【中信期货】中国黄金税收政策调整解读-251104（11页）.pdf

1、重要提示：重要提示：本报告非本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。相关人员为客户。This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do n

2、ot constitute investment advice to anyone.CITIC Futures will not consider relevant personnel as customers due to their attention,receipt,or reading of this report.Investment consulting business qualification：CSRC License 2012 No.669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究中信期货国际化研究|CITIC Futures Internati

3、onal Research 2025/11/04 How to Understand China Gold Tax Policy Change 中国中国黄金税收政策调整黄金税收政策调整解读解读 摘要摘要 Abstract On November 1,2025,the Ministry of Finance and the State Administration of Taxation issued an announcement regarding adjustments to the taxation policy on gold.The announcement took effect

4、on November 1,2025,and will remain in force until December 31,2027.The applicable time is determined by the actual physical delivery and warehouse release date.1 For members and clients purchasing physical gold for non-investment purposes through exchange delivery,the announcement clarifies that the

5、y can obtain ordinary invoices.In subsequent resale transactions,they may issue VAT special invoices to buyers and use the ordinary invoices provided by the exchange to deduct 6%of input VAT.Under this scenario,members or clients engaging in secondary processing will effectively bear a 7%VAT rate(13

6、%output VAT minus 6%deductible input VAT).For end consumers purchasing gold jewelry,the purchase price already includes VAT and consumption tax,so they do not perceive the tax burden separately.Therefore,changes in VAT are expected to have a limited impact on the final retail jewelry prices and no d