The Study of Construction of the Securities Taxation in China

【摘要 (中文/英文)】 证券在作为财产证明文件的同时,还是一种商品和投资工具。证券由于其特有的性质和功能,对市场经济的发展起着巨大的推动和促进作用。我国证券市场的发展历经了几十年的历史,已有了突飞猛进的进步,走过了发达国家证券市场几百年所走过的道路。截止2008年2月底,我国境内上市公司已达1547家,证券达2020只,总股本超过42834亿,总市值超过287718亿元,接近2007年GDP的1.17倍。由此可以看出,经过近30年,尤其是近几年的发展,我国证券市场已经颇具规模,成为市场经济中一股强大的力量。 但与证券市场的蓬勃发展相对应的是,作为调节证券市场发展工具之一的税收制度的建设却严重滞后于证券市场的发展,税收征管不能适应证券市场的现状。随着证券市场的快速发展,税收制度方面的弊端日益显现,不但不能成为促进我国证券市场健康发展的有利工具,甚至在一定程度上制约了我国证券市场的成熟与完善。 考虑到证券市场现行税收制度的现状,本人认为在这个领域进行研究具有较强的现实意义。本文定稿前夕,在2008年3月召开的全国政协十一届一次会议上,《完善我国多层次资本市场税收政策》被确定为“一号提案”,说明我国证券税制改革不可...更多避免。 本文力求通过对我国证券市场现行税收制度的评价分析,在借鉴国际先进经验的基础上,提出完善我国证券市场税收制度的一些设想。 第1章:证券课税理论及税种设计。从理论层次对证券课税进行论述。 对证券课税体现国家政治权力的管辖,是贯彻税收原则的要求,是证券市场健康发展的需要。证券市场税制一般在四个环节设置税种,既证券发行环节针对发行额征收流转税;证券交易环节针对交易额征收交易税;证券所得环节针对股息、利息或红利所得及转让的资本利得征收所得税;证券财产移转环节征收遗产税或赠与税。总体来说,四个环节的税种设置,分别以流转额或所得税为税基。税基不同对证券市场规模、结构及价格波动会产生不同的经济效应。 第2章:我国证券市场现行税制现状及其问题。分析我国现行税制运行及设置中的弊端。 分析我国证券税制的现状,首先要介绍我国证券市场的发展,自1981年至今,我国证券市场经历了成长、整合规范及高速发展几个阶段,目前已初具规模。税制方面可以概括为四个税种、三个环节,既征收与证券交易额相关的印花税和营业税;与交易所得相关的个人所得税、企业所得税。“三个环节”是指上述四个税种具体配置在这样三个环节:即在证券交易环节征收印花税或营业税;在股息、红利分配环节征收个人所得税或企业所得税;在证券转让环节征收企业所得税。 虽然我国目前的证券税制对促进我国证券市场的发展起到很大的作用,但其弊端是显而易见的。主要为:以证券交易额为税基的印花税不尽完善,对证券投资所得的征税存在缺陷,对资本利得的税务处理不尽合理。 第3章:发达国家证券税制介绍及其借鉴。分析成熟证券市场税制设计,并分析对我国的借鉴意义。 本章主要以美国、日本、英国、德国四个国家为代表,分析发达国家证券税制的设计,试图找出其中的规律,并综合各国家的税制设计分析对我国证券税制设计有借鉴意义的方面。 第4章:构建我国证券税制理论框架。从理论层次看我国证券税制的构架。本章首先从政策层面介绍我国证券市场改革的政策方向,结合一号提案提出,资本市场的税收政策应以合理投资为导向,倡导长期投资、抑制短期投机、保护中小投资者的利益、扶持中介机构健康发展,建立起多层次、多环节、协调征管、体现公平的资本市场税制。在此指导下,结合国内的理论研究成果,提出我国证券税制的理论框架, 第5章:针对现阶段我国证券税制建设的具体建议。结合我国证券市场及税收征管现状,对我国税制建设提出具体建议。 任何税制的设计都必须适应其所运行的环境,与所在市场及征管环境不适应的税制不仅不能起到良好的调节作用,而且会带来反效应,影响税法的严肃性,因此结合我国证券市场的现状,提出具体的税制建设建议,包括调整印花税、开征证券交易税、谨慎开征资本利得税、暂缓征收证券遗产税与赠与税以及消除对股息、红利的重复征税,取消对红股的征税。 

