Starting from the 8th, interest income from government bonds and other bonds will resume the collection of value-added tax. Institutions say the impact on securities firms' performance is relatively small.

According to the announcement on the value-added tax policy for interest income from national bonds and other bonds issued by the Ministry of Finance and the State Administration of Taxation, starting from August 8, 2025, value-added tax will be levied on interest income from newly issued national bonds, local government bonds, and financial bonds after that date. In the view of industry insiders, the restoration of value-added tax by adopting the "new and old segmentation" method is manageable for the impact on brokerage self-operated business. It is important to pay attention to the trend of stock-bond rebalancing in brokerage self-operated business, as well as the performance and valuation repair of the brokerage sector.