欢迎扫描下方二维码关注： 财政部 税务总局 关于明确快递服务等增值税政策的公告 财政部 税务总局公告2025年第5号 现将快递服务等增值税政策公告如下： 一、 快递企业提供快递服务取得的收入，按照"收派服务"缴纳增值税 。 本公告所称快递企业， 是指在境内从事快递业务经营并依法取得快递业务经营许可的企业，上述企业向邮政管理部门备案的分支机构，以 及上述企业或者上述分支机构向邮政管理部门备案的快递末端网点。 快递末端网点， 是指提供快递末端服务的经营网点。 本公告所称快递服务 ，是指在承诺的时限内完成快件的收寄、分拣、运输、投递服务的业务活动，不包括快递企业仅提供运输服务的业务 活动。 快递末端服务是 指上述收寄、投递服务。 快件 ，是指快递企业递送的信件、包裹、印刷品等物品。 收寄服务 ，是指快递企业接 受寄件人委托，完成快件下单、验视、包装、封装等服务的业务活动。 分拣服务， 是指快递企业对快件进行归类、封发的业务活动。 投 递服务 ，是指快递企业将快件按约定方式投交到约定的地址或收件人的业务活动。 二、 具有网络平台道路货物运输 （以下简称网络货运）经营资质的纳税人，从事网络货运经营， 自行采购并交付给实 ...

本报讯 （记者韩昱）财政部8月13日消息显示，财政部、税务总局发布了《关于明确快递服务等增值税 政策的公告》（以下简称《公告》）。 《公告》明确，快递企业提供快递服务取得的收入，按照"收派服务"缴纳增值税。 《公告》也明确，具有网络平台道路货物运输（以下简称网络货运）经营资质的纳税人，从事网络货运 经营，自行采购并交付给实际承运人使用的成品油、天然气、电力、氢能、二甲醚、甲醇以及其他各类 车辆燃料（能源）和支付的道路、桥、闸通行费，同时符合下列条件的，其进项税额准予从销项税额中 抵扣：一是，成品油、天然气、电力、氢能、二甲醚、甲醇以及其他各类车辆燃料（能源）和支付的道 路、桥、闸通行费，应用于从事网络货运经营纳税人委托实际承运人完成的运输服务。二是，取得的增 值税扣税凭证符合现行规定。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Maintains the view that August - October is a headwind period for the bond market. Currently, it has entered the starting point of the second stage of the bond market's three - step process in the second half of the year. August is regarded as an oscillatory adjustment period after redemption, but the market has not shown a trend improvement in the quarterly dimension [26]. - In the short term, there may be a small - band long - trading window in the first half of August. New bond issuance pressure is low, the VAT policy still benefits old bonds, large banks' bond - allocation power is strong, funds are loose, upcoming weak financial data may provide a profit - taking window, and historically, policy windows usually occur in the second half of August [28]. - For trading portfolios, seize the sentiment - repair period in the first half of August for small - band trading. Take profit at around 1.65% and pay attention to spread opportunities brought by the VAT policy [45]. - For allocation portfolios, wait for new bonds to adjust to more suitable positions, and consider old bonds at curve convex points, such as 6y CDB, 7y ADBC, 10y CDB, and 15y treasury bonds [48]. 3. Summary by Relevant Catalogs 3.1 Value - added Tax New Rule: One - week Market Conditions - **Emotional Impact Stage (August 1st, 4th)**: The "old - new cut - off" of the VAT policy led to tax - exemption advantages for old bonds. Institutions rushed to buy old bonds, with the yield of the 10y treasury active bond dropping from 1.715% to 1.68%, then rising back to around 1.7% due to profit - taking and a strong stock market [13]. - **Bank Bond - buying Stage (August 5th - 7th)**: Banks continued to buy bonds, with the intensity weakening. On August 6th, the Agricultural Development Bank and the Export - Import Bank rushed to issue tax - exempt bonds. The auction results started to price in negative factors as investors awaited higher - yielding new bonds [16][19]. - **New Bond Issuance Stage (August 8th)**: The first batch of local bonds in Hebei and Hubei were auctioned. The adjustment of Hebei bonds was large, attracting more investors to Hubei bonds. The overall impact of VAT on new bonds was controllable, with the adjustment range mostly within the 3 - 6% tax rate [22][24]. 3.2 Bond Market Strategy - **Quarterly Dimension**: Maintains that August - October is a headwind period for the bond market. The bond market is in a difficult trading situation, and accounts need to gradually increase liquidity [26]. - **Short - term (First Half of August)**: There may be a small - band long - trading window. New bond issuance pressure is low, funds are loose, weak financial data may provide a profit - taking window, and policy windows usually occur in the second half of August [28]. - **Trading Portfolios**: Seize the sentiment - repair period in the first half of August. Take profit at around 1.65% and pay attention to spread opportunities [45]. - **Allocation Portfolios**: Wait for new bonds to adjust and consider old bonds at curve convex points [48]. 3.3 Interest - rate Bond Market Review - **Overall Situation**: The central bank's support and the VAT new policy had limited impact. Long - term bonds fluctuated within a narrow range. The yield curve steepened, with the 1y treasury active bond yield down 1.5BP, the 10y down 0.4BP, and the 30y up 1.8BP [9]. - **Funding**: The central bank's OMO had a large - scale net withdrawal, but the funding was balanced and loose. DR001 and DR007 were at low levels, and the central bank's front - loaded 3M term repurchase operations showed a supportive attitude [10]. - **Primary Issuance**: Net financing of treasury bonds, policy - financial bonds, and inter - bank certificates of deposit increased, while that of local bonds decreased [69]. - **Benchmark Changes**: The term spreads of treasury bonds and CDB bonds widened. Short - term bond yields performed better than long - term ones [63].

