Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced that starting from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax (VAT) [1] Group 1: Policy Details - The policy adjustment follows a "new and old distinction" principle, meaning that interest income from existing bonds and their subsequent issuances will remain exempt from VAT until maturity [1] - The adjustment is strictly limited to "newly issued bonds," with existing bonds issued before August 8, 2025, continuing to enjoy VAT exemption [1] - In 2024, the stock and new issuance scale of government and financial bonds are projected to be 122 trillion yuan and 33 trillion yuan, respectively, with new issuances accounting for less than 30% of the total stock [1] Group 2: Market Impact - Experts indicate that the 6% VAT rate and the fact that the policy only affects domestic investors, excluding interbank certificates of deposit, will result in manageable overall market pressure [2] - The adjustment is expected to enhance the benchmark nature of the government bond yield curve, as the previous tax exemption led to lower trading activity and higher liquidity premiums [2] - By unifying the tax standards across different types of bonds and financial assets, the adjustment aims to improve the trading activity of government bonds and better establish the pricing benchmark function of the government bond yield curve [2]

2025.08. 01 本文字数：891，阅读时长大约2分钟 作者 | 第一财 经 杜川 近日，财政部、税务总局就国债、地方政府债券、金融债券利息收入增值税政策有关事项发布公告 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。 上述市场专家指出，再加上，增值税税率6%，且政策调整仅涉及境内投资者，不包含同业存单，对 市场整体压力不大，影响可控。 值得注意的是，此次调整有助于提升国债收益率曲线的基准性。此前，对政府债券利息收入免税，投 资人会更多以持有到期为主，交易不活跃，造成市场流动性不足、流动性溢价较高，免税政策给投资 者带来的优惠反而不及流动性溢价成本。 该专家认为，增值税政策调整后，能够一定程度上缩小不同债券、不同金融资产之间的税收差距，提 升政府债券的交易活跃度。 "国债免税而其他债券和金融资产不免税，使得国债收益率与其他债券和金融资产收益率不可比，统 一不同品种债券和金融资产之间的税收标准，有利于更好发挥国债收益率曲线的金融市场定价基准功 能。"该专家强调。 微信编辑 | 小羊 此次政策调整采用"新老划断"原则，存量债券及后续续发 ...

Core Points - The Ministry of Finance and the State Taxation Administration announced that from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax (VAT) [1][2] - Existing bonds and their subsequent issuances will continue to enjoy VAT exemption until maturity, which limits the overall market impact of this policy change [1][2] - The adjustment is aimed at enhancing the benchmark nature of the government bond yield curve and improving market liquidity by reducing the liquidity premium costs associated with the previous tax exemption [2][3] Summary by Sections Policy Adjustment - The new VAT policy applies strictly to newly issued bonds after August 8, 2025, while existing bonds retain their tax-exempt status until maturity [2] - The government bond and financial bond stock and new issuance scale for 2024 are projected to be 122 trillion yuan and 33 trillion yuan, respectively, with new issuances accounting for less than 30% of the total stock [2] Market Impact - The VAT rate is set at 6%, and the policy change primarily affects domestic investors, excluding interbank certificates of deposit, which mitigates overall market pressure [2] - The previous tax exemption led to lower trading activity and higher liquidity premiums, which the new policy aims to address by increasing trading volume and reducing tax disparities among different financial assets [2][3] Financial Market Functionality - Unifying the tax standards across different types of bonds and financial assets will enhance the comparability of government bond yields with other financial instruments, thereby improving the pricing benchmark function of the government bond yield curve [3]