8月1日，财政部、税务总局发布《关于国债等债券利息收入增值税政策的公告》，宣布对8月8日及以后 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。上海财经大学中国公共财政研 究院副教授汪峰表示，新政在短期内可能引发新老券种价格分化，长期或将降低债券资产的相对配置价 值。受访专家强调，新政基本不会影响到个人投资者，还将缩小不同债券之间的税负差异，有利于更好 发挥国债收益率曲线的定价基准作用。（证券时报） ...

Tax Policy Changes - The Ministry of Finance and the State Taxation Administration announced the restoration of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, 2025[1] - Interest income from bonds issued before August 8, 2025, will continue to be exempt from VAT until maturity[1] - The VAT rate for bond interest income is set at 6%, with an additional 12% VAT surcharge, leading to a total effective tax rate of 6.34% on taxable amounts[2] Market Impact - The policy change is expected to have a limited impact due to the continued VAT exemption for pre-2025 bonds, potentially leading to short-term institutional buying[1] - The 10-year government bond yield is projected to decline to around 1.5% amid low expectations for large-scale domestic demand stimulus[1] Taxation Details - The taxable amount for bond investments includes both interest income and transfer price differences, with the latter subject to VAT as well[2][3] - Corporate bond investors face a corporate income tax rate of 29.76% after accounting for VAT and income tax exemptions on certain bonds[4] Risk Factors - There are risks associated with fiscal policy implementation not meeting expectations and potential unexpected adjustments to tax incentives[6]