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    Title: 監理套利與租稅套利之法律問題初探
    Other Titles: A Primary Study on Regulatory Arbitrage and Tax Arbitrage
    Authors: 蔡南芳
    Tsai, Nan-Fang
    Keywords: 監理套利;租稅套利;境外金融中心;衍生性金融商品;濫用租稅天堂;金融監理
    Regulatory Arbitrage;Tax Arbitrage;Offshore Financial Center;Derivatives;Tax Heaven Abuse;Financial Regulation
    Date: 2010-04
    Issue Date: 2016-05-20 14:16:57 (UTC+8)
    Abstract: 自一九八○年以降,美國解除金融管制,大型金融集團有心利用金融監理法規的寬鬆不一,設計衍生性金融商品作為避稅、套利的工具,形成「監理套利」現象,不但使美國減少稅收、貧富差距遽增,也導致二○○八年金融海嘯,大型金融集團和銀行紛紛倒閉。美國政府開始反省過去解除金融管制的政策之正確性,也主張架構新金融監理制度規範的必要性。當金融龍頭的美國走向嚴格金融監理之際,台灣正為了與世界接軌而進行金控合併的歷程,金融控股公司為了擴張版圖、吸引資金而主張開放衍生性金融商品的聲音不絕於耳,然而,衍生性金融商品相關監理規範是否已妥致,仍待深入觀察與探討。本文以美國雷曼兄弟設計衍生性金融商品協助客戶避稅為例,建構常見的監理套利模式,從該例中可證政府的寬鬆監理對金融秩序的戕害,進而探討監理套利衍生的課稅爭議,金融監理機關應慎防監理套利的負面案例在台灣重現。
    Since the 1980s, the government of the United States began a period of financial deregulation which U.S. financial conglomerates began to exploit by designing derivatives to evade taxes and obtain arbitrage, thereby creating “regulatory arbitrage.” Regulatory arbitrage led to diminishing tax revenues, an enlarging poverty gap, and the eventual bankruptcy of U.S. banks and financial conglomerates in 2008. While the U.S. government begins to review its deregulation policy and makes progress toward a new and more rigorous framework of financial regulation, Taiwan’s financial holding companies are working to merge with the process of global financial integration. To expand their market share and attract capital, these companies are seeking a full-open market of derivatives. However, these regulations need to be thoroughly reexamined due to the complex types and processes of regulatory arbitrage that can take shape. By examining the Lehman Brothers case, this article presents model of regulatory arbitrage used and the damage that these loose regulations had inflicted on the financial system, exploring how this can be prevented by the careful oversight of Taiwanese authorities.
    Relation: 法學評論, 114, 157-214
    Data Type: article
    Appears in Collections:[法學評論 TSSCI] 期刊論文

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