認購（售）權證發行所得之課稅爭議－評大法官釋字第693號解釋

The issue of the offering prices of call (put) warrants which shall be subject to income tax or not-Comment J.Y. Interpretation No. 693

林其玄(LIN,JI-SYUAN)

《嶺東財經法學》 9期 (2016/12) Pp. 172-237

摘要

在民國96年所得稅法增訂第24條之2以前，關於認購(售)權證之課稅，財政部以函令認定證券商發行權證取得之發行價款係權利金，應課徵營利事業所得稅，至認購(售)權證發行後，發行人為履行或為準備履行(避險)約定之權證債務所為之相關證券交易，則認定為證券交易損失，而不得從權利金收入扣除避險交易損失。其所涉及者乃權證之稅捐客體與稅基計算等課稅構成要件事項之實體規範，並非單純屬執行法律之細節性、技術性等程序上之次要事項，依租稅法律主義本應由立法機關以立法方式建構，卻由財政部以函令規範。且證券商發行權證本需搭配避險操作，依財政部函令見解卻不得將避險損失列報為發行成本，亦有違反量能課稅原則與憲法對財產權之保障。雖然大法官釋字第693號解釋認定相關函令為合憲，但其解釋仍有許多疑義存在，相關問題亦是稅法上重要議題，本文試從相關面向分析，希有助於釐清權證課稅之相關問題。

關鍵字

認購權證 ； 認售權證 ； 所得稅 ； 證券交易 ； 租稅法律主義 ； 量能課稅 ； 財產權 ； 客觀淨值原則 ； 收入費用配合原則

並列摘要

Before July 11, 2007, the letters order of the Ministry of Finance thinks that the issuance price of call (put) warrants shall be premium income and not securities exchange income. As such, Article 4-1 of the Income Tax Act shall not be applied. Related securities exchange income after the issuance of the call (put) warrants shall not be stated as taxable income for the levy of income tax. Accordingly, related capital loss from securities transactions for the performance or hedge after the issuance of call (put) warrants shall not be deducted from taxable income. Comment J.Y. Interpretation No. 693 also agrees this opinion. But the opinion may be defiance the doctrine of the legal foundation of taxation, the ability-to-pay principle and the people's right to property is guaranteed.

並列關鍵字

call warrants ； put warrants ； income tax ； securities exchange tax ； equity ； taxation by capacity