Shanghai Futures Exchange (SHFE) is entitled to keep separate accounts of value added tax (VAT) for gold futures, and enjoy VAT refund upon collection, according to measures published by China's State Administration of Taxation on Tuesday.

   The measures, effected on January 1 of this year, exempt future transaction from urban maintenance and construction tax, as well as educational surtax.

   SHFE members and clients, who have completed gold futures' spot transaction with plain invoice from SHFE, will be free from VAT.

   The measures apply to gold with standard purity and specification.