国债等债券利息收入需征收增值税，影响几何？个人投资者需缴税吗？

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a policy change regarding the value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds, effective from August 8, 2025, which will end the previous tax exemption for these interest incomes [1][4][5]. Group 1: Policy Changes - The new policy will restore VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025 [1][4]. - Previously, interest income from these bonds was exempt from taxes to attract investment and expand the bond market [4][5]. - The policy will adopt a "new and old distinction" approach, meaning that bonds issued before August 8, 2025, will continue to be exempt from VAT until maturity [5][6]. Group 2: Market Impact - Analysts suggest that the policy change will lead to a short-term decline in interest rates and create a pricing disparity between new and old bonds [1][6]. - The restoration of VAT is expected to increase the cost of new bond issuances, while existing bonds will retain a tax advantage, potentially leading to a preference for older bonds among investors [7][8]. - The change aims to prevent excessive capital accumulation in interest rate bonds and enhance fiscal revenue, thereby alleviating fiscal pressure [5][6]. Group 3: Investor Considerations - Individual investors will remain exempt from personal income tax on interest income from government bonds, despite the VAT restoration [8][9]. - The overall market environment remains challenging, with ongoing asset scarcity and potential disruptions to the previous bull market trend due to policy shifts and external economic influences [9].