新稅制下之節稅理財規劃

An Analysis of Wealth Planning after New Tax Law

柯立培(Li-Pei Ko)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融學研究所/碩士(2011年)

https://doi.org/10.6342/NTU.2011.03296

摘要

在2008年，震驚全世界的金融海嘯橫掃世界之前，我之前工作的公司很幸運的賣給了舉世聞名入口網站:雅虎，台灣分公司。出售股權的所得，產生了高額稅負，2009年所得稅繳納期間，我個人繳了八位數以上的所得稅。一夜之間，我變成那間銀行當年度個人綜合所得稅繳稅第一名的大戶。巨額的稅款，才突然讓我警覺到理財與節稅的重要性。繳稅固然是國民的義務，但是在近年，台灣稅制上逐漸與國際的接軌，如何能準確的掌握理財工具，提升投資效益並合法的節稅，對擁有億元以上身價的高收入或高資產族群，實在是一個不得不面對的議題。
本研究出發點，是把個人的所得、開銷、稅負等匯整納入一個會計損益表的概念。初始透過有效率的資產配置，將收入所得極大化。另一方面，也如同資本市場在看待上市櫃公司，重視在稅後的實質所得，讓應繳的稅負，合理且合法降低。因此，我們探討了在2006年與國際接軌的最低稅負制的精神與內涵，讓許多所得從原本不課稅的條件下，逐步走上應納的稅負。其中包括壽險、年金險保險給付、未上市櫃股票交易所得、非現金捐贈扣除額、、、等，原先滯留在海外的所得也必須要納入最低稅負申報。
2009年遺贈稅調降後，許多原本停留在在海外的資金回流。因此在理財上，如何極大化資產配置所得，透過投資組合理論，讓資產投資效率變高，我們也依據一些投資大師，包括馬可維茲等所提出的理論，引述做為論證的基礎。
在這幾個前提下，包括極大化配置資產的效率，並同時著眼到稅負，包括最低稅負、遺贈稅改變的考量。我們試著從不同的族群，包括退休族與科技新貴，從財務管理的角度依據不同個性對不同風險的承受度，包括穩健型、積極型，模擬了一些案例。經過相關條件設定的模擬試算，並充分考慮在稅制改變後的真實狀況，來做為這個論文的研究基礎。
節稅管道年年縮減，2006年實施最低稅負制後，原先高資產族群擅用的方式就大幅被防堵。要在法令變換後，做妥善的理財節稅規劃，已經變得刻不容緩，也需要更積極的去面對。

關鍵字

最低稅負制 ； 遺產稅 ； 贈與稅 ； 投資組合理論 ； 馬可維茲

並列摘要

In 2008, before the Financial Tsunami rattled the whole world, the company I worked for was luckily sold to the world famous portal site, Yahoo, Taiwan branch. The income from sold equity generated high taxes. During the tax year of 2009, I personally paid the tax amounting to a number in 8 digits.

For one night, I became the payer of the highest individual income tax in the year. The huge number of taxes made me realize the important of financial management and tax saving. Providing paying taxes is a citizen’s obligation and Taiwan’s tax system also tries to align with international standard, it’s sensible for the high income, or high net worth population, such as billionaires to notice the issues of better management of their financial situation and efficient enhancement on investment profits while saving taxes legally. The key point of this study is to integrate individual income, expense, and tax to an accounting concept of profit and loss statement. If an efficient allocation of assets can be done initially, it’s possible to maximize the income.

On the other hand, as the way capital market treats the listed company, they focus on the actual income after tax. It’s important to save taxes in a legal way. Therefore, we discuss the spirit and concept of alternative minimum tax launched in 2006 to connect with international standard, which includes more taxed conditions, such as life insurance, annuity, unlisted stock income, and non-cash donation deduction etc, even the overseas income that is considered in the alternative minimum tax.

After the reduction in estate and gift tax in 2009, the capital that originally stayed overseas returned back to domestic market. Therefore, we introduced a series of investment masters’ theories, such as Markowitz’s theory as a basis for demonstration of maximizing asset allocation income while increasing efficiency of investment through portfolio theory.

In the aforementioned preconditions, including maximizing efficiency of asset allocation, we also consider tax system, including alternative minimum tax and the change of estate and gift tax. We try to analyze the acceptance of different populations with different personalities to risks through the perspective of financial management and undertake a few case studies for stable and aggressive styles. After setting conditions and simulating calculations, in addition to considering the actual situation after the tax system was amended, we developed a study basis for this thesis.
The channels for tax saving are being cut down each year. Since the alternative minimum tax was established in 2006, the original methods widely adopted by high net worth population to save taxes have been mostly blocked. After the government amended tax rules, there’s an urgent need for everyone to better manage tax saving in a more spontaneous way.

並列關鍵字

alternative minimum tax ； estate tax ； gift tax ； portfolio theory ； Markowitz

參考文獻

1.Brinson, G. P., L. R. Hood, and G. L. Beebower, 1991, "Determinants of Portfolio Performance II: An Update," Financial Analyst Journal, pp. 40-48.

2.Markowitz, Harry, “Portfolio Selection”, The Journal of Finance, 1952, pp. 77~91.

5.經濟部投資業務處審議委員會，http://www.moeaic.gov.tw/

國內部分

1.王正芬、陳裴紋，2008，「近年我國資金外流的原因、問題與影響」，中央銀行季刊，35卷1期，37-54。