国债利息将征税，钱袋子有啥影响？

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2023, while maintaining VAT exemption for bonds issued before this date until maturity [1]. Group 1: Tax Policy Changes - From August 8, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to VAT [3]. - Existing bonds issued before August 8, including those issued after this date, will continue to be exempt from VAT until maturity [4]. Group 2: Impact on Retail Investors - Retail investors purchasing new government bonds, local government bonds, and financial bonds will be exempt from VAT on interest income if their monthly sales do not exceed 100,000 yuan until December 31, 2027 [4]. Group 3: Market Implications - The scarcity of existing bonds will likely increase, leading to a potential widening of the yield spread between new and old bonds [6]. - Institutions may prefer to hold older bonds due to their tax-exempt status, which could lower the yield on these bonds as demand increases [7]. - The adjustment in tax policy may lead to a shift in investment strategies, with banks and insurance companies potentially increasing their allocation to the stock market, particularly high-dividend assets [7].