Finance and Taxation [2008] No. 5 and Guoshuifa [2008] No. 46 both provide clear regulations on the gold standard that complies with the value-added tax reduction policy in futures trading: standard gold refers to the fineness of AU9999 , AU9995, AU999, AU995; specifications are 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms of gold.

Relevant regulations: 1

Notice of the Ministry of Finance and the State Administration of Taxation on tax policies related to gold futures trading

January 29, 2008 Finance and Taxation [2008] 5 No.

Shanghai Municipal Finance Bureau and State Taxation Bureau:

With the approval of the State Council, starting from January 1, 2008, when physical delivery occurs in gold futures trading on the Shanghai Futures Exchange, The current tax policy for gold trading on the Shanghai Gold Exchange is implemented. The relevant policies are now clarified as follows:

1. Shanghai Futures Exchange members and customers sell standard gold through the Shanghai Futures Exchange (with the "Special Gold Settlement Invoice" issued by the Shanghai Futures Exchange), and physical delivery occurs But if it has not been shipped out of the warehouse, it will be exempted from VAT; if physical delivery has occurred and has been shipped out of the warehouse, the tax authorities will issue special VAT invoices based on the actual delivery price, and implement the policy of refunding VAT immediately upon collection, and urban maintenance will be exempted. Construction tax and education surcharge. The calculation formulas for the unit price, amount and tax amount in the special VAT invoice are as follows:

Unit price=actual delivery unit price÷(1+VAT rate)

Amount=quantity×unit price< /p>

Tax amount = amount × tax rate

The actual delivery unit price refers to the unit price excluding the handling fee charged by the Shanghai Futures Exchange.

Among them, standard gold refers to gold with fineness of AU9999, AU9995, AU999, and AU995; specifications of 50 grams, 100 grams, 1 kilogram, 3 kilograms, and 12.5 kilograms.

2. The Value-Added Tax Collection and Management Measures for gold futures trading on the Shanghai Futures Exchange and the Management Measures for Special Value-Added Tax Invoices shall be separately formulated by the State Administration of Taxation.

Relevant regulations: 2

Notice of the State Administration of Taxation on the issuance of the "Measures for the Collection and Administration of Value-Added Tax on Gold Futures Trading on the Shanghai Futures Exchange"

State Taxation Development [2008 ] No. 46

May 4, 2008

State Taxation Bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning:

In order to promote the development of the gold futures trading market , Strengthen the collection and management of value-added tax on gold futures trading. According to the "Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies Related to Gold Futures Trading" (Caishui [2008] No. 5), the State Administration of Taxation has formulated the "Gold Futures Trading on the Shanghai Futures Exchange" The Measures for the Administration of Value-Added Tax Collection are hereby issued to you. Please comply with them and implement them. Any locality that discovers problems during the VAT collection and management process of gold futures transactions should report them to the State Administration of Taxation (Turnover Tax Management Department) in a timely manner.

Attachment: Shanghai Futures Exchange Value-Added Tax Collection and Management Measures for Gold Futures Transactions

Article 1 In accordance with the "Tax Collection and Management Law of the People's Republic of China" and its Implementing Rules, " These Measures are formulated in accordance with the Provisional Regulations of the People's Republic of China on Value-Added Tax and its implementation details, the Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies Concerning Gold Futures Trading (Caishui [2008] No. 5).

Article 2 "Gold" as stipulated in these Measures refers to standard gold, that is, gold ingots, gold bars, gold nuggets and other gold raw materials whose color and specifications meet the following standards:

Quality: AU9999, AU9995, AU999, AU995.

Specifications: 50g, 100g, 1kg, 3kg, 12.5kg.

This method does not apply to non-standard gold, that is, gold raw materials with different fineness and specifications that meet the above standards.

Article 3 The collection and management of value-added tax on gold futures transactions of the Shanghai Futures Exchange shall be implemented in accordance with the following provisions:

(1) The Shanghai Futures Exchange shall apply to the competent tax authority for printing of the " Special invoice for gold settlement" (in triplicate, divided into settlement page, invoice page and stub page).

(2) Shanghai Futures Exchange members and customers who conduct gold futures transactions through the Shanghai Futures Exchange and have physical delivery shall comply with the following regulations:

1. The selling member or Customers issue ordinary invoices to the Shanghai Futures Exchange based on the delivery settlement price, and are exempt from VAT. The Shanghai Futures Exchange provides the seller with a "Special Gold Settlement Invoice" settlement copy based on the delivery settlement price, and the invoice copy and stub copy are retained by the exchange.

2. If the buyer member or customer does not withdraw gold from the warehouse, the Shanghai Futures Exchange will issue a "Special Invoice for Gold Settlement" based on the delivery settlement price and provide the invoice copy. The stub copy and settlement copy will be issued by Shanghai Futures Exchange. retained.

