↑ 点击上方 " 蓝色柳林财税室 " 关注我们 欢迎扫描下方二维码关注： 答：会员单位从上海黄金交易 所、上海期货交易所（以下简称交 易所）购入用于投资性用途的标准 黄金，发生实物交割出库的，按以 下规定执行: (一)交易所应按照实际成交价 格向买入方会员单位开具增值税专 用发票,发票左上角应带有"会员 单位投资性黄金"的字样。 (二) 买入方会员单位在标准黄 金实物交割出库前，应在向交易所 提交的出库单上注明购入标准黄金 的用途为投资性用途。 (三) 买入方会员单位凭交易所 开具的左上角带有"会员单位投资 性黄金"字样的增值税专用发票上 注明的增值税税额抵扣进项税额。 (四) 买入方会员单位将标准黄 金直接销售或者加工成投资性用途 黄金产品并销售的，应按照规定的 适用税率或征收率向购买方开具普 通发票，不得开具增值税专用发票。 问:我公司属于上海黄金交易 所会员单位，从上海交易所购入用 于非投资性用途的标准黄金，发生 实物交割出库的，应如何操作? 答：会员单位从交易所购入用 于非投资性用途的标准黄金,发生 实物交割出库的,按以下规定执行: (一) 交易所按照实际成交价格 向买入方会员单位开具普通发票, 发票 ...

Tax Policy - The announcement from the Ministry of Finance and the State Administration of Taxation states that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for sellers if there is no physical delivery [7][8] - For members purchasing standard gold for investment purposes, VAT will be refunded immediately, and they will also be exempt from urban maintenance and construction tax and education fees [7] - The policy will be effective from November 1, 2025, until December 31, 2027, with applicability based on the timing of physical delivery [8] Employment Tax Deductions - Companies hiring disabled employees can enjoy a 100% wage deduction for tax purposes, provided they meet specific conditions, including signing a labor contract of at least one year and ensuring the employees are actually working [9][13] - Companies must also pay the minimum wage as approved by the provincial government and ensure that social insurance contributions are made for the disabled employees [18][22] - Wage deductions can only be claimed during the annual tax return process, not during the prepayment of corporate income tax [18][21]

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 Insights - The domestic gold ETF holdings in China increased significantly, with a year-on-year growth of 164.03% in the first three quarters of 2025, reaching a total of 79.015 tons [1] - China's gold production and imports showed positive growth, with total gold production reaching 392.931 tons, a 3.6% increase year-on-year [3] - The consumption of gold in China experienced a decline of 7.95%, with jewelry consumption dropping significantly, while demand for gold bars and coins increased by 24.55% [7] Group 1: Gold ETF and Holdings - Domestic gold ETF holdings reached 193.749 tons as of September 30, 2025, reflecting a substantial increase in investment interest [1] - China increased its gold reserves by 23.95 tons, bringing the total to 2303.52 tons by the end of September 2025 [5] Group 2: Gold Production and Imports - Domestic gold production was reported at 271.782 tons, marking a 1.39% year-on-year increase, while imported gold production rose by 8.94% to 121.149 tons [3] - Significant projects in gold exploration and development are progressing, with the Dadonggou gold mine in Liaoning province showing promising resources of nearly 1500 tons [3] Group 3: Gold Consumption Trends - Total gold consumption in China was 682.73 tons, with jewelry consumption down by 32.50% to 270.036 tons, while gold bars and coins saw a rise in demand [7] - The industrial and other uses of gold increased by 2.72%, indicating a steady recovery in demand from sectors like electronics and renewable energy [7] Group 4: Regulatory Changes and Market Impact - Recent tax policy changes by the Ministry of Finance and the State Administration of Taxation aim to enhance gold trading by exempting VAT on standard gold transactions, which is expected to improve market transparency and regulatory efficiency [8] - The new tax policy may lead to increased costs for non-investment gold jewelry enterprises, potentially raising prices for end consumers [8]

