独家｜新发国债等利息8月8日起要交增值税，为啥调整？有何影响？

Core Points - The Ministry of Finance and the State Taxation Administration announced that from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax (VAT) [1][2] - Existing bonds and their subsequent issuances will continue to enjoy VAT exemption until maturity, which limits the overall market impact of this policy change [1][2] - The adjustment is aimed at enhancing the benchmark nature of the government bond yield curve and improving market liquidity by reducing the liquidity premium costs associated with the previous tax exemption [2][3] Summary by Sections Policy Adjustment - The new VAT policy applies strictly to newly issued bonds after August 8, 2025, while existing bonds retain their tax-exempt status until maturity [2] - The government bond and financial bond stock and new issuance scale for 2024 are projected to be 122 trillion yuan and 33 trillion yuan, respectively, with new issuances accounting for less than 30% of the total stock [2] Market Impact - The VAT rate is set at 6%, and the policy change primarily affects domestic investors, excluding interbank certificates of deposit, which mitigates overall market pressure [2] - The previous tax exemption led to lower trading activity and higher liquidity premiums, which the new policy aims to address by increasing trading volume and reducing tax disparities among different financial assets [2][3] Financial Market Functionality - Unifying the tax standards across different types of bonds and financial assets will enhance the comparability of government bond yields with other financial instruments, thereby improving the pricing benchmark function of the government bond yield curve [3]