营改增背景下股指期货税制构建研究

　　摘 要

　　20 世纪 80 年代，股指期货在美国兴起，现在已发展为世界期货市场中最重要的期货交易之一。20 世纪末，在全球范围内，只要有股市交易的国家和地区，就有股指期货交易市场。我国股指期货 IF300 在 2010 年 4 月 16 日正式上市交易。

　　税收对股指期货市场能够进行宏观调控，在其交易中发挥重要作用。不仅能够调节期货市场的资金流动，而且改变税率能对交易成本产生影响，从而影响市场的规模。如何构建合理的税收制度，以实现税收公平，避免成为股指期货发展的绊脚石，将成为股指期货税制设计的关键问题。

　　我国股指期货市场正处于起步摸索时期，其税制建设存在两方面明显的缺陷：1、缺乏一个配套的税制体系，税收政策导向作用不突出；2、征税范围较宽泛，具体操作性规定尚需进一步明确。从国际股指期货的发展历史来看，对股指期货征收增值税是一个世界性的难题，对其税收征管有很大困难，这对我国当前营改增背景下股指期货税制设计带来很大挑战。

　　论文在结构上共分为五章。第一章为绪论部分，论述了选题背景和意义、国内外相关文献综述、研究内容和采用的研究方法以及论文的创新之处和不足；第二章为股指期货概述及相关税收理论，分析股指期货交易的基本特征以及与股票、民商事合同和商品期货的区别，然后从对股指期货的征税意义、理论依据和税制基本要素三方面来论述相关股指期货税收理论；第三章为我国股指期货税制现状分析，从各交易环节分析股指期货现行税制，发现现行税制中存在的问题；第四章为境外股指期货税制比较分析，借鉴境外对股指期货课税方法以及各环节税制比较，提出构建我国股指期货税制框架时应系统整理股指期货税收制度，根据不同的性质所得区别征税，增加印花税税目和将营业税改征增值税；第五章为营改增背景下我国股指期货税制设计，根据十二五“营改增”税制体制改革大背景和股指期货税收制度设计遵循的原则，在各环节完善股指期货税制设计框架。

　　设计股指期货税制应当遵循的原则有五条：1、坚持实质课税原则；2、坚持税收中性原则；3、坚持发挥税收调控功能，明确税收政策导向；4、坚持现有税制为基础；5、坚持源泉扣缴。税制设计具体到股指期货交易中各个环节：在开户环节，补充印花税征税范围，将股指期货合约纳入征税范围，对其征收印花税税率要合理；股指期货交易过程中，对交易所、经纪公司中介服务收入和期货交易者买卖期货交易以增值税取代营业税的征收；在交割或平仓环节，投资者所获得的收益，要按照投资者的投资目的是套期保值还是投机交易来区别征税。

　　因此，有必要梳理我国的股指期货涉税现状，归纳现行税收政策中的问题，结合我国国情和营改增结构性减税趋势，设计股指期货交易各流程税制，完善我国股指期货税收法律制度的框架。

　　关键词：股指期货市场，税制构建，设计原则，交易流程，营改增

　　ABSTRACT

　　At the begining of 1980s, the stock index futures firstly originated from UnitedStates, having been gradually existed all over the world. In the end of 20 century,wherever there is a stock market for trading stock, there is stock index futures marketfor trading stock index futures. On April 16th, 2010, stock index futures Shanghai andShenzhen 300 traded officially in our country. Taxation is one of the importantmacro-control means of our country, playing an key role in the stock index futuresmarket. It not only changes the cash flow in the futures market, but also affectstransaction costs thus affecting the stock index futures futures markets throughchanges in tax rates. That how to design reasonable tax system, which not onlyensures to realize tax fairness, and also avoids becoming a stumbling block in theway, will be the key problem of tax revenue of the stock index futures in our country.

　　However, stock index futures market in China is still groping at its beginningstage. Discussion relating to taxation of stock index futures is relatively fragmentedand lack of systematic research, and the tax system of stock index futures supportingis not perfect. From a historical perspective of the development of the internationalfinancial futures, the application in the tax system design, the collection andmanagement methods and tax policy have been existing a series of problems, whichwill pose challenges to the current stock index futures taxation system in our country.

　　The paper is divided into five chapters. Chapter 1 is the introduction part. It tellsthe paper background, its significances, the domestic and foreign relevant reviews, theresearch conten, research methods and the creativities and insufficiencies. Chapter 2is overview of stock index futures and related tax theories, In the chapter, analyze thebasic characteristics of stock index futures and tell the differences with stocks, civil,commercial contract and commodity futures, and then discuss the related stock indexfutures taxation theory from three aspects such as the importance of tax, theoreticalbasis and levy objects. Chapter 3 is to analyse current taxation system of stock indexfutures in our country. Analyse the existing tax system in the trading process to findout the problems existing in the current stock index futures tax law system in detail.

