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 Viewpoint - The Ministry of Finance and the State Taxation Administration announced that starting 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] Group 1: Policy Details - The policy adjustment follows a "new and old distinction" principle, meaning that interest income from existing bonds and their subsequent issuances will remain exempt from VAT until maturity [1] - The adjustment is strictly limited to "newly issued bonds," with existing bonds issued before August 8, 2025, continuing to enjoy VAT exemption [1] - In 2024, the stock and new issuance scale of government and financial bonds are projected to be 122 trillion yuan and 33 trillion yuan, respectively, with new issuances accounting for less than 30% of the total stock [1] Group 2: Market Impact - Experts indicate that the 6% VAT rate and the fact that the policy only affects domestic investors, excluding interbank certificates of deposit, will result in manageable overall market pressure [2] - The adjustment is expected to enhance the benchmark nature of the government bond yield curve, as the previous tax exemption led to lower trading activity and higher liquidity premiums [2] - By unifying the tax standards across different types of bonds and financial assets, the adjustment aims to improve the trading activity of government bonds and better establish the pricing benchmark function of the government bond yield curve [2]