Commodity futures refer to futures contracts with physical objects as the subject matter. Futures mainly include agricultural and sideline products, metal products and energy products. According to the Notice of State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) on Several Specific Issues Concerning Printing and Distributing Value-added Tax (Guo Shui Fa [1993] 154), value-added tax should be levied on commodity futures (including commodity futures and precious metal futures).

The tax payment link of value-added tax in goods futures trading is the physical delivery link of futures, and the tax basis is the tax-free price at delivery (excluding the actual turnover of value-added tax). The taxpayer of VAT is: 1. If the futures exchange issues invoices at the time of delivery, the futures exchange shall be the taxpayer; 2. If the supplier member directly issues invoices to the purchasing member at the time of delivery, the supplier member is a taxpayer.

Extended data

Most enterprises and individuals engaged in commodity futures trading only speculate and buy and sell to obtain the price difference, and there is no physical delivery link. In this case, there is no need to pay VAT.

Speculation is an indispensable part of the futures market, and its economic functions mainly include the following points:

1, bear the price risk. Futures speculators bear the risks that hedgers try to avoid and transfer, which makes hedging possible.

2. Improve market liquidity. Speculators frequently open positions and hedge their contracts, which increases the trading volume in the futures market, which not only makes hedging transactions easy to clinch, but also reduces the price fluctuations that traders may cause when entering and leaving the market.

3. Keep the price system stable. Commodity prices in various futures markets are highly correlated with the prices of different commodities.

4. Form a reasonable price level. Speculators buy futures when the price is low, increasing demand leads to price increase, and sell futures when the price level is high, reducing demand and stabilizing price fluctuation, thus forming a reasonable price level.

5. Maintain industrial balance. In the expectation of future supply shortage, speculators will push up the forward price, give hedging profits to suppliers, and urge the industry to expand production, make up for the risk of future supply shortage and avoid real shortage.

Reference source: Baidu Encyclopedia-Commodity Futures

Reference source: Baidu Encyclopedia-Futures Trading

Reference source: Baidu Encyclopedia-Futures speculation