1996年9月,深圳市地税局制定了《深圳市上市股份制企业、投资基金公司分红派息个人所得税征收管理暂行办法》,称自分派1996年股利开始,对派送红股要征收个人所得税。1997年1月,该局再次下文规定《暂行办法》自原发文之日起执行。由于上海市并没有出台类似的规定,因而引起了一些上市公司股东的困惑,近来一些人也在报刊上撰文对深圳地税局的规定表示质疑。那么红股究竟是否该征个人所得税? 红股是否该征个人所得税涉及到个人所得税和公司所得税的协调问题,主要涉及到解决公司股利分配上的双重征税问题,即股利(包括现金股息和股票股息即红股)作为公司所得税税基的一部分要交公司税,同时又作为个人所得税税基的一部分要交个人税。在股份制相当发达的市场经济国家,这种重复征税被认为是税制上的一个重大问题。因为重复征税不仅偏离了税收的横向公平原则(横向公平要求对股利所得和其他所得一视同仁地征税),还会对资金配置产生影响。人们一般认为,这会鼓励公司将更多的利润用于投资而不是分配给股东,因而其配置效果是积极的。其实,股东个人的股利所得同样可以用于投资,没有理由认为个人对于资金的使用效益必定低于公司的使 In September 1996, the Shenzhen Local Taxation Bureau formulated the Interim Measures for the Administration of the Collection of Personal Income Taxes on Dividends and Dividends Paid by Shenzhen Listed Stock-owned Enterprises and Investment Fund Companies, stating that since the distribution of dividends in 1996, the individual income tax will be levied on the distribution of bonus stocks. In January 1997, the Bureau once again stipulated below that the “Interim Measures” should be implemented as of the date of the original document. Since Shanghai Municipality did not issue similar rules, it caused confusion among shareholders of some listed companies. Recently, some people have also questioned the provisions of the Shenzhen Local Taxation Bureau in the press. Whether the bonus shares should be levied on personal income tax or not? Whether the bonus stocks levied on personal income tax involves the coordination of personal income tax and corporate income tax mainly involves the solution to the issue of double taxation on the distribution of dividends of the Company, namely, dividends (including cash dividends and stock dividends Bonus shares) Corporate tax is payable as part of the corporate income tax base and personal tax is paid as part of the personal income tax base. In a highly developed market economy country, such double taxation is considered as a major tax issue. Because double taxation not only deviates from the horizontal principle of tax revenue (horizontal equity requires taxation of dividend income and other income without discrimination), it also affects the allocation of funds. It is generally believed that this will encourage companies to allocate more profit to their investment rather than to shareholders, and thus their allocation is positive. In fact, the individual shareholders of dividends can also be used for investment, there is no reason to believe that the use of personal funds for the benefit must be lower than the company’s