新华财经北京11月2日电（记者王小璐、董道勇）11月1日，财政部与国家税务总局联合发布关于黄金有 关税收政策的公告，宣布自即日起实施新的黄金税收政策。多位市场分析人士指出，新规标志着我国黄 金市场税收治理进入精细化、分类管理的新阶段，核心在于通过"用途定性、分类管理"的全新框架，堵 住税收套利空间，引导黄金资源更有效地服务实体经济。 明晰用途以构建监管闭环 新规执行后，标准投资金条仅限于上海黄金交易所规定的AU99.99、AU99.95、AU99.9和AU99.5四类牌 号，以及50克、100克、1公斤、3公斤和12.5公斤五种规格。"可以预见，50克和100克的小规格投资金 条短期内可能会非常紧俏，甚至出现缺货。"戴剑锋表示。 顾冯达认为，此举对贸易商而言，未来专注于实体产业链将获得更优环境，而依赖投资性黄金"票链"套 利的模式将难以为继，其必须向提升真实服务能力转型。 此次政策调整被视为我国黄金市场发展至新阶段的必然要求。公告明确，通过上海黄金交易所、上海期 货交易所成交的"标准黄金"，场内交易本身免征增值税。一旦发生实物交割出库，将按用途进入不同税 收路径： ——对于投资性用途，交易所对卖方实行增值税即 ...

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]. Summary by Sections Tax Policy Changes - The announcement specifies that "standard gold" traded on the Shanghai Gold Exchange and Shanghai Futures Exchange is exempt from value-added tax (VAT) for on-exchange transactions. However, upon physical delivery, different tax paths apply based on the purpose of the gold [2]. - For investment purposes, sellers are subject to immediate VAT refund and exemption from additional taxes, while buyers must pay VAT when selling or processing the gold into investment products, but can only issue ordinary invoices [2]. - For non-investment purposes, VAT is exempt, and buyers can calculate input tax based on the ordinary invoice amount and a 6% deduction rate [2]. Regulatory Framework - The new regulations establish a classification management model based on the "purpose" of gold, distinguishing between investment and non-investment uses, which enhances regulatory oversight [2][3]. - The policy increases the compliance burden on members regarding the change of gold use post-delivery, with strict penalties for violations [3]. Market Impact - The new rules are expected to have structural impacts on different market participants, particularly benefiting members dealing in investment gold due to favorable VAT treatment [4]. - The policy may lead to a short-term scarcity of small-sized investment gold bars (50g and 100g) due to increased demand [4]. - Traders are encouraged to focus on the real industry chain rather than tax arbitrage, pushing the industry towards higher value-added services [4]. Price Dynamics - The new policy may lead to a rise in domestic gold retail 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].