Study Of Financial Derivatives Related To Tax Issues

The financial derivative (FD for short), derivatives from financial assets ,not only represent the special transaction mode, but also the contracts. The FD have the characters of leverage, financial and dummy. Since the 1970's, the quick development of FD markets has become one of the most remarkable characters of international financial markets. The FD has become the theme of international financial field, almost all the large-scaled banks and financial organizations are engaged in kinds of creations and transactions actively. The FD markets have deeply affected the international financial markets.It has been proved that FD transaction is quite effective in risk avoidance and arbitrage. Chinese FD focus on commodity futures, but accompanied with the development of socialistic marketable economy and the progress of reformation & opening, especially after enrolled the WTO, various markets will must face the challenge from international markets. On the one hand, we must cope with the price risk brought by the domestic market, on the other hand, the international market. So, effects of FD will be more and more obvious. It will be very urgent to develop the FD market.As a new kind of economic action, the FD transactions will accelerate the economy development and offer some new task for Chinese tax system. There will be some new questions in design the taxation, collection mode and macroscopic policies.This article introduces the FD status in our country, imagines the market status in the future and some strategies are offered.This article composed by three chapters.The first chapter introduces the FD and FD market in China. There are four sections: the first two generalize the FD to explain the concept, species and functions; section 3 introduces the origin and development of Chinese future market divided into four periods, and draws some conclusions; section 4 mainly discusses thenecessity of rebuilding the FD markets in China.The second chapter discusses the emphases of the FD tax policy in China. There are three sections: the first two analyses the internal impact between tax and FD transactions; the last one expatiates the three emphases of tax policy.The third chapter is the core of this article. Based on the periodic strategy of the FD development, it expatiates the species of FD to be created in different periods and design the taxation system and policy. There are three sections: section 1 is about the tax and policy design of the beginning market, mainly the stock index and public debt futures; section 2 investigates the tax system of the mature FD market. Compared with the beginning, except for more species, the tax system will be more complicated;Section 3 discusses the tax design of internationalized market, mainly about how to guarantee the tax origin, strike the international tax avoidance and eliminate the international repeated taxation.