台灣股票市場填息情形與股利所得稅關係探討

The Discussion on Ex-Dividend and Cash Dividend Income Tax in Taiwan Equity Market

黃德基(HUANG TE CHI)

指導教授 ： 林哲群

國立清華大學/科技管理學院/高階主管經營管理碩士在職專班/碩士(2016年)

摘要

摘要
本研究主要是研究台灣證券市場中現行的除息制度或是股利所得稅制是否合理。自從兩稅合一時實施以後，自然人的股利所得必須納入綜合所得稅進行申報。所得稅是依據指納稅人所得額為課稅對象的各種稅收之統稱，依照國際慣例，稅法規定的「所得額」是指納稅人在一定的期間內，由於生產、經營等取得的可量化收入，再扣除為取得這些收入所需要的各種開銷後的淨額，亦即所得稅是針對純所得的徵稅。
今日台灣政府對自然人課徵股利所得稅，即表示政府認同(現金)股利是國民的實際所得淨額，既然政府將現金股利視作國民的實際所得淨額，那麼表示現金股利應是獨立於股票市價的。另一方面，台灣證券市場現行做法是由台灣證券交易所公告除息參考價，這部分即是代表政府認同「除息前股價 = 除息後股價 + 現金股利」。由上述兩點，可發現到台灣的政府在針對現金股利的政策上有所矛盾，一方面將現金股利所得視為國民的實際所得，但另一方面又將其視為從原本的股價扣除出來的部分。
對於政府政策上的矛盾，部分投資人曾針對這點對政府提出詢問，於是台灣證券交易所於2015/10/21發出「除權除息制度說明」的新聞稿，在該新聞稿中強調：「我國配息除息制度符合學理，且是國際絕大多數市場的作業原則」。同時，台灣政府自2015年起，將綜合所得稅中的股利所得扣抵率降為原本的1/2，更突顯出政府將現金股利視為國民實際所得的態度。
基於政府部門的政策明顯的不一致性，筆者想藉由國內外過往研究報告，以及國內實際案例，搭配本身多年的證券從業經驗，由不同的角度切入，藉以探討現金股利、股價、股利所得稅三者應有的合理關係。

關鍵字

台灣證券市場 ； 除息 ； 現金股利 ； 股利所得稅 ； 兩稅合一制

並列摘要

Abstract
The initial purpose for this thesis is to study whether the tax for cash dividends combined with Individual Income Tax is reasonable in Taiwan Stock Market, and we also want to know the weakness or the limitation for Ex-dividend System in Taiwan. After the implement of Imputation System for the Integrated Income tax in Taiwan, cash dividends of natural persons must be calculated in Integrate Income tax. By definition, Income tax must be a period charge levied on both earned net income and unearned net income, so we can simply understand that the income Taxable Base is original income deducting the necessary expenses.
Nowadays the Taiwan Government levied a Dividend Tax on cash dividends from natural persons means that the Taiwan Government treating cash dividend as actually one of a net income item for the natural persons: and we can obtain our first conclusion from the Taiwan Government Policy that cash dividends is independent on the stock price. In the same time, we can get the “Ex-Dividend Reference Prices” published on Taiwan Stock Exchange (TWSE) website where the Authorities also put the formula for computing the reference prices on, and we can obtain our second conclusion from the Taiwan Government Policy that cash dividends is dependent on the stock prices. There seems to be a contradiction between the different departments of Taiwan Government for its cash dividend policy. On the one hand, the Government treats cash dividends as nature person’s actual income, but on the other hand, the Government treats cash dividends are original from deducted stock price.
Because of the policy contradiction from Taiwan Government, some investors have questioned the government. TWSE issue a press release on 2015/10/21,” An Explanation for Ex-Dividend Policy”, it explained “Cash Dividends Policy is settled on theoretical base, and the principle is also the same with the international market. ”ON the other way, the Tax Deduction Ratio for Cash Dividends was reduced to half of the original in 2015, the situation also highlights that cash dividends be treated as actual personal net income.
Base on the apparent inconsistency of the government policies, we want to study the researches and academic report about the cash dividends and income Tax policies related to cash dividend in different countries. We will discuss these issues in many point of view, and hope to find some relationships between cash dividends, stock price, and Cash Dividends Income Taxes

並列關鍵字

Taiwan Stock Market ； cash dividends combined ； cash dividends ； Cash Dividends Income Taxe ； Imputation System, Integrated Income Tax

參考文獻

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