After the introduction of the new gold tax regulations, ICBC and CCB have suspended the acceptance of physical gold bar withdrawals, and the gold bar prices at China Merchants Bank already include tax

"ICBC's gold bars can no longer be withdrawn." On November 3rd, some netizens reported that the "Ruyi Gold" accumulation service purchased at ICBC could not withdraw physical gold bars. Other netizens claimed that the gold bars were taken out at the counter, but operations could not be performed due to system upgrades.

On November 3rd, the Industrial and Commercial Bank of China (ICBC) announced that, due to macro policy impacts and in accordance with the bank's risk management requirements, starting from November 3, 2025, ICBC will suspend the acceptance of new accounts, active accumulation, new fixed accumulation plans, and applications for the withdrawal of physical gold for the Ruyi Gold accumulation service. The execution of existing customers' fixed accumulation plans within their validity period and the handling of redemptions and account closures will not be affected.

On the same day, China Construction Bank (CCB) also announced that, due to market fluctuations and in line with risk prudent management requirements, starting from November 3, 2025 (inclusive), the bank will suspend the acceptance of real-time purchases, new fixed investment purchases, and physical gold exchange applications for the Easy Storage Gold service. The execution, redemption, and account closure of existing customers' Easy Storage Gold fixed investment plans will not be affected; applications for personal gold accumulation to exchange for physical precious metals and account gold to exchange for physical precious metals will be suspended, while other personal gold accumulation services will not be affected.

Industry insiders told The Paper that last weekend, the Ministry of Finance and the State Administration of Taxation released new regulations regarding gold tax policies, involving related tax adjustments, and the system also needs to be upgraded accordingly.

On November 1st, the Ministry of Finance and the State Administration of Taxation issued an announcement on "Tax Policies Related to Gold," further clarifying tax collection matters related to gold.

In short, from November 1st to December 31, 2027, standard gold traded through the Shanghai Gold Exchange and the Shanghai Futures Exchange (without physical delivery) will be exempt from value-added tax. However, once physical withdrawal or sales through non-exchange channels occur, value-added tax will be levied according to current regulations. This means that the cost of investing in physical gold has increased, while electronic gold investments within the exchange have greater tax advantages.

The Paper learned that today, China Merchants Bank (CM BANK) has adjusted the prices of physical gold bars. CM BANK's customer service stated that in accordance with the new gold tax policy, the bank will make corresponding business adjustments as required by the policy. Currently, the tax price has already been included in the product price.

Author of this article: Li Yuequn, Source: The Paper, Original Title: "After the New Gold Tax Regulations are Issued, ICBC and CCB Suspend Acceptance of Physical Gold Bar Withdrawals, CM BANK's Gold Bar Prices Already Include Tax"

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