8月8日起，新买国债利息超10万要交税

Core Viewpoint - The restoration of value-added tax (VAT) on interest income from government bonds, local government bonds, and financial bonds will lead to a slight decrease in the yield of financial products and funds, while the direct impact on individual investors purchasing bonds remains minimal for now [2][6]. Direct Impact on Individual Investors - Individual investors will only need to pay VAT on interest income exceeding 100,000 yuan per month, which is a threshold that most do not reach when purchasing government bonds. Therefore, they can continue to enjoy tax exemption until December 31, 2027 [2]. - For example, the recently issued 5-year savings government bond has a coupon rate of 1.7%, requiring an investment of at least 5.8824 million yuan to generate 100,000 yuan in interest income, which is beyond the reach of most investors [2]. Indirect Impact on Financial Products and Funds - Financial products and funds that invest heavily in government bonds, local government bonds, and financial bonds will be affected, particularly fixed-income products where bond investment can account for over 80% [2]. - From August 8, funds and financial products purchasing these bonds will be subject to a 3% VAT on interest income, which could reduce the yield of these products [3][4]. Yield Impact on Funds - If a fund has 40% of its investments in taxable bonds with an average coupon yield of 1.8%, the VAT could reduce the yield by approximately 0.02 percentage points. The actual impact will depend on the proportion of these bonds in the fund [4]. Policy Implications - The restoration of VAT signals a shift away from encouraging funds to seek refuge in the bond market, potentially prompting a move towards equities or increased consumer spending. Future policy adjustments could further impact the bond market [5]. Overall Summary - The reintroduction of VAT on interest income from the three types of bonds will lead to a slight decrease in yields for financial products and funds, while the immediate effect on individual bond investors is limited [6].