港股印花税率近年两次调整的原因及效果述评——兼谈港股交易税制的优化
A Review of the Causes and Performance of the Rates Adjustment of Stamp Duty on HK SharesAlso on the Optimizing of the Transaction Tax of HK Shares
张家璇 1吴秀波 2涂谨信3
作者信息
- 1. 上海外国语大学国际金融贸易学院
- 2. 复旦大学金融与资本市场研究中心
- 3. 美国罗格斯大学数学系
- 折叠
摘要
香港特区近年来反复调整港股印花税率,在增加财政收入与提高港股流动性之间权衡利弊.然而,无论是2021年调高印花税率来增加财政收入,还是2023年降低税率来改善流动性,短期内效果都不太理想.港股印花税制操作简单,从政府组织财政收入的角度非常成功,但是,港股印花税制不能赋予过多职能,例如期望它能够减少市场波动甚至改变港股指数走势.从优化税制以保持香港国际金融中心竞争力的角度看,尽管资本利得税更符合公平原则,但是税制复杂,且有台湾地区征收失败的教训,因此港股印花税制无需更改.未来在保证政府收入的前提下,适度调低税率甚至单边征收是改革的方向.
Abstract
The HK SAR government frequently adjusted the rates of stamp duty(SD)on HK shares to weigh up the pros and cons between fiscal revenue and market liquidity in recent years,but the result was not obviously no matter hiking the rates to improve the fiscal revenue in 2021 or lowering the rates to improve the market liquidity in 2023.For the sake of collecetion revenue,the stamp duty is simple operations.But the stamp duty cannot give more functions such as to lower the market volatility or even to change the direction of the stock index.For the sake of the competition advatages of HK as an international financial centres,although the capital gain tax(CGT)looks more equitable but not easy to operate,and with the failure CGT experiments in Taiwan area,so the SD on HK shares does not need to be changed.Under the premise of guarantee the fiscal revenue,the reform of the SD on HK shares is to moderate lower the tax rates or even change from bilateral to unilateral tax.
关键词
香港特区/港股交易印花税/财政收入/市场流动性Key words
HK SAR/Stamp Duty on HK Shares/Fiscal Revenue/Market Liquidity引用本文复制引用
出版年
2024
NETL
NSTL
万方数据