两部门发文恢复征收国债、地方债、金融债券利息收入增值税

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 bonds issued before this date until maturity [1] Summary by Categories Policy Changes - From August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to VAT [1] - Bonds issued before August 8, 2025, will continue to enjoy VAT exemption until maturity, including any portions issued after this date [1] Market Impact - The adjustment is seen as a response to the growing development of China's bond market, where the policy goal of encouraging market participation has been achieved [1] - The "new and old segmentation" approach allows existing bonds to retain their preferential tax treatment, promoting a smooth implementation of the policy change and supporting the ongoing healthy development of the bond market [1]