Announcement on Tax Policies Related to Gold
Announcement on Tax Policies Related to Gold
Announcement on Tax Policies Related to Gold
Announcement of the Ministry of Finance and the State Taxation Administration [2025] No. 11
October 29, 2025
The following announcement is hereby made on tax policies related to gold:
1. Where a member or client trades standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange (hereinafter the “Exchange”), the sale of standard gold by the selling member or client shall be exempt from value-added tax (VAT). Where no physical delivery and withdrawal occur, the Exchange shall be exempt from VAT; where physical delivery and withdrawal occur, the following VAT policies shall apply:
(1) Where a member purchases standard gold for investment purposes, the Exchange shall implement the VAT levy and immediate refund policy and shall concurrently exempt such transactions from urban maintenance and construction tax and educational surcharges. The Exchange shall issue a special VAT invoice to the buying member based on the actual transaction price. Where the buying member directly sells the standard gold or processes it into gold products for investment purposes (excluding legal tender gold coins approved and issued by the People's Bank of China) and sells them, it shall pay VAT in accordance with the current regulations, and issue a general invoice to the purchaser, and may not issue a special VAT invoice.
Where a member approved by the People's Bank of China to produce and issue legal tender gold coins purchases standard gold from the Exchange for the production and sale of legal tender gold coins (excluding the VAT-exempt Chinese Gold Panda coins), it shall pay VAT in accordance with the current regulations and may issue a special VAT invoice to the purchaser.
(2) Where a member purchases standard gold for non-investment purposes, the Exchange shall be exempt from VAT and shall issue a general invoice to the buying member based on the actual transaction price. Where the buying member is a general VAT taxpayer, it shall calculate the input VAT amount based on the amount indicated on the general invoice and the deduction rate of 6%. Where the buying member processes the standard gold into gold products for non-investment purposes and sells them, it shall pay VAT in accordance with the current regulations and may issue a special VAT invoice to the purchaser.
(3) Where a client purchases standard gold, the Exchange shall be exempt from VAT and shall issue a general invoice to the buying client based on the actual transaction price.
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Announcement of the Ministry of Finance and the State Taxation Administration [2025] No. 11
October 29, 2025
The following announcement is hereby made on tax policies related to gold:
1. Where a member or client trades standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange (hereinafter the “Exchange”), the sale of standard gold by the selling member or client shall be exempt from value-added tax (VAT). Where no physical delivery and withdrawal occur, the Exchange shall be exempt from VAT; where physical delivery and withdrawal occur, the following VAT policies shall apply:
(1) Where a member purchases standard gold for investment purposes, the Exchange shall implement the VAT levy and immediate refund policy and shall concurrently exempt such transactions from urban maintenance and construction tax and educational surcharges. The Exchange shall issue a special VAT invoice to the buying member based on the actual transaction price. Where the buying member directly sells the standard gold or processes it into gold products for investment purposes (excluding legal tender gold coins approved and issued by the People's Bank of China) and sells them, it shall pay VAT in accordance with the current regulations, and issue a general invoice to the purchaser, and may not issue a special VAT invoice.
Where a member approved by the People's Bank of China to produce and issue legal tender gold coins purchases standard gold from the Exchange for the production and sale of legal tender gold coins (excluding the VAT-exempt Chinese Gold Panda coins), it shall pay VAT in accordance with the current regulations and may issue a special VAT invoice to the purchaser.
(2) Where a member purchases standard gold for non-investment purposes, the Exchange shall be exempt from VAT and shall issue a general invoice to the buying member based on the actual transaction price. Where the buying member is a general VAT taxpayer, it shall calculate the input VAT amount based on the amount indicated on the general invoice and the deduction rate of 6%. Where the buying member processes the standard gold into gold products for non-investment purposes and sells them, it shall pay VAT in accordance with the current regulations and may issue a special VAT invoice to the purchaser.
(3) Where a client purchases standard gold, the Exchange shall be exempt from VAT and shall issue a general invoice to the buying client based on the actual transaction price.
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