这些利息收入，拟恢复征收增值税→

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the restoration of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025, while maintaining tax exemptions for bonds issued before this date [1][2]. Group 1: Tax Policy Changes - The new tax policy will apply to interest income from bonds issued after August 8, 2025, while existing bonds will continue to enjoy tax exemptions until maturity [1]. - Previously, interest income from government bonds was exempt from corporate income tax and personal income tax, as well as VAT, under existing regulations [1][3]. Group 2: Market Impact - The announcement led to a temporary increase in the yield of 10-year government bonds, which rose from 1.7040% to 1.7150% before returning to previous levels [2]. - Market participants indicated that the specific impact of the new tax rate on the bond market remains uncertain and will require long-term market re-evaluation [2]. Group 3: Bond Market Dynamics - The tax structure influences bond market pricing and the benchmark role of government bond yields, with tax exemptions potentially enhancing trading activity in certain bond types [3]. - Experts noted that the adjustment of the tax policy is aimed at optimizing the bond market's development, allowing existing bonds to retain their tax benefits until maturity, which supports stable policy implementation [3].