Experts interpret the new gold tax policy: further differentiation between commodity and financial attributes, new changes in the gold consumption market.

Yesterday, the Ministry of Finance and the State Administration of Taxation issued a notice regarding the tax policies related to gold, which will be implemented from November 1 and will be effective until December 31, 2027. The applicable time is based on the time of physical delivery and outflow from storage. Professionals pointed out that this new gold tax policy distinguishes between trading nature, that is, investment and non-investment, and applies different tax policies accordingly to manage more accurately; in addition, the policy limits tax incentives to on-exchange transactions on two major exchanges, encouraging transactions through national-level platforms to further regulate the market. Industry insiders stated that the policy is a further improvement on the existing gold market policies, enabling better differentiation between the commodity and financial attributes of gold; moreover, this policy adjustment mainly involves the VAT policy for gold purchased on exchanges, and it is expected that the gold market consumption and investment environment will become more transparent and healthy after the adjustment.