活跃资本市场目标下资本利得税收政策的国际经验与启示

On the Capital Gains Tax Policies under the Goal of Active Capital Market:International Experience and Its Enlightenment to China

活跃资本市场,提振投资者信心,促进我国资本市场长期向好,需要夯实支撑资本市场健康发展的税收政策基础。当前,大多数国家和地区都对机构投资者和个人投资者的资本利得或资本亏损实施了税收优惠政策。有鉴于此,本文通过总结国际经验,基于我国国情提出资本利得税收政策的完善建议:对机构投资者的股票、基金转让收入免征增值税,并根据所得类型和股票、基金持有期限实行差别化的企业所得税税率政策和资本亏损分类弥补与结转制度;对个人投资者,短期内可延续实施对其股票、基金资本利得暂免征收个人所得税的政策,待条件成熟时可在设立股票、基金资本利得免征额的基础上,对其长期资本利得实行更优惠的税率,并考虑实施个人投资者资本亏损扣除制度。

To activate the capital market,boost investors'confidence,and promote the long-term improvement of Chinese capital market,we need to consolidate the foundation of tax policies that support the healthy development of the capital market.Currently,most countries and regions have implemented preferential tax policies on capital gains or losses for institutional investors and individual investors.In view of this,this paper summarizes international experience and puts forward some suggestions on improving the capital gains tax policies based on Chinese national conditions:exempt institutional investors from value-added tax on their stock and fund transfer income,and implement different enterprise income tax rates and loss compensation&carry-forward system based on the type of income and the holding period of stocks and funds.For individual investors,the policy of temporarily exempting individual income tax on capital gains from stocks and funds can be continued in the short term.On the basis of establishing stock and fund capital gains exemption amount system,China can apply a more preferential tax rate to the long-term capital gains at an appropriate time,and a capital loss deduction system for individual investors will be taken into consideration as well.