Core Viewpoint - The recent announcement regarding tax policy adjustments on gold trading in China aims to regulate the market, prevent tax evasion, and support the country's gold reserves and the internationalization of the Renminbi [2][3][14]. Tax Policy Changes - The new tax policy introduces changes in the invoicing and deduction rules for certain gold transactions, shifting from a 13% VAT special invoice (deductible) to a 6% ordinary invoice (non-deductible) [4][5]. - This change increases the cost for merchants, which is expected to be passed on to consumers, leading to higher prices for retail gold purchases [6][7]. Market Impact - The policy divides the gold market into two segments: investment gold transactions remain unaffected by the new tax, while consumer gold purchases face increased taxation [9][10]. - Retail gold companies like Lao Feng Xiang and Chow Tai Fook have seen their stock prices drop, while prices in the Shenzhen market surged to compensate for the new tax [2][10]. Strategic Intent - The government aims to close loopholes in tax collection and guide the market from gold consumption to investment, thereby enhancing the management of gold reserves and supporting the internationalization of the Renminbi [13][14][20]. - The policy addresses past issues of tax evasion where businesses disguised consumer gold as investment gold to avoid taxes, leading to significant revenue losses for the state [15][16]. Future Implications - The new regulations are expected to encourage individuals to invest in gold through more formal channels like banks and ETFs, rather than holding physical gold [19][24]. - This shift is seen as a way to centralize gold reserves, making them easier to manage and providing a stronger backing for the Renminbi's international status [20][25].

Core Points - The announcement by the Ministry of Finance and the State Taxation Administration regarding tax policy adjustments on gold trading aims to enhance centralized trading, price discovery, and risk mitigation functions in the gold market [1][2] - The exemption of value-added tax (VAT) for transactions conducted through the Shanghai Gold Exchange and Shanghai Futures Exchange is expected to encourage more trading activities within these platforms, promoting transparency and standardization in gold pricing [1][2] - The adjustments are designed to strengthen China's pricing power in the global gold market, addressing the current lack of representation in international gold pricing despite being the largest consumer [3] - The differentiated VAT rates will encourage investment-type gold transactions while curbing fraudulent activities related to tax refunds and invoice issuance [4] - The impact of the VAT changes will vary for on-exchange members and off-exchange clients, with potential cost increases for non-investment gold enterprises [5][6] Summary by Sections Tax Policy Adjustments - The new tax policy will be effective from November 1, 2025, to December 31, 2027, focusing on standard gold traded on designated exchanges [1] - The policy aims to consolidate the dominant position of the exchanges in gold trading and pricing [1][2] Market Structure and Membership - The Shanghai Gold Exchange has 305 members, categorized into different types, with specific financial requirements for membership [2] - The financial health and risk management capabilities of exchange members are superior to those of off-exchange clients, enhancing market stability [2] Pricing Power - China's current lack of pricing power in the international gold market is attributed to fragmented domestic trading and insufficient standardization [3] - The daily trading volume of the Shanghai Gold Exchange is significant, but international pricing is still dominated by London and COMEX [3] VAT Rate Differentiation - The announcement encourages investment-type gold transactions and aims to prevent fraudulent practices in the gold market [4] - Specific conditions for VAT exemptions and invoicing are outlined for different types of transactions involving standard gold [4] Impact on Enterprises - On-exchange members will experience minimal impact from the VAT changes, while off-exchange clients may face varying effects [5][6] - Increased production costs for non-investment gold enterprises could lead to higher retail prices for consumers [5]

Focus on Gold Tax Policy - The Ministry of Finance and the State Administration of Taxation 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 Shanghai Futures Exchange [9] - For investment purposes, VAT will be levied but immediately refunded, while non-investment gold will be exempt from VAT, potentially increasing costs for non-investment enterprises by approximately 60 yuan per gram [10] APEC Meeting Insights - President Xi Jinping emphasized China's commitment to an open world economy during the APEC meeting, proposing five key recommendations to maintain multilateral trade, stabilize supply chains, and promote inclusive development [10] - The APEC mechanism is recognized for its significant influence in promoting economic cooperation in the Asia-Pacific region, with China being viewed as a stabilizing force amid global uncertainties [11] US-China Trade Developments - The US announced the cancellation of a 10% tariff on Chinese goods related to fentanyl, while maintaining a 24% tariff on other products for another year, indicating a potential easing of trade tensions [11][13] - Recent discussions between US and Chinese leaders focused on enhancing economic cooperation and addressing mutual concerns, including trade and export controls [13] Regulatory Changes in Public Fund Sector - The China Securities Regulatory Commission (CSRC) released guidelines for public fund performance benchmarks, aiming to enhance stability and clarity in investment behaviors [12][14] - These guidelines are seen as a critical step in standardizing public fund regulations and reinforcing investment management discipline [14] Resumption of National Debt Trading - The People's Bank of China (PBOC) announced the resumption of national debt trading operations to improve monetary policy tools and enhance the financial function of government bonds [15] - This move is expected to stabilize the bond market and improve liquidity management, following a period of suspension due to market imbalances [15] Hainan Duty-Free Policy Update - A new duty-free shopping policy in Hainan, effective November 1, 2025, expands the range of eligible products and allows for increased purchase limits for travelers, aiming to enhance consumer experience and stimulate local economic growth [16] - The policy changes are projected to significantly boost Hainan's duty-free market, which has seen a substantial increase in sales and consumer participation in recent years [16] Manufacturing Sector Performance - The manufacturing Purchasing Managers' Index (PMI) for October recorded at 49.0, indicating a decline from September, reflecting weakened production and demand in the sector [18][19] - The decrease in manufacturing activity is attributed to external uncertainties and seasonal factors, with the production index falling into contraction territory [19]

