Zero tariffs and zero value-added tax on imported gold containing iron ore enterprises enjoy dual policy benefits
Following the reduction of import tariffs on gold bearing pyrite from 1% to 0% on January 1st this year, the national policy of lowering the value-added tax on gold bearing pyrite imports was implemented in mid January. As a result, imported gold bearing pyrite enjoys tax incentives of 0% tariffs and 0% value-added tax, bringing a new round of cost reduction and competitiveness enhancement to gold enterprises.
I have double checked this customs declaration form several times and it is indeed exempt from customs duties and value-added tax, "said Cui Yichuan, the customs supervisor of Shandong Hengbang Smelting Co., Ltd., looking at the customs declaration system in front of him with an uncontrollable sense of joy in his tone. After years of experience in the gold industry, he once again truly felt that policy dividends were shifting from lead letters on documents to tangible retained funds on the books.
In recent years, the import volume of pyrite has significantly increased. Shandong Province is the most important gold production area in China. According to the import situation of key enterprises in the province, the import value of gold bearing iron ore will account for about one-third of the total import value of gold ore sand in Shandong Province in 2025, and it is showing a continuous upward trend, becoming one of the most important imported gold ore categories.
Gold is an important strategic resource, and with the continuous mining of gold resources, the proportion of imported gold bearing iron ore has significantly increased in recent years. Cui translated that the zero tariff policy implemented since the beginning of this year has effectively reduced the import costs of enterprises and ensured domestic supply. After the reduction of value-added tax, it provides stronger policy support for import enterprises to lock in high-quality gold bearing iron ore resources worldwide.
It is understood that according to the relevant tax policies before 2026, tariffs and value-added tax need to be levied simultaneously on imported pyrite containing gold ore that meets both alloy concentrate and pyrite standards. Against the backdrop of a significant increase in gold prices and scarcity of high-quality gold mines, enterprises and industries have a strong demand for tax incentives for gold raw materials.
To help the gold smelting industry solve its business problems, Qingdao Customs, in conjunction with local governments, industry associations, and leading enterprises, conducted in-depth research and assessment of enterprise policy needs, submitted multiple special reports to the tax authorities, and promoted relevant departments to study and formulate tax exemption policies for imported pyrite.
The core content of this policy adjustment is to completely exempt the value-added tax on the import of pyrite that meets the standards of alloy concentrate on the basis of zero import tariffs. This' combination punch 'form has won further cost reduction space and long-term structural optimization conditions for metallurgical enterprises, "said Yang Zhenlei, head of the Yantai Customs Tax Collection and Management Department under Qingdao Customs.
Yang Qian, Director of the Customs Tariff Department of Qingdao Customs, stated that this policy adjustment goes beyond the level of short-term relief. In the current complex and ever-changing international economic and trade environment, the dual benefits of the tax policy for gold bearing iron ore will help build a more flexible and cost competitive metallurgical industry supply system, injecting more certainty into the upgrading of gold smelting enterprises.
Yang Qian stated that the combination of "tariff+value-added tax" tax incentives for gold bearing iron ore is expected to reduce import costs for relevant enterprises nationwide by about 3 billion yuan annually. Qingdao Customs will closely monitor the effectiveness of policy implementation, rely on big data methods to dynamically monitor import volume and tax changes, timely collect opinions and suggestions from enterprises, strengthen source price review and risk assessment, actively and properly solve reasonable demands and practical difficulties of enterprises, and serve the high-quality development of foreign trade. (Geng Xue, Cui Zhiqiang/Text)