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 [1] Group 1: 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] - Interest income from bonds issued before August 8, 2025, will continue to be exempt from VAT until maturity [1] - The term "financial bonds" refers to securities issued by financial institutions in China that are held by these institutions and pay principal and interest as agreed [1] Group 2: Market Implications - Experts indicate that the VAT exemption policy for bond interest income has achieved its intended goals due to the robust development of China's bond market [1] - The adjustment of this policy is designed to be smooth, allowing existing bonds to continue enjoying tax benefits until maturity, which supports the healthy development of the bond market [1]
8月8日起,新发行国债等债券的利息收入,恢复征收增值税!
Sou Hu Cai Jing·2025-08-01 13:20