Announcement No. 12, 2020 of the Ministry of Finance and the State Taxation Administration, In order to support the opening up of the commodity futures market, the relevant VAT policies are announced as follows:

From November 30, 2018 to November 29, 2023, the bonded delivery business of commodity futures varieties approved by the State Council for opening to the outside world are temporarily exempt from VAT.

In case of import or export of the goods actually delivered in the above-mentioned futures trading, the current import and export tax policies shall be implemented uniformly. The physical delivery of non bonded goods shall be carried out in accordance with the provisiojns of the notice of the State Taxation Administration on the issuance of the specific measures for the collection of value added tax on goods Futures (STA [1994] No. 244).

It is hereby announced.

Ministry of finance, State Taxation Administration

February 18, 2020

There are new policies for bonded delivery of international futures products in China. The futures market is further integrated with the international market!
On February 18, in order to support the opening of the commodity futures market to the outside world, the Ministry of Finance and the State Administration of Taxation jointly issued the announcement on the value added tax policy for supporting the opening of the commodity futures market to the outside world, which stated that from November 30, 2018 to November 29, 2023, the bonded delivery business of the commodity futures varieties approved by the State Council to be opened to the outside world is temporarily exempt from value added tax.

In the eyes of market participants, it is of great significance for the development of China's futures market by temporarily exempting the value-added tax on bonded delivery of opening futures varieties.

Gu Renzhou, general manager of Suzhou Chuangyuan Heyuan Capital, told Futures Daily reporter that expanding from two specific varieties in 2015 to all the futures varieties currently open to the outside world is also a milestone in the opening up of China's futures market. It can not only solve the problem that goods in the bonded area cannot freely circulate in the past, but also improve the activity of the futures varieties that have been opened to the outside world 。

In the view of Zhou Wenke, assistant general manager and manager of R&D Department of a futures company, the implementation of this policy is to facilitate the participation of domestic commodities in bonded delivery, and domestic manufacturers can directly participate in bonded pricing, which is a major good for domestic futures participating production and trading enterprises. The second is to facilitate the circulation of bonded futures delivery warehouse receipt goods. Third, it is equivalent to simplifying the VAT payment process of bonded warehouse receipt import and reducing the capital cost of the importer. "It can be said that this is another significant step for the Chinese market to participate in global pricing."

Chen Meixing, vice president of a securities company and director of its futures company, said that the temporary exemption of value-added tax on bonded delivery of goods and futures products open to the outside world has three positive significance for the domestic futures market: first, it directly supports the opening up in the form of tax relief; second, it helps encourage domestic bulk commodity enterprises to use the futures market to manage risks and improve management level Third, it will help to promote the activity of opening futures and further improve the level of opening futures market by guiding the entity enterprises to participate in the futures market.

In terms of direct impact, Chen Meixing said that for import and export enterprises, temporary exemption from value-added tax would reduce delivery costs and increase seller's profits.

In the view of Liu Xiaohong, general manager of a futures company, exemption from value-added tax on bonded delivery business of opening commodity futures varieties will be conducive to promoting foreign participants to actively participate in domestic futures delivery, facilitating the circulation and trade of crude oil and other bulk commodities at home and abroad, and improving China's pricing ability for these open commodity futures, along with the RMB pricing, delivery and settlement, it is also conducive to the internationalization of RMB and the further opening of China's commodity futures market.

It is reported that it is an international practice to exempt the value-added tax on the bonded delivery business of futures varieties. Wang Hongying, President of China (Hong Kong) Financial Derivatives Investment Research Institute, said that the exemption of value-added tax on bonded delivery of goods of futures varieties opened to the outside world shows that China's futures market further matches the trading rules of the international market, which will promote the internationalization process of China's entire futures market.

One market person, who declined to be named, said the policy defined the futures market as a test field to explore the opening of foreign trade in basic raw materials and bulk commodities. "The biggest role of domestic commodities participating in bonded delivery is to let the domestic basic bulk commodities including tax go out. This implication is of great significance, especially for industrial products. Some of our basic bulk commodity production capacity is surplus, but because of VAT, it is very difficult to reverse export. There is only tax refund for the export of final manufactured products, and there are few basic raw materials. Now, we need to explore the futures market, which may become a trend after experiments in the future. In the future, we have surplus capacity to supply to the global market in the reverse direction. " He said.

