歐盟實施金融交易稅之探討

A Study on Financial Transaction Tax in the EU

2008年全球金融海嘯充分顯現熱錢投機對金融體系安全的危害，歐盟各國爰參考著名經濟學家凱因斯與托賓的構想，2014年1月1日起，對股票與債券交易課徵至少0.1%的租稅，對期貨及信用違約交換等衍生性金融商品交易課徵至少0.01%的租稅。預計到2014年，金融交易稅將為歐盟帶來550~570億歐元的財政收入。此舉除為了「增加稅收解決債務問題」外，主要目的尚包括「改變交易行為，解決金融部門市場失靈與系統性危機」、「讓金融部門負擔合理的公共成本」，以及「制度協調，強化單一市場」。儘管政策執行能否達成前述目標且不過度損害金融業發展，仍值得商榷，但最值得關注的是，歐盟自主收入的比重將大幅提高，從而強化經濟基礎執行政府間事務。

The financial crisis in 2008 fully manifested the threat of speculative hot money to financial system security. Drawing on the ideas propounded by the economists Keynes and Tobin, European Union (EU) members formulated plans to levy a tax of at least 0.1% on stock and bond transactions and at least 0.01% on futures, CDS and other derivatives transactions from January 1, 2014. According to projections, the financial transaction tax (FTT) will bring 55-57 billion euros into EU public coffers in 2014. In addition to “raising revenues to solve sovereign debt problems”, the main purposes of the FTT include “altering transaction behavior and preventing financial market failure and systemic risk”, “ensuring that financial institutions make a fair contribution to covering public costs”, and “harmonizing regulations and strengthening the single market”. Although it is debatable whether the implementation of this policy can achieve the aforesaid goals without excessively harming financial sector development, the point most warranting attention is that the ratio of EU-owned resources will be greatly increased, thereby strengthening the economic foundations for the execution of intergovernmental business.