| As one of important securities taxes, stock capital gains tax has levied for many years in many developed countries. However, stock capital gains tax has a direct impact on securities investment activities inevitably due to it imposes on capital gains acquired from securities investment activities, even has an impact on the operation of society and macroeconomy further. There has been large differences on the issue that whether levy stock capital gains tax in academia, stock capital gains tax has not been able to become a stable tax in the tax practice as well, most countries adjust stock capital gains tax all the times in order to facilitate the development of domestic capital markets. China’s securities market is founded later than other developed countries, from the stock market was established until now, the government has not imposed on the stock capital gains in order to nurture and develop the capital market. With the scale of China’s securities market larger increasingly and the continuous improvement of the structure of investors, standardization and institutionalization of the securities market has become an urgent and crucial work, relating to the healthy development of China’s securities market for long-term. The tax system is an important part of the stock market system construction, On the current stage, the securities tax structure which consists of stamp duty on securities transactions and dividend income tax has been exposed to its defects, the introduction of stock capital gains tax is a idea for perfecting the securities tax structure and promoting the standardization and institutionalization of the stock market. Starting from the Taxation principle about stock capital gains, this paper analyzes the necessity and feasibility of introducing a capital gains tax, tries to develop a set of tax system on stock capital gains according to China’s national conditions.The first part of this article is the overview section for the stock capital gains tax. It introduces the concept of the stock capital gains tax and the characters of the stock capital gains by elaborating the concept of capital gains, and illuminates the theoretical basis of the stock of capital gains tax, from the dimensions included market volume and liquidity, stock price volatility and investment decisions, this paper analyzes the impact of capital gains tax on the capital market. The second chapter discusses the shortcomings of the current tax system of China’s securities market, describes the necessity for the introduction of stock capital gains tax for perfecting the securities tax structure and promoting the standardization and institutionalization of the stock market and combining with the actual situation of China’s securities trading settlement, it analyzes the operational feasibility of the introduction of capital gains tax. Making use of the method of comparative study, chapter III analyzes the stock capital gains tax systems in different countries from the perspective of the way of taxation, tax burden, the definition of short-and long-term capital gains and stock capital loss compensation etc. and summaries the common practice in the world. The main contents of the fourth chapter is the design of China’s stock capital gains tax system, including determining the scope of the taxpayer, ways and rates of taxation, tax basis, the treating on capital losses and related tax preferential policies. |
