中国保险_对新发行政府金融债券恢复征收债券利息增值税；影响有限-China Insurance_ VAT on Bond Interest Restored for Newly Issued Gov’t_financial Bonds; Modest Impact

Flash | 04 Aug 2025 10:40:09 ET │ 8 pages China Insurance VAT on Bond Interest Restored for Newly Issued Gov't/financial Bonds; Modest Impact CITI'S TAKE MoF announced the restoration of VAT on government/financial bonds' interests from Aug 8th. For listed insurers, we expect overall impact to be modest and manageable, as: 1) only newly issued bonds are subject to VAT, where Rmb5.66 would be deducted for every Rmb100 interest income (equivalent to a 10bps cut for a 10-year gov't bond at 1.70%), vs. liabilit ...