China MOF Announces VAT Policies Related to Gold

The Chinese Ministry of Finance Nov. 1 issued Announcement No. 11/2025, on VAT policies related to gold. The announcement includes: 1) that when member units or clients trade standard gold through the Shanghai Gold Exchange or the Shanghai Futures Exchange, the selling member unit or client is exempt from VAT; 2) that when a customer purchases standard gold, the exchange exempts it from VAT and results in the issuance of a general invoice to the buyer based on the actual transaction price; and 3) calculation procedures for the unit price, amount, and tax amount on VAT special invoices in cases ...