首次代幣發行之課稅問題

The Taxation Problem of Initial Coin Offering

系所名稱：法律學研究所
學位別：碩士
畢業學年：109年
指導教授：柯格鐘、黃銘傑
新創於我國募資管道有限，惟我國募資管道不是門檻過高就是對投資人限制過多，而因著區塊鏈發展出現首次代幣發行募資方式。我國金管會亦發布區塊鏈證券型代幣募資規範，惟該規範不包括首次代幣發行最常見之「功能型代幣」，且課稅方式亦以一般有價證券方式課稅。此種比照有價證券課稅方式是否妥適，以及新創於區塊鏈時代下以功能型代幣募資應如何課稅才可確保國家稅收，均有疑問。本文除介紹我國傳統募資管道及課稅方式外，亦參考外國文獻介紹區塊鏈募資。並比較OECD、美國及新加坡外國法規範，再進一步探討我國法疑問。功能型代幣與證券型代幣在我國法可能因客體不同而有不同課稅規範。本文認為應以專法制定額定律課稅，不區分客體只區分持有期間長短有不同稅率。就外國法人在我國發行代幣，則可參考新加坡電子稅收指導以專法明定實際管理處所標準。若發行人以實際管理處所在我國發幣，亦應參考相同標準且以網路公開資訊綜合判斷。創辦人以勞務或技術出資課稅時點、投資人交易加密貨幣虧損扣除，亦應以專法明定。稽徵程序面，惟有參考美國法以專法明定「消極」不報加密貨幣所得處以刑事罰，始可解決實務見解不當認定逃漏稅捐罪限於「積極」詐欺問題。專法並應參考OECD報告，就非在交易所交易之虛擬貨幣，由納稅義務人自行申報，若申報有誤，即採取美國法「先進先出法」推計課稅。在交易所交易之虛擬貨幣，則由交易所扣繳。並使加密貨幣稽徵程序結合稅捐資訊交換程序，且將智能合約自動課稅技術應用於我國。期許透過本文撰寫，使新興募資興起時，我國能增加稅收，投資人則可降低法遵成本。

Startups in Taiwan are facing the challenge of fundraising due to the boundary of investments and the limitation on investors’ behaviors. With the rapid evolution of blockchain technology, ICO popped up at first. While The Taiwan Financial Supervisory Commission (“Commission”) published the new regulation of the Security Token Offering (“STO”), the regulation excluded the use of “Utility Token” even it’s the most common type of the ICO. Besides, the taxation of “Utility Token” remains in doubt by computing the tax in the way as Securities tax, which may be an invisible risk to the government.This paper will introduce not only the basic concept and operation models of the traditional fundraising and tax computation in Taiwan, but also the foreign references of relevant legal issues arising from the use of new fundraising tools.By reviewing and comparing the regulations of foreign jurisdictions including the Organization for European Economic Cooperation (“OECD”), United States, and Singapore, this paper will further explore the current issues in Taiwan. The tax computation of “Utility Token” and “Security Token” would be varied by choosing different objects, this article considers that our country should enact the special law for the lump-sum tax, which set up the standard of tax by the duration of holding the object, not the object itself. Additionally, the tax guide of Singapore enacted the special legislation for the standard of Place of Effective Management, which is the ideal reference for the foreign issuers in our country to issue the token. The same standard would be applicable to the issuers, issue the token through the place of effective management in Taiwan, and comprehensively evaluate the public information. Therefore, the special law will set up the standard for tax on the non-cash contribution, share-holding through technology investments, and the special deduction for losses incurred in Cryptocurrnecy by investors.As for the collection procedure of Cryptocurrency, the United States published the special Act passively for criminal penalty on Cryptocurrency declaration to avoid misconducting the tax evasion laws in practical cases. The special law shall refer to the report of OECD firstly, the taxpayer has the right to file declaration of the virtual currency transactions out of the Exchange, if the taxpayer presents the wrong declaration, the taxpayer shall follow the American law of “First in first out” (“FIFO”) to tax. However, if the virtual currency transactions are made in the Exchange, the Exchange will withhold the tax via transactions automatically.Furthermore, the special law shall combine the collection procedure of Cryptocurrency and the common reporting standard, and apply the smart contract of tax techniques. This paper encourages innovative fundraising tools, in the hope to serve as the benefit for the governments to tax and reduce the burden on compliance for investors in the future.