The Ministry of Finance and the State Administration of Taxation issue an announcement regarding tax policies related to gold.

Announcement of the Ministry of Finance and the State Administration of Taxation on Tax Policies Related to Gold The Ministry of Finance and the State Administration of Taxation hereby announce the following tax policies related to gold: 1. When member units or customers trade standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange (hereinafter referred to as the Exchange), the selling member units or customers are exempt from value-added tax when selling standard gold. If there is no physical delivery and outflow, the Exchange is exempt from value-added tax; if physical delivery and outflow occurs, the value-added tax policy shall be applied according to the following regulations: (1) Member units purchase standard gold for investment purposes. The Exchange implements real-time collection and return of value-added tax, and at the same time, exempts city maintenance and construction tax and educational surcharges. They will issue value-added tax special invoices to the buying member units based on the actual transaction price. If the buying member units sell the standard gold directly or process it into non-investment gold products (excluding legal gold quality currency issued by the People's Bank of China) and sell it, they shall pay value-added tax according to current regulations and issue ordinary invoices to the buyer, and are not allowed to issue value-added tax special invoices. Member units approved by the People's Bank of China to produce legal gold quality currency, who purchase standard gold from the Exchange and produce and sell legal gold quality currency (excluding the Panda Gold Coin subject to exempt value-added tax policy), shall pay value-added tax according to current regulations and may issue value-added tax special invoices to the buyer. (2) Member units purchase standard gold for non-investment purposes, the Exchange is exempted from value-added tax, and issues ordinary invoices to the buying member units based on the actual transaction price. Buying member units who are general taxpayers of value-added tax may calculate input tax credit based on the amount indicated on the ordinary invoice and a deduction rate of 6%. If the buying memb...