Securities are goods and investment tools as well as the certificate of properties.The securities market has accelerated the development of the market economy just because the proper nature and function of securities.In the past years our securities market has made great progress and gotten into a phase which took the developed countries about two hundred years to achieve.By the end of February 2008,the number of the companies on market has been 1547,the number of securitise has been 2020,the total equity has been 4283.4 billion and the market value has exceeded 28771.8 billion which was 1.71 times as much as GDP of 2007. From these numbers,we can see that after having developed for nearly 30 years,the securities market of our country has developed into considerable size and has become quiet an important element in market economy. In constrast to the quick development of the securities market,the construction of the securities taxation,which is one of the tools regulating the development of the securitise market, is lagged behind seriously, ,and the supervision of the taxation also can’t meet the need of the market.The defects of the tax system become more obvious as the securities market develops faster and constraint the improvement of it.Instead of being an efficient tool in promoting the development of securities market,the lagged tax system blocks the quick pullulation of securities market. Considering the condition of the tax system of the securities market in our country,I believe my study in this field will be helpful. In the 11th National Committee of the Chinese People's Political Consultative Conference held in march ,2008,improving tax policies for a multi-level capital market was pointed as the first proposal,which means the reform of securities taxation is inevitable. In the thesis I propose my thoughts of completing securities taxation system on the basis of analysis and remark of the current system and the introduction of advance experiences of developed countries. Chapter 1:The theory of taxing on securities and the design of taxes-The expositions on securities taxation on theoretical level. Taxing on securities reflects the jurisdiction of political power,and is the request of implementing tax philosophy and the development of securities market.Usually taxation on securities is set in four links,that is turnover tax on issuance of securities,securities dealing tax on securities transactions,income tax on interest,dividend,bonus and price difference of securities exchange,and presentation tax on transfer of securities.Totally,tax base of these taxes is either the turnover or the income.Different tax bases have different economic effect on the scale,structure and price of securities market. Chapter 2:The status and the imperfection of the securities taxation in our country-Analysis on the operation of securities taxation and the defect on separate tax related. To analyze the status of securities taxation in China,a brief introduction to the history of the securities market is necessary.The securities market has experienced several successive phrases since it is founded in 1981.They are the phase of pullulation, reformation and quick-development.There are four taxes set in three links currently,which are the stamp tax and business tax on securities exchange,income tax including individual tax and corporation tax on gains from holding securities and corporation tax on profit from securities exchange. Chapter 3:Introduction to securities taxation of developed countries and the reference we can get-Analysis on taxation design of mature securities market and the reference for us. In this chapter,I introduce the tax system in securities market of USA,Japan,England and Germany to find the reference we can get in design of our own securities taxation. Chapter 4: Establish the theoretical framework for the securities market- Construction of securities taxation on theoretical level. The taxation policy in capital market should be oriented to guild rational investment,promote long term investment and restrain short term investment,protect the benefit of small investors and support the development of agencies.So we can construct a multi-level and multi-link securities taxation which can harmonize tax collection and reflect equity. Chapter 5:Specific suggestions on the construction of securities taxation in our country contraposing the status in quo. The design of any tax system should fit the setting which it operates in,otherwise the tax system not only can’t play a good role in the regulation of economy,but also induce some anti-effects.So contraposing the status in quo,some specific suggestions are put forwarwd.Firstly, readjust the stamp tax;secondly,raise securities transaction tax;thirdly,collect capital gain tax cautiously;fourthly,defer collecting legacy and presentation tax;finally, eliminate double tax on dividend and bonus,and cancel the taxation on bonus shares.

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