8日起新发行的国债等债券 利息收入恢复征收增值税

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][2] Group 1: Policy Changes - The VAT exemption on interest income for 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 will maintain VAT exemption for interest income from bonds issued before August 8, 2025, until maturity, while only newly issued bonds will be subject to VAT [1][2] Group 2: Market Impact - Experts believe the impact of this policy adjustment on the market will be limited, with minimal effects on individual investors [2] - Financial institutions will continue to benefit from existing VAT exemptions on interest income from interbank deposits, loans, and certificates of deposit, indicating no adverse effects on these entities [2] - The current large volume of issued bonds and the relatively small proportion of new issuances suggest that the tax policy change will not significantly affect bond prices, which are influenced by various factors [2] Group 3: Investor Considerations - Individual investors, who typically hold a small scale of bond investments, will not be affected as they can still benefit from the VAT exemption for small-scale taxpayers with monthly income below 100,000 yuan [2] - The policy adjustment aims to reduce tax burden discrepancies among different types of bonds and enhance the pricing benchmark role of government bond yield curves, promoting the healthy development of the bond and financial markets [2]