Recently, the Ministry of Finance and the State Administration of Taxation jointly released the Announcement on Gold-related Tax Policies (hereinafter referred to as the Announcement), which stipulates that from November 1, 2025 to December 31, 2027,

First, it is beneficial for consolidating the dominance of bidding, pricing, and trading in the gold exchange market. The Announcement stipulates that when exchange members or customers trade standard gold through the Shanghai Gold Exchange and the S

Exchange members can pay value-added tax according to current regulations and are not affected by this tax adjustment. According to the classification standards of the Shanghai Gold Exchange, exchange members are divided into general members and spec

Secondly, it is beneficial for enhancing the pricing power of the RMB gold benchmark price. As the world's largest consumer of gold, China has long lacked pricing power commensurate with its status in international gold investment and consumption. Th

Once again, through differentiated VAT rates, the Announcement encourages investment in gold exchange and standardized gold transactions, while also benefiting from the suppression of frequent physical gold deliveries and the crackdown on tax refund

Finally, for members engaged in on-exchange trading, the impact of this value-added tax is relatively minor, while the impact on off-exchange customers varies from person to person. For non-investment gold enterprises (such as gold jewelry and access