The Study Of Tax Problem Of Financial Derivatives Trading Market In Our Country

Financial derivative is also called as financial derivative instruments, it is derived from the basic assets and its value is based on the basic variables. From the 70s of last century, financial derivatives is developing quickly, a lot of financial exchange places has promoted financial derivatives, including various new types and it is becoming a big feature in financial field. At present, financial derivative is becoming an essential part, almost every financial institutions and bank has opened the financial derivatives exchange business.On 1980s of 20th century, our country has developed financial future, but as for the conditions is not mature enough, which lead to the market disorder, therefore, the government stopped it. After the decades of development, our country has possessed the environment to develop financial derivatives exchange. Besides, the supervision system and technology system and related law system are all gradually mature. On last year, the exchange of stock index futures had been implemented and after one year development, the market has gained good performance, and it is believed that in the future, other kinds of financial derivatives will also be implemented.As one kind of financial tool to against inflation effect, financial derivative has gained popular reorganization of the whole financial field, but because its leveraged and speculative, it will bring related risk for investors. From the end of 2004, a lot of Chinese enterprises have suffered huge losses on future investment in the international market, from the lessons from China Aviation Oil incident, China Force incident and CSRB Copper incident in recent years, it is necessary to establish perfect legal system of derivative, especially the system of tax supervision. Financial derivatives involve many participators, and it is widely used in many types, which bring many difficulties for building tax policy, and tax collection. All of these bring great challenge for the completion of tax system.This paper aims to introduce the inter-influence between financial derivatives and tax policy and also the current situation of financial derivatives tax system. It will put the design principle and design objectives of financial derivatives of our country, and in the end, it will provide the specific ideas about completing tax policy of financial derivatives in our country.The first part is a simple instruction of the financial derivatives and exchange market. In this part, it will introduce the meaning and types of financial derivatives, and it will also introduce its traits and functions, besides, it will look back the development process of financial derivatives and analyze the current situation.In the second part, it will discuss the interplay between financial derivatives and tax policy. It will firstly analyze the influence of financial derivatives to tax policy, the role of tax in financial derivatives field and the impact of tax policy on financial derivatives exchange market to lay theoretical foundation for future analysis.The third part involves the general analysis of tax policy designing of financial derivatives exchange. It includes three sections:the analysis of current situation of tax policy of our financial derivatives; the introduction of tax policy experience of foreign financial derivatives; the design principles and objectives for establishing financial derivatives tax policy.Part four is the core of this paper, it provides the specific ideas for establishing sound financial derivatives tax policy in our country, according to the two development stages, it provides different tax policies. In the first section, it will discuss the current situation of financial derivatives in our country and also offer specific ideas, which mainly involves in the study of stock index futures; in the second section, it will analyze the future development environment of financial derivatives of our country and put related specific suggestions.