According to the relevant provisions of the pilot project of changing business tax to value-added tax, value-added tax is not levied on deposit interest. (d) No need to levy) According to the provisions of the pilot transition policy of changing business tax to value-added tax, the following financial goods are exempt from value-added tax: Hong Kong market investors (including units and individuals) buy and sell mainland fund shares through mutual recognition of funds, and managers of securities investment funds (closed-end securities investment funds and open-end securities investment funds) use funds to buy and sell stocks and bonds. Item (3) does not need to be levied. According to the Notice on Further Clarifying and Comprehensively Pushing Forward the Relevant Policies of the Pilot Financial Industry in the Reform of the Business, the interest income from financial inter-bank transactions obtained by securities investment funds through pledged purchase and resale shall be exempted from VAT. (item a does not need to be levied).