恢复征收国债等债券利息收入的增值税，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 Changes - The VAT exemption on interest income for government bonds and other bonds was initially implemented to encourage investor participation and improve fundraising efficiency [1] - The policy adjustment reflects the maturity of China's bond market, which has seen significant growth in issuance and trading volume [1] - Existing bonds issued before August 8, 2025, will continue to enjoy VAT exemption until maturity, while only new bonds will be subject to VAT [1] Group 2: Market Impact - Experts believe the policy change will have a limited impact on the market, particularly for individual investors [2] - Financial institutions will not be affected as they can continue to apply VAT exemptions for interest income from interbank deposits and other related activities [2] - The adjustment is seen as a necessary optimization to reduce tax burden discrepancies among different bonds and enhance the pricing benchmark role of government bond yields [2]