If the enterprise is engaged in selling hedging, and the contract is due for delivery, it needs to pay a VAT invoice

The unit is engaged in precious metal (gold) hedging business, which belongs to cargo futures , the transaction income of more than 30,000 yuan in 2009 was calculated as investment income. The current question is that if the goods futures do not undergo physical delivery, then will they not be subject to either value-added tax or business tax?

Document basis: Article 18 of the newly revised "Implementation Rules of the Interim Regulations on Business Tax" stipulates:

Foreign exchange, securities, securities, etc. as mentioned in Item (4) of Article 5 of the Regulations The trading business of futures and other financial products refers to the trading business of foreign exchange, securities, non-cargo futures and other financial products engaged by taxpayers. Commodity futures are not subject to sales tax.

Cargo futures (including commodity futures and precious metal futures)

"Interim Regulations on Value-Added Tax" 1. Special items falling within the scope of VAT (1) Cargo futures (including commodity futures) and precious metal futures), value-added tax should be levied and paid at the physical delivery stage of futures;

Therefore, hedging is only taxed at the physical delivery stage.