To continue supporting the opening up of the commodity futures market, the relevant Value-Added Tax (VAT) policies are hereby announced as follows:

The bonded delivery business of commodity futures varieties, the opening up of which has been approved by the State Council, shall be temporarily exempted from VAT.

For goods actually delivered in the aforementioned futures transactions, if such goods are imported or exported, the prevailing tax policies on the import and export of goods shall apply. The physical delivery of futures involving non-bonded goods shall continue to be governed by the provisions of Circular of the State Taxation Administration on Issuing the Specific Measures for the Collection of Value-Added Tax on Commodity Futures (Guo Shui Fa [1994] No. 244).

This Announcement shall be effective until December 31, 2027.

It is hereby announced.

Ministry of Finance

State Taxation Administration

August 17, 2023

All information in this document is authentic in Chinese. English is provided for reference only. In case of any discrepancy, the Chinese version shall prevail.