On August 1, the Ministry of Finance and the State Administration of Taxation issued an announcement regarding value-added tax policies on interest income from government bonds and other bonds. Starting from August 8, 2025, value-added tax collection will resume on interest income from government bonds, local government bonds, and financial bonds newly issued on or after that date (including the date itself). For government bonds, local government bonds, and financial bonds issued before that date (including portions continued to be issued after August 8, 2025), VAT exemption will continue on interest income until bond maturity. The aforementioned financial bonds refer to securities issued by legally established financial institution entities in the People's Republic of China in the national interbank and exchange bond markets, which provide scheduled principal and interest repayment and are held by financial institutions.