欢迎扫描下方二维码关注： 来源 山西税务税宣速递 欢迎扫描下方二维码关注： 温馨提醒：蓝色柳林财税室为非官方平台，是由编者以学习笔记形式建立的平台，所有笔记写作记录的文章及转发的法律法规仅供读者学习 参考之用，并非实际办税费的标准，欢迎交流学习，共同分享学习经验成果。文章版权归原作者所有，如有不妥，请联系删除。 的利息收入是否更用小规模 纳税人月销售额10万元以下 年年曾官前的英文 IT/4 OK 间:自然人购买2025年8月8日起(含当日) 新发行 (不含在2025年8月8日之后续发行的部分 ）的国债、地方政府债券、金融债券取得的利息 收入应如何适用小规模纳税人月销售额10万元 以下免税政策? 根据《财政部 税务总局关于增值税小 规模纳税人减免增值税政策的公告》(财政 部 税务总局公告2023年第19号) 规定, 截至 2027年12月31日,对月销售额10万元以下 (含本数)的增值税小规模纳税人,免征增 值税。 经商财政部,自然人购买新发行国债、 地方政府债券、金融债券取得的利息收入, 可以按照19号公告的规定适用相关增值税 免税政策。 ...

Core Insights - The total issuance of local government bonds in China reached approximately 91,062 billion yuan in the first ten months of this year, marking a year-on-year increase of about 23% [1] - The issuance scale of over 90 trillion yuan is the highest for the same period in history, reflecting a more proactive fiscal policy aimed at promoting economic stability [1] - Local government bond issuance accelerated significantly in the first half of the year, but has shown a downward trend since July, with October's issuance at around 5,600 billion yuan, only slightly higher than January's issuance [1] - The overall work on local government bond issuance is nearing completion [1]

Core Viewpoint - Local governments in China have significantly increased their borrowing through the issuance of bonds, reaching a record high of approximately 9.1 trillion yuan in the first ten months of the year, reflecting a proactive fiscal policy aimed at stabilizing the economy [1][4]. Group 1: Bond Issuance and Trends - In the first ten months of this year, local government bond issuance totaled about 91,062 billion yuan, marking a year-on-year increase of approximately 23% [1]. - The issuance of local government bonds accelerated notably in the first half of the year, but began to decline after July, with October's issuance at around 5,600 billion yuan, slightly above January's level [1][4]. - An additional 500 billion yuan in local government bonds has been authorized for issuance in mid-October, with 300 billion yuan aimed at enhancing local government financial capacity and 200 billion yuan for supporting key projects in major economic provinces [4]. Group 2: Use of Borrowed Funds - Approximately 60% of the funds raised through local government bonds in the first ten months were used for repaying old debts, while about 40% were allocated for major project construction [4][6]. - Of the 9.1 trillion yuan in bonds issued, around 4.7 trillion yuan were new bonds (up 2% year-on-year) and 4.4 trillion yuan were refinancing bonds (up 58% year-on-year) [4][6]. - The refinancing bonds are primarily used to repay maturing government bond principal and to replace hidden debts, thereby optimizing the debt structure and alleviating repayment pressure [5][6]. Group 3: Special Bonds and Project Allocation - In the first ten months, local governments issued approximately 1.25 trillion yuan in special new bonds specifically for resolving hidden debts and settling overdue payments to enterprises [6]. - The total scale of "borrowing new to repay old" is about 5.65 trillion yuan, accounting for approximately 62% of the total bond issuance during this period [6]. - The newly issued special bonds mainly focus on major public welfare projects, with about 27% allocated to municipal and industrial park infrastructure, 18% to transportation infrastructure, and 16% to land reserves [6]. Group 4: Debt Management and Safety - The overall risk of local government debt is considered manageable, with the total debt balance as of September 2025 being 53,699.5 billion yuan, well within the approved debt limit [7]. - In the first three quarters, local governments repaid 23,863 billion yuan in principal and paid 11,191 billion yuan in interest on bonds [7].

