完善我国现行证券市场税收制度的思路——基于中小投资者利益保护视角

Thoughts on the Improvements on the Current Tax System of Stock Market

税收作为国家宏观调控的重要手段,对证券市场有着特殊的作用机理,合理的税收布局有利于保护中小投资者的利益,促进市场稳定健康发展。通过"以税控市"的方式,优化现有的税收制度,利用公平课税与效率课税的手段保护中小投资者利益,发挥证券市场对社会资本的"储水池"功能,实现证券市场与实体经济之间的良性循环,是国际上主要成熟证券市场的普遍做法。比较单一的证券税制已经不适应我国证券市场发展,构筑流转税与所得税相结合的复合证券市场税收制度,可以有效促进市场价值投资,抑制投机行为。设想利用证券市场的双边和多边税收协定,保护"引进来"和"走出去"的双向进程中本国的税收权益。

As an important method of macroeconomic regulation and control, tax system plays a special role in stock market. Having a reasonable tax system is conducive to the protection of the interests of small and medium investors, as well as, promotes the stable and healthy development of the market. It is a common practice in the world to control the market by implementing taxation and optimising the existing tax system. It is also an important way to protect the interests of small and medium investors by implementing equitable and efficient taxation. Tax system assists to realise the virtuous circle between the stock market and the real economy. The single securities tax system has not adapted to the development of China＇s securities market. It can promote the market＇s value investment effectively and curb speculation behavior through building the compound stock market tax system with the combination of turnover tax and income tax. Through conceiving the use of bilateral and multilateral tax treaties in the securities market, it will protect the domestic tax rights in the ＂bring in＂ and ＂going out＂ process of securities markets.