Foreword

Precious metals such as gold and silver, as a special category with commodity, financial and monetary attributes, occupy a core position in the global economic structure and national industrial and financial security. In March 2025, the Ministry of Industry and Information Technology and other nine departments issued the Implementation Plan for the High-quality Development of Gold Industry (2025-2027), which defined nine core tasks of the high-quality development of gold industry in the next three years, aiming at solving the outstanding problems such as insufficient resource support capacity and the difficulty in meeting the demand for key core technologies and equipment, and guiding China's gold industry to improve its high-end, intelligent, green and safe development level.

In the field of taxation, in October, 2025, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued the Announcement on Tax Policies Concerning Gold (Announcement No.11 of the Ministry of Finance and the State Administration of Taxation, 2025), which established a new mode of tax management for the separate use of gold and set a new yardstick for tax compliance of the industry. At the same time, the tax supervision system has been continuously upgraded, the Value-added Tax Law and its implementation regulations have been formally implemented, and the management of export tax rebates has been further strengthened. The mechanism of normalization of eight departments to jointly crack down on tax-related crimes has continued to exert strength, and the "strong foundation project" of digital collection and management has been further promoted. The tax authorities rely on big data, model analysis and other technologies to achieve precise supervision. In this context, the past practice of using gold to make false invoices will be curbed, and the practice of simply "processing" precious metals and accessories to defraud export tax rebates will face stricter supervision.

In order to help industry enterprises accurately grasp the development pulse and identify potential tax-related risks, this report takes tax compliance as the core breakthrough point, systematically sorts out the general situation of industry development in 2025, interprets the tax policy environment and regulatory trends, focuses on analyzing the tax-related risks of enterprises and the export tax rebate risks of precious metals under the New Gold Deal, and provides targeted compliance guidance. It is expected that the combing and analysis of this report will provide practical reference for enterprises in precious metals industry to prevent tax-related legal risks, build a sound compliance system, and help the industry achieve compliance management and sustainable growth on the road of high-quality development.