Do individuals have to pay taxes on buying and selling gold?

Individuals need to pay taxes on buying and selling gold.

The tax payment process for personal buying and selling gold is as follows:

1. The taxation method for trading gold is that taxpayers directly import declared gold bars (including Class A and Class B gold bars), gold coins, gold medals, gold coin trading contracts and other gold products;

2. When a taxpayer applies for or entrusts to purchase and sell gold on a commission basis, it shall apply to the competent tax authorities for issuing a Certificate of Payment of Gold Transaction Tax;

3. For gold exempt from VAT, if a taxpayer applies for or entrusts the purchase of gold on a consignment basis, it shall apply to the competent tax authorities for issuing a certificate of exemption from VAT for gold transactions;

4. Taxpayers applying for exemption from value-added tax shall submit a certificate of exemption from value-added tax for gold transactions to the local tax authorities.

The taxes that individuals need to pay for buying and selling gold include personal income tax and value-added tax.

1. Personal income tax: According to the regulations, the income from the sale of gold by individuals should be regarded as one of the taxable income items of personal income tax, and the corresponding personal income tax should be paid. The calculation method of personal income tax is: income is equal to sales income minus cost minus expenses, in which sales income is the income from selling gold, cost is the cost of buying gold, and expenses include fees and other expenses arising from gold trading. The tax rate of personal income tax depends on the size of personal income, and the tax rate is divided into different grades, and increases step by step after exceeding a certain amount;

2. Value-added tax: The value-added tax rate for individuals buying and selling gold is 3%. In the process of gold trading, if it involves issuing special VAT invoices, it is necessary to pay the corresponding VAT.

To sum up, when buying and selling gold, individuals also need to abide by relevant laws and regulations such as taxation and financial supervision, to ensure that the sources of funds are legal, the transactions are transparent, and they do not violate relevant laws and regulations, so as to avoid being suspected of illegal business and tax evasion.

Legal basis:

Article 2 of the Individual Income Tax Law of People's Republic of China (PRC)

The following personal income shall be subject to personal income tax:

(1) Income from wages and salaries;

(2) Income from remuneration for labor services;

(3) Income from remuneration;

(4) Income from royalties;

(5) Operating income;

(6) Income from interest, dividends and bonuses;

(7) Income from property lease;

(8) Income from property transfer;

(9) Accidental income. Individual residents who obtain income from items 1 to 4 of the preceding paragraph (hereinafter referred to as comprehensive income) shall calculate individual income tax according to the tax year; Non-resident individuals who obtain income from items 1 to 4 of the preceding paragraph shall calculate individual income tax on a monthly or itemized basis. Taxpayers who obtain income from items 5 to 9 of the preceding paragraph shall calculate individual income tax separately in accordance with the provisions of this law.