Core Viewpoint - The announcement outlines new tax policies regarding gold transactions, specifically focusing on the exemption of value-added tax (VAT) for standard gold traded through designated exchanges, and the conditions under which these exemptions apply [2][3][4]. Tax Policies for Gold Transactions - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange are exempt from VAT when selling standard gold [2]. - For investment purposes, VAT will be refunded immediately upon purchase, and additional taxes such as urban maintenance and education fees will be exempted [2][3]. - If standard gold is purchased for non-investment purposes, VAT is also exempt, and a regular invoice will be issued [3][4]. Definitions and Standards - 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]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher [4][5]. Invoice and Tax Calculation - The calculation of VAT for transactions involving physical delivery of gold is specified, detailing how to determine unit price, total amount, and tax amount based on actual transaction prices [5][6]. - Members must report any changes in the use of gold purchased for investment purposes to the exchange within six months [6][7]. Compliance and Record-Keeping - Members are required to maintain accurate records of gold purchases, including sales contracts and transaction details, for tax verification purposes [17][18]. - The announcement emphasizes the importance of proper invoicing and compliance with tax regulations to avoid penalties [7][9]. Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027 [8][12].

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 announcement from the Ministry of Finance and the State Taxation Administration regarding tax policies related to gold trading aims to exempt value-added tax (VAT) for transactions involving standard gold through designated exchanges, effective from November 1, 2025, until December 31, 2027 [5][19]. Tax Policy Summary - 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 [5][9]. - For transactions that do not involve physical delivery, VAT will not be levied; however, for those that do, specific VAT policies will apply [5][9]. - Member units purchasing standard gold for investment purposes will benefit from immediate VAT refunds and exemptions from urban maintenance and construction tax, as well as education fees [6][10]. - If standard gold is purchased for non-investment purposes, VAT will also be exempt, and ordinary invoices will be issued [6][11]. 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 [7][13]. - Investment purposes include direct sales and the production of gold products with a purity of 99.5% or higher [7][13]. - Physical delivery refers to the act of withdrawing gold from designated warehouses after transactions have been completed [7][13]. Reporting and Compliance - Member units must report any changes in the use of standard gold before the change occurs and can only apply for a change in use once within six months of physical delivery [7][15]. - The announcement will replace previous tax policies related to gold trading, which will be invalidated starting November 1, 2025 [19][27]. Implementation and Management - The tax management measures for gold trading will be further clarified by the State Taxation Administration [21][28]. - Member units and clients are required to maintain accurate records of their gold transactions and ensure compliance with the new tax regulations [36][37].

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].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced new tax policies regarding gold transactions, effective from November 1, 2025, until December 31, 2027 [1] Group 1: Tax Exemption Policies - 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 transactions without physical delivery, the exchange will exempt VAT; for transactions with physical delivery, VAT policies will apply as specified [3] - Members purchasing standard gold for investment purposes will benefit from immediate VAT refunds and exemptions from urban maintenance construction tax and education fees [3] Group 2: Taxation on Non-Investment Use - Members purchasing standard gold for non-investment purposes will also be exempt from VAT, with ordinary invoices issued based on actual transaction prices [4] - Clients purchasing standard gold will receive VAT exemptions, and ordinary invoices will be issued based on actual transaction prices [4] - If the actual use of standard gold changes after physical delivery, members must report the change to the exchange before the change occurs [4]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a new announcement regarding tax policies related to gold transactions, emphasizing the tax implications for both trading members and clients when dealing with standard gold [2][3][4]. Tax Policy for Standard Gold Transactions - Taxpayers selling standard gold outside of the Shanghai Gold Exchange and Shanghai Futures Exchange are required to pay value-added tax (VAT) according to existing regulations [2]. - When trading standard gold through the exchanges, sellers are exempt from VAT if no physical delivery occurs [2]. - For transactions involving physical delivery, members purchasing standard gold for investment purposes will benefit from immediate VAT refunds, along with exemptions from urban maintenance and construction tax, and education fees [3]. - Members selling standard gold directly or processing it into investment gold products must pay VAT and issue regular invoices, not VAT special invoices [3]. - Members purchasing standard gold for non-investment purposes are exempt from VAT and must issue regular invoices [3]. - Clients purchasing standard gold through the exchanges are also exempt from VAT and must receive regular invoices [4].

Core Points - The announcement from the Ministry of Finance and the State Taxation Administration outlines tax policies regarding gold transactions, specifically exempting value-added tax (VAT) for members and clients trading standard gold through designated exchanges [1][2] - The policy includes specific provisions for both investment and non-investment uses of standard gold, detailing the VAT treatment and invoicing requirements for different types of transactions [1][2] Summary by Sections Tax Exemption for Standard Gold Transactions - Members or clients trading standard gold on the Shanghai Gold Exchange and Shanghai Futures Exchange are exempt from VAT when selling standard gold [1] - For physical delivery, VAT policies apply based on the nature of the transaction, with investment purposes receiving immediate VAT refunds and exemptions from additional taxes [1] Investment vs. Non-Investment Use - For standard gold purchased for investment purposes, VAT is refunded immediately, and additional taxes are exempted, with specific invoicing requirements for sales [1] - For non-investment purposes, VAT is also exempt, but different invoicing rules apply, allowing for VAT deductions based on specified rates [2] Implementation Timeline - The new tax policies will take effect from November 1, 2025, and will remain in force until December 31, 2027, with applicability based on the timing of physical delivery [3]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced new tax policies regarding the sale of standard gold, specifying that value-added tax (VAT) must be paid if not sold through designated exchanges [1][2]. Group 1: Tax Policies for Standard Gold - Taxpayers selling standard gold outside the Shanghai Gold Exchange and Shanghai Futures Exchange are required to pay VAT according to existing regulations [1]. - Transactions through the exchanges are exempt from VAT for both selling members and clients, provided there is no physical delivery [1]. - For physical delivery, members purchasing standard gold for investment purposes will benefit from immediate VAT refunds and exemptions from urban maintenance construction tax and education fees [1]. Group 2: Tax Treatment for Non-Investment Purposes - Members purchasing standard gold for non-investment purposes are exempt from VAT and will receive ordinary invoices based on actual transaction prices [2]. - Clients purchasing standard gold are also exempt from VAT and will receive ordinary invoices, with VAT general taxpayers able to calculate input tax based on a 6% deduction rate [2]. - If the purchased standard gold is processed into non-investment products, VAT must be paid, and special VAT invoices can be issued [2].

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 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].