On the Capital Gains Tax Policies under the Goal of Active Capital Market:International Experience and Its Enlightenment to China
To activate the capital market,boost investors'confidence,and promote the long-term improvement of Chinese capital market,we need to consolidate the foundation of tax policies that support the healthy development of the capital market.Currently,most countries and regions have implemented preferential tax policies on capital gains or losses for institutional investors and individual investors.In view of this,this paper summarizes international experience and puts forward some suggestions on improving the capital gains tax policies based on Chinese national conditions:exempt institutional investors from value-added tax on their stock and fund transfer income,and implement different enterprise income tax rates and loss compensation &carry-forward system based on the type of income and the holding period of stocks and funds.For individual investors,the policy of temporarily exempting individual income tax on capital gains from stocks and funds can be continued in the short term.On the basis of establishing stock and fund capital gains exemption amount system,China can apply a more preferential tax rate to the long-term capital gains at an appropriate time,and a capital loss deduction system for individual investors will be taken into consideration as well.
Capital MarketCapital GainsTax PolicyEnterprise Income TaxIndividual Income Tax
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