Font Size: a A A

Research On Chinese Securities Tax System

Posted on:2003-10-21Degree:MasterType:Thesis
Country:ChinaCandidate:Q NieFull Text:PDF
GTID:2156360065450655Subject:Public Finance
Abstract/Summary:PDF Full Text Request
It has not been a long time since Chinese securities market developed. But the development of the market is very well. The market plays a more and more important role in Chinese finance market and social life. Although current tax policies have some functions in getting fiscal income, regulating securities market, restraining speculation and mitigating the unfair income distribution, they fall behind the prosperous securities market. The securities tax system is not an integrated system, for many regulations are made under the pressure of the situation as temporary countenneasures. It is essential to learn from foreign countries experiences and establish our own securities tax system. The thesis tries to provide some useful suggestions for our securities tax system through elaborating relative theories and practice.The main contents of all four parts are as follows: Part one: Theoretical analysis of the policies on the securities tax system. Firstly this part briefly analyzes tax policies in securities market. Then, it particularly analyzes two major tax tools: securities circulation tax (namely stamp duty and tax on securities exchange) and securities income tax (tax on earnings from securities exchange and tax on earnings from securities investment).The aim of the securities tax is mainly about raising fiscal income, regulating the fund circulation, safeguarding the justice in society and controlling the cost of transaction, adjusting the frequency of deal. According to different way of classification, the securities tax and its tools may be sorted to different category. The most important classification is that tax policies can be divided into securities circulation tax, securities income tax and securities property tax. The present stamp duty is not a perfect tax on securities exchange that is based on the transactions of negotiable and levied in the light of total amount regardless of gain or loss. The tax on securities exchange can influence investors' decision and behavior directly through increasing or decreasing the cost of transaction. So it can affect the development of securities market. The tax on earnings from securities includes tax on earnings from securities exchange and tax on earnings from securities investment. It can affect securities market by means of balancing investors' income. In the light of economic analysis of securities tax policies, we may conclude that securities market has a closerelationship with securities tax system.Part two: The history and current situation of Chinese securities tax.This part briefly reviews the changes and development of securities tax after securities market appeared, and analyzes the main deficiencies of current securities tax system.A perfect securities tax system has some characteristics. For instances, its tax rates reflects the principles of equality and efficiency, it can balance the profit of central government and local government, it considers the convenience of tax levy and management thoroughly, and it is beneficial to regulating behavior in market. Present securities tax system consists of three parts:The stamp duty in securities issuing market and exchange market. (2)The enterprises income tax and personal income tax on earnings from securities exchange and dividend.(3)The business tax levied on the turnover of the organizations engaged in securities exchange. The eleven years' practice proves that the single, unsystematic securities tax system with stamp duty as its main part, as a product of immature securities market has exposed its deficiencies and is not adaptable to the development of securities market. For example, the stamp duty has many deficiencies such as its law basis is not enough, levy scale is narrow and limited, tax rate is irrational, the regulation that whom income belongs to is unclear, and levy scale is overlapped with inheritance tax. Therefore we must strengthen the research of securities tax and establish a systematic and perfect securities tax system.Part three: The comprehensive analyses of the...
Keywords/Search Tags:securities market, tax policy, stamp duty
PDF Full Text Request
Related items