恢复征收国债等债券利息收入的增值税 有何影响？

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025, while maintaining VAT exemption for existing bonds until maturity [1][2]. Group 1: Policy Changes - The VAT exemption for interest income on government bonds was initially implemented to encourage investor participation and improve fundraising efficiency in the early stages of the bond market [1]. - The new policy adopts a "new and old distinction" approach, where existing bonds will continue to enjoy VAT exemption until maturity, while only newly issued bonds will be subject to VAT [1][2]. Group 2: Market Impact - Experts believe the policy adjustment will have a limited impact on the market, particularly for individual investors, as the majority of bond investments are made by institutions [2]. - The current size of issued bonds in China is substantial, and the market's absorption capacity is strong, meaning that the proportion of new bonds is relatively small, thus minimizing the impact of tax policy changes [2]. Group 3: Investor Considerations - Individual investors will not be significantly affected by the policy change, as they can still benefit from the VAT exemption for small-scale taxpayers with monthly income below 100,000 yuan [2]. - The adjustment is seen as a necessary optimization to reduce tax burden discrepancies among different bonds and enhance the pricing benchmark role of government bond yield curves [2].