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Law and Economics Analysis on China 's stock market capital gains tax

Author: WangYun
Tutor: LiuJiPeng
School: China University of Political Science
Course: Law and Economy
Keywords: Stock market Capital gains tax Stamp duty on securities transactions Law and Economics
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 210
Quote: 0
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Abstract

China's stock market is very sensitive to capital gains tax has been, whenever there are rumors that the taxation of capital gains, the stock market variable shocks disturbed. The tax system of the stock market of the world summed up in two modes, the first is based on the mode of stamp duty on securities transactions based turnover tax, the second is the capital gains tax (securities income tax) income tax-based mode, emerging market countries out of foster market needs much capital gains shall be exempt from mature market countries, while the second mode. By comparison of the two stock market tax model, can be seen: First, capital gains tax, income tax based model is the market economy develops to a certain stage is the development direction of China's stock market tax; Second, using mode need to tax the country's specific national conditions, the degree of development of the market to adapt. Our country is emerging market countries, the stock market tax system is a single stamp duty on securities transactions, did not levied on income from stock transfer. The stamp duty on securities transactions is an act of tax evolved from the traditional stamp duty regulators functional orientation of the stamp duty on securities transactions to curb excessive stock market speculation and to increase fiscal revenue, in fact, this is beyond the ability of the stamp duty on securities transactions. Of stamp duty on securities transactions legal basis in accordance with departmental regulations, the provisions of the legal dimensions of; regulatory authorities regulate the stock market means the administration of stamp duty on securities transactions under the control of the stock market showing a typical policy of the city features. Stock market tax system by the turnover tax model to income tax mode of this process is the improvement of the tax system, the system changes, the process is not a Pareto improvement would be the vested interests of some people to cause harm, and therefore must be fully assessed to capital gains tax The propulsion of costs, benefits, system improvements should be controlled within the scope of the market will bear. The stamp duty on securities transactions and capital gains tax is two completely different types of taxes, its function can not be substitutes for one another. Argumentation and analysis from the perspective of law and economics of the stock market tax system, China's stock market is not yet the capital gains tax reasons, come to the institutional arrangements of the present stage is the main reason to hinder the introduction of capital gains tax at this stage does not have the conditions of the capital gains tax. Based on this, the idea of ??China's stock market tax system to improve and perfect the existing stamp duty on securities transactions, the unilateral imposition of institutionalization. Such as capital gains tax in the future, there must be a buffer of a more determined, to investors in order to stabilize expectations, even if the capital gains tax does not respond to small and medium-sized investors should not increase the tax burden, the tax should be designed to encourage long-term investment and reinvested. China's stock market is in the emerging developing and transitional period in the current global financial crisis, China's economic development into the key structural adjustment phase, the paper that China should take advantage of this opportunity, hard skills, strengthen and improve the stock basis system, to be to the stock market is relatively mature, and then choose the levy. The paper is organized as follows: the first part of the Introduction. Introduces the purposes of this article and related literature review, and in this article involved the relevant concepts defined; second part of the world stock market two tax systems model and reference. Compared the stock market tax model based on the capital gains tax and stamp duty on securities transactions, the main stock market tax model, introduced mainly in the United States and Europe and Taiwan, for example, and compare the two tax model China has an important reference; third part of China's stock market capital gains tax law and economics. Analysis of stock tax status quo, as well as our country is currently exempted from capital gains tax reasons, mainly because China currently does not have the capital gains tax system and market conditions. The fourth part on the idea of ??improving the tax system of China's stock. Is to improve the stamp duty on securities transactions, the unilateral imposition of institutionalization; waive the time limit on the capital gains tax to establish a more reasonable, and envisages the specific provisions of the future capital gains tax. Finally, conclusions.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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