Bullion Dealers China

Category: China Bullion Dealers

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Buying Bullion In China

chinese flag - china bullion sectionThe Chinese bullion market is on a massive scale, with many Chinese families looking to gold as a store of family wealth.

According to the World Gold Council (WGC) as of October 2017, the Chinese central bank holds 1842.6 tons of gold, equivalent to 2.3% of its total reserves, up from 0.9% in 2008’s official figures.

Alternate sources suggest this figure is substantially higher at between 20,000 – 30,000 tonnes making it the world’s number one gold holding ahead of the US’s 8133 tonnes.

Most physical gold purchasing in China happens through Hong Kong registered companies due to preferential taxation, lower premiums and the complex legalities involved in bringing gold onto mainland China, entering it’s domestic market.

Unlike the West, gold premiums in China are highly variable depending on demand levels. When spot prices drop, premiums rise as more buyers enter the market and so for stability, China’s elite classes and wealthy families buy and store their precious metals outside of China with Dubai being particularly popular.

Are Bullion Sales Taxed in China?bullion sale tax

In China, gold is divided in several categories, each treated differently for VAT (Value Added Tax), including gold bullion, gold products and gold ore, with gold bullion being further subdivided into both standard gold and non-standard gold.

Gold Bullion is classified as unwrought/unforged coming in bars and ingots (HS code 7108120000 and 7108200000).

Standard gold bullion specifies gold bars and ingots with a fineness of 9999, 9995, 999 or 995, and a weight of 50g, 100g, 1kg, 3kg or 12.5kg. It’s important to note that only standard gold can be traded on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE). Non-standard gold bullion is any bullion product that’s outside the specifications for standard gold. Gold products refers to semi-finished and finished products such as gold coins, jewellery and gold ornaments.

Producers and traders sell non-standard gold off-SGE as VAT exempt – which holds the same for standard and non-standard gold imported into the domestic market under an import license.

When standard gold is sold outside of the SGE or SFE, VAT will apply at 17% – but when sold inside either, then the trade is VAT exempt, but the invoicing procedure is extremely complicated, detailed here.

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IMPORTANT: The above tax details are listed for information purposes only and are believed correct at time of publication. Bullion.Directory are not tax experts. All enquiries about Chinese taxes should be addressed to the appropriate local body. Taxes and taxation are subject to change.