对个人投资者基本没有影响

Group 1 - The core viewpoint of the article is that the adjustment of the value-added tax (VAT) exemption policy on interest income from government bonds, local government bonds, and financial bonds is necessary due to the maturity of China's bond market, with a focus on maintaining market stability and investor interests [1][2] - The new policy will continue to exempt VAT on interest income from bonds issued before August 8, 2025, while new bonds issued after this date will be subject to VAT, ensuring that existing investors are not adversely affected [1][2] - Experts believe that the impact of this policy adjustment on the market will be limited, as the majority of bond investments are made by institutions, and individual investors will not be significantly affected due to existing VAT exemptions for small-scale taxpayers [2] Group 2 - The adjustment aims to reduce tax burden discrepancies among different types of bonds, enhancing the pricing benchmark role of the government bond yield curve, which is expected to promote the healthy development of the bond and financial markets [2]