　　Chapter 4 is comparative analysis with foreign stock index futures taxation. In thecharpter, draw lessons from foreign stock index futures market practicing the VAT taxand using theories of VAT, and give four suggestions for building taxation system ofstock index futures in our country. It is suggested that sort out completely taxationsystem of stock index futures, tax according to the different nature of the income,increases tax items in stamp duty, and take VAT instead of business tax. Chapter 5 isto design the stock index futures taxation system under the background VAT reform.

　　Perfect the stock index futures taxation system in every link of futures trading in thelight of principles of designing the tax system for stock index futures and under thebackground of VAT reform, namely one part of a twelfth five-year plan.

　　The principles to obey are as follows. One is to stick to the principle ofsubstantial tax. Second is to insist on the principle of tax neutral. Third is to displaythe tax regulation function and definite a clear tax policy direction. Fourthly, adhere tothe existing tax system. The last is to stick to source withholding. Specific to each linkin futures trading tax situation, in the process of opening an account, to perfect thelaw of the Provisional Regulations Stamp in China, modestly levy the provisions ofthe stock index futures contracts stamp duty. In Stock index futures trading process, toreplace the turnover tax VAT as to the futures exchange, intermediary service revenueand futures traders. In the process of closing transaction, regarding differentproperties of hedging and speculation tax income difference as the developmentdirection. However, based on the current situation of our country and the limit of thelevel of collecting tax and management, the development direction to be developed inthe future market and then make that distinction.

　　Therefore, considering the situation of our country and the change trend ofincreased structural tax cuts, it is necessary to comb the stock index futures currentsituation in our country, sum up problems in the existing tax policy, and to take theseprinciples as a guide in the process of trading the futures, put forward to improve thetax law system framework.

　　Key Words: the stock index futures market, construction of tax system, principles toobey, the process of transaction, VAT reform
 

　　目录

　　摘 要……I

　　ABSTRACT……III

　　目录……V

　　第 1 章 绪论……1

　　1.1 选题的背景和意义……1

　　1.2 文献综述……2

　　1.2.1 国外研究文献综述……2

　　1.2.2 国内研究文献综述……2

　　1.3 研究内容和方法……3

　　1.4 本文创新与不足……4

　　第 2 章 股指期货概述及相关税收理论……5

　　2.1 股指期货概述……5

　　2.1.1 股指期货的特征……5

　　2.1.2 股指期货合约和传统合同的区别……6

　　2.1.3 股指期货和股票的区别……6

　　2.1.4 股指期货和商品期货的区别……7

　　2.2 股指期货的税制概览……7

　　2.2.1 对股指期货征税的意义……7

　　2.2.2 股指期货征税的理论依据……8

　　2.2.3 股指期货税制基本要素……9

　　第 3 章 我国股指期货税制现状分析……10

　　3.1 我国股指期货税制现状……10

　　3.1.1 开户环节……10

　　3.1.2 开仓环节……10

　　3.1.3 结算环节……11

　　3.1.4 平仓或交割环节……13

　　3.2 我国现行股指期货税制框架下存在的问题……14

　　3.2.1 开仓环节存在的问题……14

　　3.2.2 结算环节存在的问题……15

　　3.2.3 平仓或交割环节存在的问题……15

　　第 4 章 境外股指期货税制比较分析……18

　　4.1 境外金融行业征收增值税方法……18

　　4.1.1 欧盟：基本的免税法……18

　　4.1.2 南非：缩小的免税法……19

　　4.1.3 新加坡、澳大利亚：进项税额允许抵扣的免税法……19

　　4.1.4 阿根廷：毛利息课税法……19

　　4.2 境外关于股指期货税制现状……20

　　4.2.1 开仓环节税制比较……20

　　4.2.2 结算环节税制比较……21

　　4.2.3 平仓或交割环节税制比较……21

　　4.3 境外股指期货税制对我国的启示和借鉴……22

　　第 5 章 营改增背景下我国股指期货税制设计……24

　　5.1 营改增税制改革……24

　　5.1.1 营改增背景……24

　　5.1.2 营改增影响……25

　　5.1.3 金融业营改增分析……25

　　5.2 我国股指期货税制设计应遵循的原则……26

　　5.2.1 坚持实质课税原则……26

　　5.1.2 坚持税收中性原则……27

　　5.2.3 坚持明确税收政策导向原则……27

　　5.2.4 坚持以现有的税制为基础……27

　　5.2.5 坚持源泉扣缴原则……28

　　5.3 股指期货各环节税制设计……28

　　5.3.1 开户环节……28

　　5.3.2 开仓环节……28

　　5.3.3 结算环节……29

　　5.3.4 平仓和交割环节……29

　　结语……31

　　致谢……33

　　参考文献……34