Group 1 - The restoration of VAT on newly issued government bonds, local government bonds, and financial bonds starting from August 8 aims to enhance fiscal sustainability and prevent financial risks while promoting market efficiency and the development of the bond market [1][2]. - This policy adjustment is expected to improve the transparency and compliance of bond issuance and trading, reducing speculative arbitrage and enhancing the risk-return matching in the market [1][2]. - The tax treatment of different bond types will become more consistent, leading to improved pricing efficiency and resource allocation in the bond market, ultimately directing funds towards high-quality development sectors such as technology innovation and green economy [2][3]. Group 2 - The implementation of the VAT policy will adopt a "new and old distinction," allowing existing bonds to continue enjoying the previous tax exemption until maturity, which aims to avoid drastic impacts on the current bond market while gradually moving towards a more transparent and efficient development phase [3]. - The adjustment aligns China's bond market tax arrangements more closely with international practices, enhancing market comparability and institutional transparency, which is crucial for high-level financial opening [2][3]. - Future reforms may include improvements in tax administration details, market expectation guidance, and the development of supporting systems such as credit rating and investor protection, contributing to the sustainable and high-quality development of China's bond market [3].

近日，财政部、国家税务总局发布公告称，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收 增值税。 在实施路径上，本次政策调整采取了"新老划断"的方式。根据公告，即对在2025年8月8日之前已发行的国债、地方政府债券、金融债券（包含在2025年8月8 日之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 本次政策调整的一大背景是，在国债发行初期，为提高投资者认购积极性和国债资金筹集效率，培育国债市场，我国出台了国债利息收入免征营业税政策。 2016年，"营改增"改革后将免征营业税改为免征增值税，并将地方债利息收入和金融机构持有金融债券取得的利息收入纳入免征增值税的范围。 国债、地方债和金融债是银行和资管机构的重要持仓品种，此次政策调整不可避免将影响其税后的债市收益。中金公司研究部分析师东旭指出，针对8月8日 起的新发债券，银行等机构自营投资将适用于6%的税率，资管类产品适用于3%的税率。 | 对象 | 品种 | 资本利得 | | 利息收入 | | | --- | --- | --- | --- | --- | --- | | | | 增值税 | 所 ...