一、全国地方政府债券发行情况 （一）当月发行情况。 2025年9月，全国发行新增债券4741亿元，其中一般债券550亿元、专项债券4191亿元。全国发行再融资 债券3878亿元，其中一般债券1710亿元、专项债券2168亿元。合计，全国发行地方政府债券8619亿元， 其中一般债券2260亿元、专项债券6359亿元。 2025年9月，地方政府债券平均发行期限16.8年，其中一般债券8.4年，专项债券19.8年。 2025年9月，地方政府债券平均发行利率2.18%，其中一般债券2.01%，专项债券2.25%。 （二）1-9月发行情况。 2025年1-9月，地方政府债券到期偿还本金23863亿元，其中发行再融资债券偿还本金20527亿元、安排 财政资金等偿还本金3336亿元。9月当月到期偿还本金4108亿元。 2025年1-9月，地方政府债券支付利息11191亿元。其中，9月当月地方政府债券支付利息1328亿元。 二、全国地方政府债务余额情况 截至2025年9月末，地方政府债券剩余平均年限10.5年，其中一般债券6.2年，专项债券12.5年；平均利 率2.86%，其中一般债券2.92%，专项债券2.83%。 注: ...

数据显示，今年前9个月，全国发行再融资债券41842亿元，其中一般债券13799亿元、专项债券 28043亿元。 【纠错】 【责任编辑:施歌】 总计来看，今年前9个月，全国发行地方政府债券85457亿元，其中一般债券20557亿元、专项债券 64900亿元。 财政部10月24日发布数据显示，今年前9个月，全国发行新增地方政府债券43615亿元，其中一般债 券6758亿元、专项债券36857亿元。 截至2025年9月末，全国地方政府债务余额536995亿元；地方政府债券剩余平均年限10.5年。（记 者申铖） ...

Group 1 - In the first nine months of 2023, China issued a total of 43,615 billion yuan in new local government bonds, comprising 6,758 billion yuan in general bonds and 36,857 billion yuan in special bonds [1] - The average issuance term for local government bonds was 15.6 years, with general bonds averaging 8.8 years and special bonds averaging 17.8 years; the average interest rate was 1.95%, with general bonds at 1.79% and special bonds at 1.99% [1] - In September 2023, a total of 4,741 billion yuan in new bonds were issued, including 550 billion yuan in general bonds and 4,191 billion yuan in special bonds, with an average issuance term of 16.8 years and an average interest rate of 2.18% [1] Group 2 - As of September 2025, the total local government debt balance was 536,995 billion yuan, with general debt at 173,119 billion yuan and special debt at 363,876 billion yuan [2] - The remaining average term for local government bonds was 10.5 years, with general bonds at 6.2 years and special bonds at 12.5 years; the average interest rate was 2.86%, with general bonds at 2.92% and special bonds at 2.83% [2] - The national local government debt limit for 2025 was set at 579,874.3 billion yuan, with general debt limit at 180,689.22 billion yuan and special debt limit at 399,185.08 billion yuan [2]

Core Viewpoint - Local governments are increasingly relying on bond issuance to manage debt and finance projects, with over 60% of the funds raised used for debt repayment and nearly 40% allocated for project construction [1][4][5]. Group 1: Bond Issuance and Debt Management - In the first three quarters of this year, local government bond issuance reached approximately 8.54 trillion yuan, a year-on-year increase of about 27% [2]. - The issuance of refinancing bonds accounted for about 4.19 trillion yuan, representing a significant year-on-year growth of approximately 69% [4][5]. - The refinancing bonds are primarily used to repay old debts, including the principal of maturing government bonds and to replace hidden debts, thereby optimizing the debt structure and alleviating repayment pressure [4][6]. Group 2: Allocation of Funds - Approximately 63% of the total bond issuance, or about 5.39 trillion yuan, was effectively used for debt repayment [5]. - The remaining funds, around 3.15 trillion yuan, were directed towards major project construction, with about 2.5 trillion yuan specifically allocated to special project bonds [6]. - The special project bonds were primarily invested in municipal and industrial infrastructure (28%), transportation infrastructure (18%), land reserves (14%), and social projects such as healthcare and education (12%) [6]. Group 3: Economic Impact and Future Outlook - Infrastructure investment in the tertiary sector grew by 2.0% year-on-year in the first eight months, surpassing the overall fixed asset investment growth rate of 0.5% [8]. - The total bond issuance for the year is nearing its limit, with 84% of the annual quota already utilized, raising concerns about potential policy adjustments in the fourth quarter to increase issuance [8]. - Experts suggest that an additional 1 trillion yuan in bonds could be issued to further alleviate the pressure of hidden debts and improve local liquidity [9].

