买国债、地方债要交税了？债基、银行理财躺枪？

Core Viewpoint - The new tax regulation on interest from newly issued government, local, and financial bonds, effective from August 8, is expected to impact public bond funds and bank wealth management products, indicating a challenging period ahead for bond investments [1][9]. Group 1: Tax Regulation Impact - From August 8, interest on newly issued bonds will be subject to value-added tax (VAT), with financial institutions paying a 6% rate and asset management products like funds and wealth management products paying a 3% rate [2][4]. - The estimated annual VAT revenue from interest on government and financial bonds is projected to be around 14 billion, with future revenues potentially reaching around 100 billion [6]. Group 2: Market Reaction and Future Outlook - The immediate impact on bond yields is minimal, with a calculated effect of approximately 0.06%, which is relatively insignificant in the context of a long-term bear market for bonds [10]. - The current environment of asset scarcity in low-risk fixed income products means that the market is unlikely to react strongly to the new tax, as older bonds remain exempt from taxation [9][10]. - The focus should shift from seeking high returns to ensuring stable returns, especially during a deflationary period where risk-free yields are expected to decline [12][13].