Ministry of Finance and State Administration of Taxation issue announcement on taxation policies regarding gold.

The Ministry of Finance and the State Administration of Taxation have issued an announcement regarding the tax policies related to gold. Member units that purchase standard gold for investment purposes will have value-added tax refunded immediately upon payment, while also being exempt from urban maintenance and construction tax and education surcharge. The exchange will issue a value-added tax special invoice to the buying member unit based on the actual transaction price. Member units that sell standard gold directly or process it into investment gold products for sale shall pay value-added tax in accordance with current regulations and issue ordinary invoices to the buyer, not value-added tax special invoices. Member units that purchase standard gold for non-investment purposes will be exempt from value-added tax by the exchange, and will issue ordinary invoices to the buying member unit based on the actual transaction price. If the buying member unit is a general taxpayer for value-added tax, the input tax amount shall be calculated based on the amount indicated on the ordinary invoice and a 6% deduction rate. Member units that process standard gold into non-investment gold products for sale shall pay value-added tax according to current regulations and may issue value-added tax special invoices to the buyer.