Group 1: Market Overview - The fixed income market is experiencing a decline in investment returns, prompting investors to seek "fixed income plus" products to enhance yields while managing withdrawal risks[14]. - The recent policy to restore value-added tax (VAT) on bond interest income is expected to reduce returns by 5-10 basis points (bp) for bond investors[14][15]. - The bond market is currently seeing a recovery in sentiment, with significant fluctuations in interest rates and a high issuance volume of government bonds[40][44]. Group 2: Investment Strategies - The North Exchange's online IPOs offer low-cost, high-yield opportunities, making them suitable for "fixed income plus" strategies[16]. - Historical data shows that the average first-day return for new stocks listed on the North Exchange in 2024 was 245%, with no instances of price drops below the issue price[16]. - A strategy involving the maximum subscription amount (5% of the initial issuance) yields an average return of 0.17%, while optimizing for minimum investment can lower returns to 0.12%[21][27]. Group 3: Recommendations - Investors are advised to focus on "fixed income plus" opportunities due to the low withdrawal risk associated with the North Exchange's IPO strategy[35]. - The optimal investment strategy involves adjusting the investment amount to achieve a balance between success probability and return efficiency, with a target return of 0.20% when investing 2.5 times the minimum subscription amount[30][31].

Core Viewpoint - The article discusses various tax policies and exemptions related to value-added tax (VAT) for different sectors, including public rental housing, rural drinking water projects, and the sale of vegetables, emphasizing the importance of proper accounting and documentation to qualify for these exemptions [3][5][8]. Group 1: Tax Policies for Financial Products - Taxpayers purchasing financial products such as stocks or funds are required to pay VAT on interest income, while non-principal guaranteed income is exempt from VAT [3]. Group 2: VAT Exemptions for Public Rental Housing - Income from renting public rental housing is exempt from VAT, provided that the rental income is separately accounted for [5]. - The public rental housing must be approved by local government authorities and managed according to specific guidelines to qualify for tax exemptions [5]. Group 3: VAT Exemptions for Rural Drinking Water Projects - Operators of drinking water projects providing water to rural residents are exempt from VAT on sales revenue from water supply [8]. - For operators supplying both urban and rural areas, VAT exemptions are based on the proportion of revenue or volume of water supplied to rural residents [8][9]. Group 4: VAT Policies for Vegetable Sales - Taxpayers selling both vegetables and other taxable goods must separately account for sales to qualify for VAT exemptions on vegetable sales [4].