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 have a direct impact on individual investors and an indirect impact on financial products and funds, potentially lowering their yields [2][3]. Direct Impact - Individual investors directly purchasing these bonds will be affected, but most will not reach the threshold of 100,000 yuan in interest income per month, thus remaining exempt from VAT until December 31, 2027 [2]. - For example, the recently issued 5-year savings bonds have an annual interest rate of 1.7%, requiring a minimum investment of 5.8824 million yuan to exceed the 100,000 yuan interest threshold [2]. Indirect Impact - Financial products and funds that invest heavily in these bonds, particularly fixed-income products and bond funds, may see their actual yields decrease due to the new 3% VAT on interest income starting from August 8 [2][3]. - If a fund has 40% of its taxable bonds with an average yield of 1.8%, the VAT could reduce the yield by approximately 0.02 percentage points, depending on the proportion of these bonds in the fund [3]. Policy Implications - The new tax policy indicates a shift away from encouraging funds to seek refuge in the bond market, suggesting a potential redirection of investments towards the stock market or consumer spending [3]. - The "new and old distinction" policy allows bonds issued before August 8 to remain exempt from VAT until maturity, which may mitigate the impact on funds that continue to invest in older bonds [3].