For the futures market, this policy may also further stimulate the speed of opening up of the futures market. "The opening of futures market is a part of financial opening and also a part of overall opening. This policy is to provide policy preparations for the future launch of international futures products. In this way, the pace of opening up of the futures market may be further accelerated. " According to the market participant.

财政部 税务总局公告2020年第12号

为支持货物期货市场对外开放，现将有关增值税政策公告如下：

自2018年11月30日至2023年11月29日，对经国务院批准对外开放的货物期货品种保税交割业务，暂免征收增值税。

上述期货交易中实际交割的货物，如果发生进口或者出口的，统一按照现行货物进出口税收政策执行。非保税货物发生的期货实物交割仍按《国家税务总局关于下发＜货物期货征收增值税具体办法＞的通知》（国税发〔1994〕244号）的规定执行。

特此公告。

财政部 税务总局

2020年2月18日

我国国际化期货品种保税交割业务又有新政策，期货市场进一步与国际接轨！

2月18日，为支持货物期货市场对外开放，财政部和税务总局联合发布了《关于支持货物期货市场对外开放增值税政策的公告》，公告称，自2018年11月30日至2023年11月29日，对经国务院批准对外开放的货物期货品种保税交割业务，暂免征收增值税。
在市场人士看来，此次暂免对外开放期货品种保税交割增值税对我国期货市场的发展有意义重大。
苏州创元和赢资本总经理顾仁舟对期货日报记者表示，从2015年两个特定品种扩展到当前所有对外开放的期货品种，也是我国期货市场对外开放的一个里程碑，不仅可以解决以往货物在保税区里不能自由流通的问题，也能够提高当前我国已经开放的期货品种的活跃度。
在一位期货总经理助理兼研发部经理看来，这一政策的实施一是便于境内商品参与保税交割，境内厂商可以直接参与到保税定价，对于境内期货参与的生产和贸易企业来讲是一个重大利好。二是便于保税期货交割仓单货物的流通。三是相当于简化了保税仓单进口的增值税缴纳流程，降低了进口商的资金成本。“可以说，这是中国市场参与全球定价跨出的又一意义重大的一步。”
某期货公司董事表示，国家暂免征收对外开放的货物期货品种保税交割业务增值税，对国内期货市场具有三方面的积极意义：一是以减免税收形式直接支持对外开放；二是有助于鼓励国内大宗商品企业利用期货市场管理风险，提高经营管理水平；三是通过引导实体企业参与期货市场，将有助于促进对外开放期货品种活跃，进一步提升期货市场对外开放水平。
从直接影响看，他表示，对于进出口企业来说，暂免征收增值税将降低交割成本增厚卖方利润。
在另一期货公司的总经理看来，对于对外开放的货物期货品种保税交割业务免征增值税，将有利于促进境外参与者积极参与国内期货交割，有利于原油等大宗商品在国内与国际的流通与贸易，提高我国对这些开放的期货大宗商品的定价能力，同时伴随着对外开放期货品种的人民币计价和交割结算，也有利于人民币的国际化，促进我国商品期货市场的进一步开放。
据悉，期货品种保税交割业务免征收增值税是国际惯例。中国(香港)金融衍生品投资研究院院长王红英表示，此次我国免征对外开放的货物期货品种保税交割业务的增值税表明我国期货市场进一步与国际市场的交易规则相匹配，将推动我国整个期货市场的国际化进程。
一位不愿具名的市场人士表示，这一政策将期货市场定义为试验田，探索开放基础原料大宗商品的对外贸易。“境内商品参与保税交割最大的作用是让境内含税的基础大宗商品走出去。这个隐含的意义非常大，特别是对工业品，我们有些基础大宗商品产能有富余的，但是因为含增值税，反向出口很难，只对最终制成品的出口有退税，基础原料是很少的。现在从期货市场上加大探索，未来经过实验以后可能就会成为趋势，我们未来有富余的产能可以反向供应到全球市场。”他说。
而对于期货市场来说，这一政策可能也将进一步刺激期货市场对外开放的速度。“期货市场开放是金融开放的一部分，也是整体对外开放的一部分。这次政策是为未来启动国际化的期货品种提供政策上的准备，这么来看，期货市场对外开放的步伐可能将进一步加快。”上述市场人士认为。