| The time in last 2007 and 2008 is Chinese stock market concussion period of ups and downs , up early in 2007 from the Shanghai Composite Index at 2675.48 points, less than ten months of time soaring to the express in October 2007 of the 6124 points and then in the next short period of time express of 1820 points by the end of 2008 more than a year, the regulatory authorities in a short span of two years, three times the rate of stamp duty adjustment. Chinese stock market is obviously not conducive to healthy development by this enormous volatility, and adjust the stamp duty. The effect of questioning by investors generally, and the stamp duty revenue at a huge increase in financial as well as by people's criticism, so the reform on stamp duty of securities market has become an urgent requirement for the development of the overall situation.This article seeks to stamp out the reform of the past as the narrow factual research to the entire securities market in the securities tax system construction as the macro level to explore tax reform in stock market flower. On the basis of the securities tax system theory, to explore the current tax structure securities analysis and Empirical Analysis the effect of the previous stamp duty then adjust of securities tax system problems, in final put forward policy recommendations of the Securities Tax reform.This paper is divided into seven parts: the first part is the introduction, analysis the thesis research background, significance and the basic framework. The second part is the analysis of taxation securities basic theory, from theory to explore the need for the securities tax system, functions and effects of stamp duty as well as the significance of a reasonable tax system. The third part is analysis of current tax structure securities, from the international stock markets in major developed securities tax structure to analyze the characteristics of the Chinese tax system Securities. The fourth part researches the effect of stock market adjust the stamp duty, turn over of the empirical analysis to explore its effect primarily through the volatility of the stock, revenue. The fifth part analysis the problems of stamp duty in the existing stock market system through the many aspects of the stamp duty. Part VI analysis the proposed reforms of stamp duty in the stock market. Finally there is a brief conclusion.The first part, from the background to proceed of Shanghai and Shenzhen stock market ups and downs over the past two years and the stamp duty of three substantial adjustments in just two years, lead investors talk hot in the stamp duty, so as to arrive at the need for reform of stamp duty. And from the securities tax system on Chinese stock market or even the entire national economy, a brief analysis of the practical significance of stamp duty reform as a huge role in the development, and finally discusses the structure of this article briefly.The second part is divided into three sections. Section I analysis on the general theory of the securities tax system. First, from the securities tax system concept, the securities tax system will be divided into four levels and analysis each level of tax, obtained the securities tax system as a unified tax system contained in the various tax relationship between the unity of opposites. Second, by analysis the functions of the securities tax system, including the organization of financial revenue, optimize resource allocation, regulating income distribution, control the securities market and curb excessive speculation and so on. Section II analyzes the effect of securities stamp duty, by comparison with other types of tax analysis, come to focus on the effect of stamp duty, then to explore the possible negative effects attached. Section III analyzes the securities tax system reasonable and perfect for the development of the significance of Chinese securities market, including the stock market are the basis of taxation of securities and securities tax system reasonable or not has a decisive effect of the rise and fall of the stock market.The third part is divided into three sections. Section I describes the types of the securities settings, each aspect of the securities taxes drawn up from an analysis of the introduction of Chinese are currently the main aspect of the transaction stamp duty and income tax from the investment aspect, while the other aspect of the transaction tax, capital gains tax and estate duty and other gifts have yet to levy. Section II analysis on the securities stamp tax position, take out of stock stamp tax at the Chinese securities accounted for a unique leading position through the analysis of stock market on revenue from stamp duty accounted for the central fiscal revenue and the tax revenue ratio of securities analysis as well as the securities regulatory authorities to deal with the stock market volatility measures taken analysis every time. Section III analyzes the world's major securities market securities tax system. The world's major securities market securities are differences in the tax system through securities tax system setting to conduct the analysis and comparison of the USA, Britain and Japanese stock market. They generally does not rely on the stamp duty but for more emphasis on income tax and estate duty, which is the just opposite of Chinese current securities tax system.Part IV is divided into three sections. Section I reviews the history adjust the stamp duty of Chinese securities. Section II is the core of this article and also the focus, primarily through the case analysis method, the corresponding formula and software analysis the Chinese stamp duty on all adjust to the volatility of the stock market indexes, financial and tax income the impact of stock market then turn over and obtained the corresponding results. Section III summarizes the analysis of stamp duty adjust the effect, from the empirical analysis we can see that the stamp did not adjust the regulatory authorities to fully realize the intent of the adjustment policies, but make some extent exacerbated the Chinese stock market volatility and a vicious run.Part V is divided into five sections. Section I discusses the legal issues by the existence of stamp duty in Chinese stock market. Because of securities stamp duty is not at the scope of stamp duty law and stamp duty tax rates far exceed the upper limit, which apparent lack of legal basis. Section II analysis on the wrong question of stamp duty, including stamp duty and taxes only dislocation dislocation. Section III analyzes the stock market stamp exist the problem of excessively heavy taxes, the income from stamp duty on the calendar year accounted for the total net profit of all listed companies and the central fiscal revenue in total ratio analysis, can be drawn stamp duty are too heavy a tax burden. Section IV analyzes the scope of stamp duty tax in question is too small. Finally an analysis of stamp duty on the existence of unfair tax burden, tax and uneven distribution problem.Part VI is divided into two sections. Section I discusses the stock market's own reform of stamp duty, including the rate of stamp duty should be continued to fall in line with legal provisions and reduce the investor costs, differences in tax reform of stamp duty on the stock market, the expansion of the scope of stamp duty and handed over stamp duty tax revenues to the central government to reflect the fair. Section II examines the improvement of the tall securities tax system. First of all, perfect to explore other existing taxes such as investment securities income tax reform, mainly to change the tax disadvantages of double taxation for businesses and individuals. The second is to the timely introduction of a new securities tax system, including capital gains and securities transactions tax aspect IPO. Finally analysis the securities tax system related to such as strengthening the legal system related to tax, securities tax system with the entire tax system, the studies between the relationship and so on.Part VII is the concluding part.Through more than the most of seven research and analysis, we can draw the following conclusions: In the current Chinese securities market, securities tax system is imperfect which make stamp duty as a unique and dominant sound is also inconsistent with Chinese securities market development needs, it is necessary to reform the current stamp duty while a sound system of the securities. Only set up a securities tax system that match with the Chinese securities market, we can provide the sound development of Chinese securities market to lay a good solid foundation, and then due contribution to Chinese economic development made by the capital market!... |
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