我國衍生性金融商品課稅之研究

諾貝爾經濟獎得主米勒(Merton M.Miller)讚譽「期貨等衍生性金融工程是人類二十世紀最偉大的金融創舉」，衍生性金融商品可以是理財、投資及避險的目的，也可以是投機或套利的工具，因應個人或企業之需要，財務工程人員可以任意組合及包裝符合投資者需要的金融商品，這也是金融商品日異創新之緣由。 99年1月1日以前傳統型金融商品與衍生性金融商品種類繁多，而且課稅標準及課稅稅率不一，基於減少租稅干預原則及兼顧金融市場健全發展，並達到輕稅簡政之目標，現行金融商品採10%分離課稅，但是由於我國個人綜合所得稅採屬地主義及證券(期貨)交易所得停徵，使得金融商品間之稅負仍存在不一致之情形。本研究主要探討證券商認購權證課稅爭議、結構型商品分離課稅之合理性、證券交易所得停徵及分離課稅稅率之競爭力等問題。本研究參考國內權威文獻及美國、日本及新加坡之課稅方法，並運用次級資料分析金融商品市場及賦稅結構。又採用質化研究方法，針對不同議題設定訪談題目，以財政部官員、會計師、證券商主管、國稅局人員為訪談對象，從不同角度來探討現行金融商品課稅之問題。本研究針對認購權證有關風險管理目的及自留權證之課稅爭議，建議國稅局尊重主管機關之意見、參考美國及日本對避險交易之認定方式；結構型商品分離課稅對資本利得課稅，但對於損失則不能扣除，建議對投資收益部分採分離課稅，資本利得則考慮透過修法之方式將結構型商品定義為「有價證券」範圍予以免稅；證券交易所得稅停徵雖然嚴重扭曲所得稅結構，但是，根據以往實施經驗及對投資市場.之衝擊，短期內仍維持現制（停徵），但是，由於營利事業所得稅之最低稅負制已納入該部分之所得為基本所得額，所以在計算上證券交易所得或損失並無困難，可先予復徵；至於10%分離課稅稅率，與鄰近香港及新加坡比較，香港存款利息及股利免稅，債券稅率8%，新加坡（債券）利息及股利免稅，我國在輕稅政策上，如能同步制定相關廣稅基之政策，分離課稅之稅率仍可進一步降低，使得資本市場更加蓬勃發展。

關鍵字

衍生性金融商品；金融商品課稅

並列摘要

As Nobel Laureate in Economics Mr. Melton M. Miller points out in his book On Derivatives that “derivatives have made it possible for firms and institutions to deal efficiently and cost effectively with risks and hazards that have plagued them for decades, if not for centuries”. Indeed, in response to the demands from international financial markets and individuals, derivative financial instruments have become so sophisticatedly devised that they are diversified into various new forms of derivatives to meet the needs of better risk management and efficient money management. In addition, these complicated transactions pose a big challenge to our tax system. In Taiwan, currently, transactions of financial products are subject to 10% separate tax. However, since our income tax systems adopt territoriality principle and gains derived from securities and futures are not subject to tax, the taxation among different financial instruments still remains inconsistent. This study investigates the taxation controversy of call warrant issued from securities dealers, the reasonableness of the separate taxation of structured notes, the problems deriving from the tax exemption of securities transactions, and the competitiveness issue of separate tax rate. The research method of this paper is to refer to the tax systems in the USA, Japan, Singapore, apply secondary data to analyzing financial instruments market and tax structure, adopt quantity research methods to interview accountants, officials from Department of Finance, tax bureau, and managers of securities firms to examine every perspective of the problems from current financial products. In conclusion, this paper intends to offer some suggestions to address these problems as follows. (1) As for defining derivative risk management of call warrant and the disputes of warrant tax, the tax bureau should respect the opinion from the Competent Authority and refer to the recognition for hedging transactions in the USA and Japan. (2) Concerning the separate taxation of structured notes, the loss should not be deductible, but the capital gains should be taxed separately. Moreover, this paper further suggests that the capital gains derived from transactions of structured notes should be defined as “securities” by means of the amendment of law, and thus are tax-exempt. (3) With regard to the fairness of taxation, the policy of tax-free capital gains from securities transactions remains controversial. Therefore, given that the minimum business income is included as part of basic income, there is no difficulty calculating the loss or gains from securities transactions. In this case, capital gains from securities transactions should be levied. (4) Regarding 10% separate tax rate, if we compare our taxation with our neighboring countries such as Hong Kong and Singapore, we find that earned interests and dividends are tax-exempt and bond interests are taxed 8% in Hong Kong, whereas bond interests and dividends are tax-free in Singapore. Referring to the taxation in these two countries, our government needs to adopt a tax policy based on fair and comprehensive principles to lower the rates of separate tax so as to make our financial market prosperous and booming.