According to the Provisions of State Taxation Administration of The People's Republic of China City, People's Republic of China (PRC) on Several Specific Issues of Value-added Tax, value-added tax is levied on commodity futures, and the specific collection methods are as follows:

1. The tax payment of value-added tax on goods futures trading is the physical delivery of futures.

2. The tax basis for the value-added of commodity futures trading is the price excluding tax at the time of delivery (the actual turnover excluding VAT): the price excluding tax = the price including tax /( 1+ VAT rate).