金融市场发展中的税收立法选择——以税收对金融市场的调控功能为核心

次贷危机的发生引起世界对金融创新风险的广泛关注。为应对这次危机,税收作为财政政策工具,为各国普遍采用。但对适用于金融交易本身的税法规则,各国却未能进行深刻的反思。为促进本国金融市场发展而不断调低对金融交易的税收负担,必须经由比例原则和纳税人权利的审查而获得合理正当化的基础。减轻金融交易的税收负担对促进金融市场健康、稳定、有序发展的作用极为有限,反而在一定程度上削弱了公民权利实现的财政基础。随着金融市场从国民经济的核心演化为投机场所,各国对其课以低税负甚至免税缺乏必要的正当性。因此,对金融市场课税,应当重视的不只是其对金融市场发展的调节功能,而更应当关注税收所固有的财政收入功能,并以此为基础,遵循量能课税原则着手金融交易课税规则的构建。

Legislative Choice on Tax for Development of Financial Market——with the Focus on Function of Tax to Regulate

The subprime mortgage crisis had attracted more and more attentions on financial innovation risk in the world.Tax policy as one of important fiscal instruments was adopted to deal with this crisis in many states.However,the reasonability of the tax rules which decide the tax burden of financial transactions has seldom been reflected.The decrease of the tax burden of financial transactions in order to promote its native financial market is one of the reasons that enlarge the diversity of the profitability ratio between the financial market and industrial sector.The exorbitant profitability from financial transaction has resulted into the expansion of the monetary aggregates in financial market.This article analyzes the legislative intention of the lower tax burden for financial transactions in tax law of most states and believes there is not legitimacy to provide tax incentive or even exempt to financial transactions when the financial markets are becoming speculative places.This article believes that it is important to collect the similar tax on the financial transaction with industrial sector,so that the diversity of profitability ratio between financial market and industrial sector can be decreased and the development of these two sections in modern economics should develop in harmony with each other.Besides that,this article also suggests that the tax competition in financial markets should be avoided since the financial market in different countries can be substituted for one another.