論金融商品之課稅

Study on the Taxation of Financial Products

柯格鐘(Ke-Chung Ko)

《臺北大學法學論叢》 77期 (2011/03) Pp. 81-168

https://doi.org/10.6774/TULR.201103.0081

摘要

金融商品可分爲傳統與衍生性之金融商品，後者乃是交易者以傳統金融商品例如股票與債券爲對象，運用衍生性之手法，例如以遠期、期貨契約，履約與否之選擇權或者是交換契約，因此而產生出來的新金融商品。衍生性金融商品，乃人類運用其思考與概念而進行的新商品之創造，故衍生性金融商品在金融實務上的類型，可以極爲複雜與多元化。金融商品之課稅問題，比一般商品課稅問題更爲複雜：不僅涉及稅捐主體、客體、所得發生時點、發生地點、稅基之計算等，也包括稅捐立法上對於不同之金融商品採取不同的課稅待遇。此將產生違反稅捐競爭中立性的經濟效果，也將誘使納稅義務人採取稅捐規避行爲的手段。在本文中嘗試以兩件金融而品在課稅實務上發生過的爭議，亦即附買回債券交易與券商發行認購（售）權證收入課稅的問題，作爲討論對象以凸顯其問題依照實務目前立法之趨勢，似乎傾向將個人或營利事業取得因進行附條件交易所取得之利息所得，前者給予分離課稅，後者則併入營利事業所得中課稅，在稅捐立法上給予區別待遇，本文對此並不完全贊同。至於認購（售）權證之課稅，本文明確反對目前實務上所採取之生命週期的看法，應准許券商將發行認購（售）權證所須之相關成本費用，自收入中加以減除。

關鍵字

衍生性金融商品 ； 國庫券 ； 可轉讓定存單 ； 商業本票 ； 銀行承兌匯票 ； 遠期 ； 選擇權 ； 期貨 ； 附買回交易 ； 認購售權證

並列摘要

The financial products can be divided into traditional and derivative financial products, the latter but traders in the traditional financial products such as stocks and bonds as an object, the use of derivatives of the practices, such as forwards, futures contracts, the choice of whether or not performance Rights or an exchange contract, and arising out of new financial products. Derivatives are the concept of human beings to use their thinking and carried out the creation of new products, so the derivatives in the financial practice type, can be extremely complex and diversified. Taxation of financial products than the general commodity taxation is more complicated: not only tax subject, tax object, place the proceeds point, had occurred, the calculation of the tax base, including tax legislation adopted for the different financial products Different tax treatment. This will result in violation of the neutrality of taxes, the economic effects of competition; will also induce the taxpayer to take the means of tax avoidance behavior. In this paper tries to two financial products have occurred in the tax controversy practice, which is sold under repurchase transactions and securities firms issued bonds call (put) warrants income taxation issues, as the subject for discussion in order to highlight their problems. Practice in accordance with the trend of current legislation seems to tend to personal or business transactions made conditional due to interest income obtained from the former to give separate taxation, and the latter into the profit-seeking enterprise income tax, given differences in the tax legislation Treatment, this article does not agree to this. As for the call (put) warrants the taxation, this article clearly taken against the present practice of life-cycle view, should be permitted to be issued broker call (put) warrants to be related to the costs, to be deducted from income.

並列關鍵字

Derivatives ； treasury bills ； negotiable certificates of deposit ； commercial paper ； bankers' acceptances ； forwards ； options ； futures ； repurchase agreements ； call put warrants

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