论我国融券交易中“补偿费用”的税收路径选择——以实质课税原则为研究视角

Levy Tax on "Substitute Payment" in Security Lending——A Perspective from Material Imposition Principle

融资融券业务的展开是完善我国资本市场的又一项意义深远的举措,随着融券业务逐步增多,其中相关利益的课税问题亦成为我国面临的新课题。正确理解融券交易中"补偿费用"的法律属性是构建融券交易所得的有效课税模式的基础。从反国际避税的现实要求来看,我国应当根据实质课税原则刺破"补偿费用"的形式面纱,将其等同于股息,以基础交易的规则来确定"补偿费用"的税收路径。

Financing security is a new move in capital market in China. With the development of security lending, the pattern of levy tax on financing security has become a new subject. The author points out that a better understanding of＇substitute payment＂ is a need to develop an effective taxation model. To stop international tax avoidance, we shouid take ＂substitute payment＂ in security lending as dividends and construct an effective taxation model according to the material imposition principle.