Workflow
债券市场制度统一化
icon
Search documents
债券增值税调整怎么看——国债、地方债、金融债增值税调整解读
Sou Hu Cai Jing· 2025-08-05 08:25
Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced a tax policy adjustment on interest income from government bonds, local government bonds, and financial bonds, reinstating a 6% value-added tax (VAT) on new issuances starting August 8, 2025, while previously issued bonds remain exempt until maturity [1][2][3] Tax Policy Adjustment - The VAT rate for interest income on government bonds, local government bonds, and financial bonds has been raised from 0% to 6% [3] - The exemption for interest income on government bonds began in 1994, while local government bonds were exempted starting in 2009, and financial bonds were clarified in 2016 [3] - The adjustment adopts a "new and old separation" approach, maintaining tax benefits for bonds issued before August 8, 2025, while new financial bonds will be subject to VAT [3][4] Impact on Different Investor Types - Asset management institutions benefit from a reduced VAT rate of 3% on bond interest income, while self-operated institutions face a 6% VAT [4] - Public funds are exempt from VAT on bond trading profits, and individual investors earning less than 100,000 yuan per month are also exempt from VAT [4][5] Reasons for Adjustment - The adjustment aims to optimize the bond market structure, enhance risk control, and supplement fiscal revenue [7][8] - The bond market has matured, with a total scale reaching 174.93 trillion yuan, indicating that the previous tax incentives have fulfilled their purpose [8] - The adjustment is intended to alleviate the "asset shortage" phenomenon by redirecting funds from government bonds to credit bonds and equity markets [8][9] Market Impact - Short-term, the adjustment may create arbitrage opportunities for older bonds due to their tax-exempt status, while new bond issuance rates may rise [10][11] - The yield spread between new and old bonds could reach 5-10 basis points, with potential for increased returns on older bonds [10][11] - Long-term, the volatility from the tax exemption removal is expected to diminish, with a focus on the pricing of newly issued government bonds [12] Fiscal Revenue Implications - The adjustment is projected to generate over 200 billion yuan in additional tax revenue, with new bond issuances expected to exceed 500 billion yuan in ticket size for 2025 [9][12] - The increase in tax revenue is anticipated to support fiscal income, especially given the rising issuance of government and local government bonds [9][12]