% [2][3]. - The policy aims to better distinguish between the commodity and financial attributes of gold, reinforcing the tax advantages of exchange transactions [3]. Impact on Individual Investors - The policy, effective from November 1, 2025, allows individual investors to continue enjoying VAT exemptions when trading gold through exchanges, making it a more cost-effective option compared to non-exchange channels where prices include VAT [4][5]. - The tax burden for individual investors will significantly influence their choice of investment channels, with exchange transactions being more favorable for long-term holders seeking transparency in tax liabilities [5]. Effects on Gold Jewelry Consumption - The announcement does not alter the existing tax obligations for gold jewelry purchases, which include both VAT and consumption tax, thus the direct impact on consumer behavior regarding gold jewelry is expected to be minimal [6]. - However, fluctuations in the price of investment gold could indirectly affect the cost of gold jewelry, as reduced supply from non-exchange channels may lead to increased production costs [6]. Market Structure and Price Dynamics - The policy is anticipated to enhance the international competitiveness and pricing authority of China's gold market, potentially leading to a stronger price for exchange-traded gold due to increased investor interest [7][8]. - The tax disparity between exchange and non-exchange transactions is likely to shift more gold supply towards exchanges, improving liquidity in the market while potentially constraining supply from non-exchange sources [8].

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies tax policies related to gold trading, particularly emphasizing the exemption of value-added tax (VAT) for transactions conducted through designated exchanges until the end of 2027, thereby enhancing the attractiveness of exchange-based gold investments [1][2][3]. Tax Policy Summary - The new policy exempts VAT for members or clients selling standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange until December 31, 2027 [1][2]. - Non-exchange channels, such as bank counters and jewelry stores, will still require sellers to pay VAT, which is currently set at 13%, thus increasing the tax burden on buyers in these channels [2][4]. - The policy aims to better distinguish between the commodity and financial attributes of gold, while maintaining existing tax policies for non-exchange gold sales [3]. Impact on Individual Investors - The policy is set to take effect on November 1, 2025, and will continue until December 31, 2027, with the timing of physical delivery determining applicability [4]. - Individual investors will continue to benefit from VAT exemptions when trading through exchanges, while those purchasing gold through non-exchange channels will face higher costs due to included VAT [4][5]. - The tax cost will significantly influence investors' choice of trading channels, with exchange trading being more favorable for long-term investors seeking lower tax burdens [5]. Effect on Gold Jewelry Consumption - The announcement specifies that taxpayers not selling standard gold through exchanges must adhere to existing VAT regulations [6]. - Consumers purchasing gold jewelry typically pay prices that already include VAT and consumption tax, which are 13% and 5% respectively, meaning the new policy will have limited direct impact on jewelry consumption [7]. - However, fluctuations in gold raw material prices due to shifts in investment demand could indirectly affect jewelry prices in the future [7]. Market Structure and Price Implications - The policy is expected to enhance the international competitiveness and pricing authority of China's gold market, supporting the development of Shanghai as an international financial center [8]. - The lower tax burden for exchange transactions is likely to attract more investors, potentially strengthening exchange gold prices while putting pressure on non-exchange gold prices due to reduced demand [9]. - The tax differences may lead to a shift in gold supply towards exchanges, increasing liquidity in these markets while possibly constraining supply in non-exchange channels [9].

Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines new tax policies regarding gold transactions, specifically exempting value-added tax (VAT) for certain transactions involving standard gold [4][8][22] - The policy has generated significant attention among investors, as indicated by its trending status on social media platforms [2] Tax Policy Details - The announcement specifies that when members or clients trade standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange, the seller is exempt from VAT [4][8] - For transactions involving physical delivery of standard gold, different VAT policies apply based on the intended use of the gold: - For investment purposes, VAT is refunded immediately, and additional taxes such as urban maintenance and education fees are exempted [4][8] - For non-investment purposes, VAT is also exempted, but the buyer must issue a regular invoice [5][9] - The definition of "standard gold" includes specific purity levels (AU99.99, AU99.95, AU99.9, AU99.5) and weights (50g, 100g, 1kg, 3kg, 12.5kg) [14][15] Implementation Timeline - The new tax policies will take effect on November 1, 2025, and will remain in force until December 31, 2027 [7][22] Compliance and Reporting - Members must report any changes in the intended use of standard gold within six months of physical delivery, and they are allowed to change the use only once [17][20] - The announcement emphasizes the importance of accurate record-keeping and compliance with tax regulations to avoid penalties [21][45]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China have announced new tax policies regarding gold transactions, which will exempt value-added tax (VAT) for certain transactions involving standard gold, effective from November 1, 2025, to December 31, 2027 [1][25]. Tax Policy Details - Transactions involving standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT when sold by member units or clients [8][11]. - For physical delivery of standard gold, if member units purchase gold for investment purposes, VAT will be refunded immediately, and they will also be exempt from urban maintenance and construction tax, as well as educational fees [8][11]. - If standard gold is purchased for non-investment purposes, VAT will also be exempt, and a regular invoice will be issued [12][13]. Definitions and Conditions - "Standard gold" is defined as gold that meets specific purity and weight standards, including AU99.99, AU99.95, AU99.9, and AU99.5, with weights of 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms [17]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher [17][18]. - Member units must report any change in the use of standard gold before the change occurs, and they can only apply for a change once within six months of physical delivery [20]. Implementation Timeline - The new tax policies will be implemented starting November 1, 2025, and will remain in effect until December 31, 2027 [25].

Core Viewpoint - The new tax policy regarding gold transactions, announced by the Ministry of Finance and the State Taxation Administration, exempts value-added tax (VAT) for members or clients trading standard gold through designated exchanges, significantly impacting dealers and their cost structures [2][3]. Summary by Categories Tax Policy Changes - The announcement specifies that when members or clients sell standard gold, they are exempt from VAT if no physical delivery occurs. If physical delivery does occur, different VAT policies apply based on the intended use of the gold [2]. - For investment purposes, the exchanges will implement a VAT refund policy while exempting urban maintenance and construction tax, with special VAT invoices issued based on actual transaction prices [2][3]. Impact on Dealers - Dealers previously benefited from VAT deductions, which have now been eliminated, leading to increased costs. The previous system allowed for a nearly zero tax burden due to the ability to provide VAT special invoices [2]. - The new policy requires that investment gold must be processed through the exchanges, with full costs subject to a 6% urban maintenance tax [2]. Specific Use Cases - For gold purchased for investment, VAT is collected and refunded, while for non-investment purposes, VAT is exempt, and ordinary invoices are issued [3][4]. - Clients purchasing standard gold will also receive ordinary invoices, and if they process or sell the gold, they must adhere to current VAT regulations [4].

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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 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].

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]