3. When the buyer member or customer withdraws gold from the warehouse, he or she shall issue the futures transaction delivery settlement statement, standard warehouse receipt confirmation form, and overage and shortfall settlement statement to the competent tax authority of the Shanghai Futures Exchange. Based on the actual delivery price and delivery quantity, the authority issues a special VAT invoice (deduction copy), and the invoice copy of the special VAT invoice on behalf of the Shanghai Futures Exchange to the buyer member or customer (delivery party) who has the qualification of a general VAT taxpayer. The accounting copy is retained by the Shanghai Futures Exchange, and the deduction copy is passed to the member or customer who takes delivery.

If the buyer member or customer (picker) is not a general VAT taxpayer, special VAT invoices shall not be issued to them.

(3) The Shanghai Futures Exchange shall separately calculate the value-added tax for the delivery and delivery of gold futures, and enjoy the VAT refund policy upon collection, and shall be exempt from urban maintenance and construction tax and education fees. Attached.

Article 4 Members and customers shall calculate the input value-added tax in accordance with the following provisions:

(1) Shanghai Futures Exchange members or customers (except the People’s Bank of China) shall be responsible for futures transactions in Shanghai The input tax amount obtained when the exchange or gold exchange handles the physical delivery of gold and withdraws it from the warehouse shall be accounted separately, and shall be calculated separately according to the VAT amount (including the corresponding purchase amount) indicated on the special VAT invoice issued by the tax authority. Accounting.

For members or customers who purchase gold from the Shanghai Futures Exchange or the Gold Exchange (after picking up the goods and leaving the warehouse) and then sell them through the Shanghai Futures Exchange, the gold sold through the Shanghai Futures Exchange should be calculated. The amount of input tax transferred out shall be transferred out of the current period's input tax and included in the cost at the same time; if the current period's book input tax is less than the amount of input tax that should be transferred out calculated by the following formula, the difference shall be immediately collected and put into the treasury.

The amount of input tax that should be transferred out = the amount of input tax per unit × the amount of gold sold in the current period.

Unit input tax = cumulative input tax on gold purchased ÷ cumulative gold purchase amount

(2) For Shanghai Futures Exchange members or customers (except the People’s Bank of China) through Shanghai For futures exchanges selling enterprises' original inventory of gold, the corresponding input tax transfer amount shall be calculated based on the actual transaction price, and shall be transferred out of the current input tax amount and included in the cost.

The amount of input tax that should be transferred out = the actual transaction price of gold in sales inventory ÷ (1 + VAT rate) × VAT rate.

(3) After the buyer member or customer (the delivery party) obtains the special VAT invoice deduction coupon, the tax amount indicated on the invoice should be transferred from the gold material cost account to "tax payable - —Input tax" account is used to calculate input tax.

Article 5 The unit price, amount and tax amount of special value-added tax invoices are determined according to the following provisions:

When the Shanghai Futures Exchange buyer member or customer (picker) picks up the goods and leaves the warehouse, the supervisor The unit price indicated on the special VAT invoice issued by the tax authority shall be determined by the actual delivery payment and delivery quantity, but does not include handling fees, storage fees and other fees. Among them, the actual delivery payment consists of the delivery payment and the overage and shortfall settlement payment. The delivery payment is determined according to the last-in-first-out principle. The specific calculation formula is as follows:

Tax amount = amount × VAT rate

Amount = quantity × unit price

Unit price = actual delivery price ÷ (1 + VAT rate )

Actual delivery price = actual delivery payment ÷ delivery quantity

Actual delivery price = delivery payment + overage and shortfall settlement payment

Delivery payment = standard warehouse receipt Number × standard quantity of each warehouse receipt × delivery settlement price

Overflow and shortfall settlement payment = overflow and shortfall × settlement price of the most recent month gold futures contract listed on the Shanghai Futures Exchange on the trading day before the overflow and shortfall settlement date < /p>

Among them, the unit price must have at least 6 decimal places.

Article 6 Members and customers should use the "Special Invoice for Gold Settlement" (invoice copy) issued by the Shanghai Futures Exchange as an accounting voucher for financial accounting; the buyer member and customer (delivery party) obtain tax The special value-added tax invoice (deductible copy) issued by the department is only used as a voucher for calculating the input tax amount.

Article 7 The selling member or customer should go through tax exemption procedures with the tax authority in charge of the selling member or customer based on the "Special Invoice for Gold Settlement" (Settlement Coupon) issued by the Shanghai Futures Exchange.

Article 8 Shanghai Futures Exchange members shall separately calculate the sales volume of self-operated gold futures trading, agent gold futures trading and gold physical delivery business, as well as the value-added tax output tax, input tax and tax payable. .

Article 9 The "withdrawal of gold out of the warehouse" as stipulated in these Measures refers to the act of a futures exchange member or customer withdrawing gold delivered at a futures exchange from a designated vault.

Article 10 These Measures shall be interpreted by the State Administration of Taxation.

Article 11 These Measures will be implemented from January 1, 2008.