China has abolished a long-standing tax incentive on gold sales in a move that could raise costs for consumers in one of the world’s largest bullion markets.

Effective today, the Ministry of Finance announced that retailers will no longer be allowed to offset a value-added tax (VAT) when selling gold purchased from the Shanghai Gold Exchange, Bloomberg reported.

https://malaysia.news.yahoo.com/china-scraps-gold-tax-break-035229320.html

FROM AI — I doubt it includes today’s announcement – The current VAT rates in China are as follows:

13%: Standard goods and many services.

9%: Transportation, utilities, construction, and certain other items.

6%: Modern services like financial services and certain IP-related supplies.

1%: For small-scale VAT payers, reduced from 3% (effective from 2023 to 2027).

These rates reflect the structure of the VAT system in China as of 2025.