8月8日起国债等利息收入将征税！对债市、银行、市民影响几何？

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), while interest income from bonds issued before this date will continue to be exempt from VAT until maturity [1][2]. Group 1: Tax Policy Changes - The new tax policy will apply a 6% VAT rate for self-investments by banks and a 3% VAT rate for asset management products on newly issued bonds [3][4]. - Individual investors purchasing up to 100,000 yuan per month in new bonds will be exempt from VAT on interest income until December 31, 2027 [4]. Group 2: Financial Impact - The restoration of VAT on bond interest is expected to generate approximately 337 million yuan in short-term revenue, with potential for greater tax income as new debt issuance expands [2][7]. - The removal of tax exemptions is anticipated to increase the attractiveness of equity and loan assets relative to bonds, although bonds still retain advantages such as low risk and high liquidity [8][9]. Group 3: Market Reactions - Following the announcement, the yield on 10-year government bonds fluctuated around 1.7%, indicating a potential decline in bond prices as yields rise [5][6]. - The pricing of new bonds may need to increase to maintain investor interest, but the extent of this increase is expected to be limited [8][9].