Summary of Key Points Core Viewpoint - The Ministry of Finance has reported significant issuance of local government bonds in the first eight months of this year, indicating a robust financing activity to support local government projects and expenditures [1]. Group 1: Bond Issuance Data - In the first eight months of this year, a total of 38,874 billion yuan in new local government bonds were issued, comprising 6,208 billion yuan in general bonds and 32,666 billion yuan in special bonds [1]. - Additionally, 37,964 billion yuan in refinancing bonds were issued, with 12,089 billion yuan in general bonds and 25,875 billion yuan in special bonds [1]. - Overall, the total issuance of local government bonds reached 76,838 billion yuan, including 18,297 billion yuan in general bonds and 58,541 billion yuan in special bonds [1]. Group 2: Debt Statistics - As of August 2025, the total balance of local government debt is projected to be 532,484 billion yuan, reflecting the scale of local government financing needs [1]. - The average remaining maturity of local government bonds is reported to be 10.4 years, indicating a long-term financing strategy [1].

Group 1 - In August 2025, China issued a total of 571.5 billion yuan in new local government bonds, comprising 82.5 billion yuan in general bonds and 489 billion yuan in special bonds [1] - The total issuance of local government bonds in August reached 980.1 billion yuan, including 408.6 billion yuan in refinancing bonds [1] - The average issuance term for local government bonds in August was 14.4 years, with an average interest rate of 2.04% [1] Group 2 - As of the end of August 2025, the total local government debt balance was 5,324.84 billion yuan, with general debt at 1,727.28 billion yuan and special debt at 3,597.56 billion yuan [2] - The average remaining maturity of local government bonds was 10.4 years, with an average interest rate of 2.88% [2] - The debt limit for local governments in 2025 was approved at 57,987.43 billion yuan, with general debt limit at 18,068.92 billion yuan and special debt limit at 39,918.51 billion yuan [2]

Summary of Key Points Core Viewpoint - The Ministry of Finance reported on the issuance and debt balance of local government bonds for August 2025, highlighting significant figures in both new bond issuance and refinancing activities [1][2]. Issuance Situation - In August 2025, a total of 571.5 billion yuan in new local government bonds was issued, comprising 82.5 billion yuan in general bonds and 489 billion yuan in special bonds [2]. - The total issuance of refinancing bonds reached 408.6 billion yuan, with 223.1 billion yuan in general bonds and 185.5 billion yuan in special bonds, leading to a cumulative issuance of 980.1 billion yuan in local government bonds for the month [2]. - The average issuance term for local government bonds was 14.4 years, with general bonds averaging 8.9 years and special bonds averaging 16.8 years [2][5]. Interest Rates - The average issuance interest rate for local government bonds in August 2025 was 2.04%, with general bonds at 1.89% and special bonds at 2.11% [3]. Year-to-Date Issuance - From January to August 2025, a total of 38,874 billion yuan in new local government bonds was issued, including 6,208 billion yuan in general bonds and 32,666 billion yuan in special bonds [4]. - The total refinancing bonds issued during this period amounted to 37,964 billion yuan, with general bonds at 12,089 billion yuan and special bonds at 25,875 billion yuan, resulting in a total issuance of 76,838 billion yuan [4]. - The average issuance term for bonds in this period was 15.5 years, with general bonds averaging 8.8 years and special bonds averaging 17.6 years [5]. Debt Repayment - In the first eight months of 2025, local government bonds had a principal repayment of 19,755 billion yuan, with refinancing bonds accounting for 17,027 billion yuan and other fiscal arrangements for 2,728 billion yuan [7]. - In August alone, the principal repayment was 4,975 billion yuan [7]. Interest Payments - A total of 9,863 billion yuan in interest was paid on local government bonds from January to August 2025, with 1,549 billion yuan paid in August [8]. Debt Balance - As of the end of August 2025, the total local government debt balance was 532,484 billion yuan, with general debt at 172,728 billion yuan and special debt at 359,756 billion yuan [9]. - The average remaining term for local government bonds was 10.4 years, with general bonds at 6.1 years and special bonds at 12.4 years, and the average interest rate was 2.88% [9].