Group 1 - The international gold price has been fluctuating at high levels, prompting banks to adjust their strategies to manage potential market risks [1][4] - Industrial and commercial bank announced the suspension of its "Ruyi Gold Accumulation" business starting November 3, 2025, due to macroeconomic policy impacts and risk management requirements [1] - Construction bank also suspended its "Easy Gold" business from November 3, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [3] Group 2 - The Ministry of Finance and the State Administration of Taxation released new tax policies regarding gold, effective from November 1, 2025, until December 31, 2027, which include VAT exemptions for certain transactions [3][4] - The new tax policy will impact gold retailers, as they will only be able to deduct 6% VAT on non-investment gold, down from the previous 13%, affecting various jewelry brands differently [4] - Despite recent price corrections, the spot gold price has increased by over 50% this year, supported by ongoing central bank demand and investor interest in safe-haven assets [4]

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the tax policies related to gold transactions, particularly focusing on the exemption of value-added tax (VAT) for standard gold sales under specific conditions, effective from November 1, 2025, to December 31, 2027 [1][2]. Tax Policy Changes - The new policy states that when members or clients sell standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange, they are exempt from VAT if no physical delivery occurs [2][3]. - The key change is the classification of standard gold based on its actual use, leading to different VAT treatments depending on whether the gold is for investment purposes or other uses [3][4]. Implications for Investors - For investment purposes, members purchasing standard gold will be subject to VAT "immediate collection and refund" policies, while direct sales or processing into investment gold products will incur VAT [3][4]. - Non-investment use of standard gold will be exempt from VAT, with ordinary invoices issued instead of VAT special invoices [3][5]. Market Impact - The announcement is seen as a response to the recent high gold prices and increased trading activity, with COMEX gold futures prices remaining above $4,000 per ounce [7][8]. - The policy may reduce the impact of informal gold circulation on prices and encourage institutional participation in the gold market [8]. Consumer Effects - The policy is expected to have minimal impact on individual consumers purchasing gold or gold jewelry, as the retail prices typically include VAT and consumption tax [9][11]. - However, if consumers purchase through dealers rather than directly from member units, they may face increased costs due to the changes in tax treatment [9][10].

Market Performance - The three major A-share indices collectively rose during the week of October 27 to October 31, with the Shanghai Composite Index increasing by 0.11% to close at 3954.79 points, the Shenzhen Component Index rising by 0.67% to 13378.21 points, and the ChiNext Index gaining 0.50% to 3187.53 points [2][3] - Approximately 52% of stocks experienced gains during the week, with 142 stocks rising over 15% and 15 stocks declining over 15% [2] Sector Performance - The leading sectors in terms of growth included electric power equipment, non-ferrous metals, steel, and basic chemicals, while sectors such as telecommunications, beauty care, banking, and electronics saw declines [2] International Market Overview - In the U.S. market, the three major indices also saw increases on October 31, with the Dow Jones Industrial Average rising by 0.09% to 47562.87 points, the S&P 500 increasing by 0.26% to 6840.20 points, and the Nasdaq Composite gaining 0.61% to 23724.96 points [4][5] - Conversely, European indices experienced declines, with the FTSE 100 down by 0.44%, the CAC 40 down by 0.44%, and the DAX down by 0.67% [4] Commodity Prices - International oil prices saw a slight increase, with light crude oil futures for December delivery rising by $0.41 to $60.98 per barrel, and Brent crude oil futures increasing by $0.07 to $65.07 per barrel [4] Economic Policies and Developments - The Chinese Ministry of Foreign Affairs emphasized the mutually beneficial nature of China-U.S. economic relations, highlighting discussions between the two countries' leaders aimed at enhancing cooperation [6] - The State Council of China, led by Premier Li Qiang, held a meeting to discuss deepening reforms in key areas and expanding institutional openness, focusing on aligning with international high-standard economic and trade rules [7] - The Ministry of Finance and the State Taxation Administration announced tax policies regarding gold transactions, aiming to support the gold market amid global economic shifts [8] Investment Opportunities - The low-altitude economy is projected to see commercial operations for manned travel by 2030, presenting potential investment opportunities in this emerging sector [10][11] - The solid-state battery market is expected to grow significantly, with production validation phases anticipated to complete by 2025, driven by new applications in low-altitude travel, robotics, and AI [12]