1. Generally, if you just speculate to earn the difference, you don't need to pay VAT, just pay the transaction fee. However, when the goods are delivered in kind, the supplier must issue a VAT output tax invoice to the buyer.

2. There are only precious metal futures in the world: gold (Au), silver (Ag), platinum (Pt) and palladium (Pd). Four kinds. At present, Shanghai Commodity Exchange only trades gold (Au) and silver (Ag) futures.

3. Precious metal futures are different from paper gold, because paper gold is only for making money difference, while precious metal futures are not only for speculation, but also for hedging, arbitrage trading and physical delivery.

4. Paper gold is not subject to VAT. Because paper gold is not delivered, taxes are paid at the time of delivery.