International Comparison of Taxation of Securities

 

Transaction
(General investor)

Possession

Capital gains

Holding

Fruits

Interest

Dividend
Japan
Securities Transaction Tax
(seller's charge)
- stock:0.21% of transfer price
- bond:0.03% of transfer price


-

 Income Tax
separate withholding tax-ation at source
Income Tax
(selection)
- separate withholding tax-ation at source
- comprehensive income tax-ation
Income Tax
(selection)
- separate withholding taxation at source
- comprehensive income taxation
U.K.
Stamp Duties(buyer's charge)
- stock:0.5% of dealings price
- bond:non-taxable
Stamp Duty Reserve Tax
(buyer's charge)
- stock:0.5% of dealings price
- bond:non-taxable


-

 Income Tax
comprehensive income taxation		 Capital Gains Tax
The highest income tax rate applied to the other totaled income is applied to capital gains. This is regarded in effect as a comprehensive income taxation.
France
Bourse Tax(seller's 50%, buyer's 50%)
- stock:of dealings price
1 million franc and less:0.6%
more than 1 million franc:0.3%
- debenture:non-taxable
Net Wealth Tax(Surtax 10%)
- only individual: 0.5 -- 1.5%
- basic exemption:4.7 million francs
Income Tax
(selection)
- separate withholding tax-ation at source
- comprehensive income tax-ation
Income Tax
comprehensive income tax-ation		 Income Tax
self-assessed separate taxation
U.S.A.


-


-

 Income Tax
comprehensive income taxation
Income Tax
Taxed aggregated with other incomes.
Possession more than 12 months and not more than 18 months ------28%
Possession more than 18 months ------20%
Germany


-
Property Tax(state tax)
- individual:1.0%, corporation:0.6%
Income Tax
comprehensive income taxation		 Non-taxable
In case of investment transaction (possession not exceeding 6 month), taxable
Italy
Securities Transaction Tax
(seller's 50%, buyer's 50%)
- stock:0.14% of dealings price
- bond:0.016% of dealings price


-

 Income Tax
separate withholding tax-ation at source		 Income Tax
comprehensive income tax-ation
Income Tax
(selection)
- separate withholding taxation at source
- comprehensive income taxation
Canada


-


-

 Income Tax
comprehensive income taxation		 Income Tax
3/4 of capital gains, aggregate taxation with other income
Switzerland
Stamp Tax
(seller's 50%, buyer's 50%)
- domestic stock, bond:0.15% of dealings price
- foreign stock, bond:0.3% of dealings price
(Note) Transaction of foreign bond by non-resident is non-taxable
Property Tax(national tax)
only corporation:0.0825%
Property Tax(state tax, in Zurich)
- individual:0.05 -- 0.3%
- corporation:0.15%
- individual basic exemption (a couple):1,260,000 franc
(Note) There is property tax in municipal
Income Tax
comprehensive income taxation		 Non-taxable
Denmark
Securities Transaction Tax
(seller's charge)
- stock:0.5% of dealing price
- bond:non-taxable
Property Tax
- only individual:0.7%
- basic exemption (a couple) : 4,800,000 kroner
Income Tax
separate taxation with capital gains as capital income		 Income Tax
separate withholding tax-ation at source		 Income Tax
Taxed with interest, etc. as capital income
Sweden


-
Property Tax
- only individual:1.5%
- basic exemption:900,000 kroner
Income Tax
separate taxation with capital gains as capital income		 Income Tax
separate taxation with capital gain as capital income		 Income Tax
separate taxation with interest, etc. as capital income
Belgium
Securities transaction Tax
(seller's 50%, buyer's 50%)
- stock:0.34% of transfer price
- bond:0.14% of transfer price


-
Income Tax
(selection)
- separate withholding taxation at source
- comprehensive income taxation
Non-taxable
Singapore
Stamp Tax
- stock:0.2% of dealings price
- bond: 0.2% of dealings price(listed debenture)

:

 non-taxable (others)


-

 Income Tax
comprehensive income taxation		 Non-taxable
Hong Kong
Stamp Tax
(seller's 50%, buyer's 50%)
- stock:0.25% of dealings price
- bond:non-taxable


-

 Non-taxable Non-taxable
(Notes) 1. Interests and capital gains earned by corporations are in principle taxed in the same way as on ordinary corporate income.
2. Property Tax in Germany was abolished in 1997.

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