我国股票期权合约税收制度探讨

A Discussion on the Tax System for Stock Options Contracts in China

上证50ETF期权合约正式挂牌交易标志着我国股票期权市场的新起点。由于股票期权合约与企业员工股票期权、其他金融衍生品在交易对象、纳税额确认时点上均有不同,对我国金融衍生品税制建设提出了新的要求。本文通过梳理其他国家已有经验,结合我国已有税收框架,对适合我国股票期权市场发展的印花税、增值税和所得税政策进行了探讨。

The emergence of Shanghai 50ETF options contracts marks a new start of the stock options market in China. The stock options contracts are different from the employee stock options and other financial derivatives in terms of trading objects and time points for confirmation of tax amount, so they present new demands for construction of the tax system for financial derivatives. This paper reviews the gained experience of foreign countries. On this basis, combined with the existing tax framework in China, the paper discusses the stamp duty, VAT and income tax policies for the development of the options market.