摘要
金融商品的衍生變化複雜而多樣化，在政府開放金融業者開創與承作各種新業務後，現行課稅規定常常無法配合與適應快速的市場需求，不但造成業者與投資人難以正確預估稅負成本，甚至還出現許多課稅不公平的現象。尤有甚者，這些問題每每成為政府與業者或投資人間的爭議，甚而導致政府與民間訴訟。此外，由於新結構型商品的不斷推出，因發行對象不同而造成課稅待遇不公的問題亦日益嚴重。 衍生性金融商品可以連結的標的包括利率、匯率、股票、指數、商品、期貨及其相關組合等，範圍甚廣，而且衍生性金融商品可經由財務工程的方式，以複製、分割或重組而形成另一種混合型的衍生性金融商品。然而我國現行稅法對於金融商品的處理並不明確，導致金融商品間的課稅方式不一致，仔細分析造成這種現象的原因，主要是存在已久的免稅所得所致，個人海外所得不用納稅，造成結構型商品海外投資收益免稅，相對地，不利於僅單純連結國內資產或權利的金融商品發展。保險給付所得免稅，造成保險業者所發行的結構型商品獨享稅負優勢。此外，證券交易所得不課稅，則讓能以受益憑證包裝其商品的投信業者，得以有減輕稅負的機會。理論上言，除非是不同的發行機構，其業務受到不同的限制，否則任何業者都可以在現制下，努力去迎合與設計符合租稅優惠規定的商品。只是這種租稅扭曲，不但呈現出金融商品間稅負的不公，更進一步可能扼殺了我國金融商品的正常發展，不當的租稅減免對公平與效率的傷害，由此可見一斑，然而對於衍生性金融商品的租稅課徵，雖然沒有一套絕對標準的稅制，然而基於租稅公平與正義的基本要求下，如何修正我國的稅制，使其稅法規定更明確，並且使得金融商品的課稅更加一致性，才是刻不容緩的課題。
並列摘要
Derivative financial instruments have become essential tools of modern business and investment. Through their ability to separate, replicate, and recombine economic attributes into new forms of derivatives, financial instruments enable the shifting and redistribution of risks. Indeed, the growing sophistication of these transactions has been driven by the demands from business and financial markets for more effective risk management. These developments, however, raise serious challenges to income tax systems, involving issues of the character and source of income, the timing of income and deductions, treaty classification of payment streams, and identification of the owner of financial instruments. Moreover, the greater flexibility afforded to taxpayers by such transactions has expanded opportunities for tax arbitrage. Tax systems that have responded to these concerns have adopted a variety of different approaches. Each of these methods has merit in certain circumstances, but none provides a comprehensive solution to the tax issues presented. Thus governments and tax authorities should consider seriously all of the above, either individually or in combination, in developing new rules in this area; suitable approaches must balance the various tax policy objectives at stake, while addressing the risk management needs of taxpayers. Ultimately, the innovation and expanded use of financial instruments test the viability of the current frameworks of income tax systems and international tax agreements, and will continue to demand effective and appropriate responses.
參考文獻
1. 黃金澤（1999），衍生性金融商品財務處理，第3版。
5. 陳靜慧（2005），「國際金融商品課稅問題之研究」，未出版碩士論，國立臺灣大學法律學研究所。
2. Warren, A.C. (1993), Financial contracts innovation and income tax policy, Harvard Law Review, 107 (2), 460-492.
3. Warren, A.C. (2004), US income taxation of new financial products, Journal of Public Economics, 88 (5), 899-923.
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