آثار ماليات بر نقل و انتقال سهام در بازار اوراق بهادار تهران

The Effects of Tax on Transactions in Tehran Stock Exchange

In this paper, we study the effects of tax on securities transactions in financial market. by using the experiences of some countries and possible impacts of such taxes in Iran. Obviously, given the characteristics of financial markets and implementing different policies the effects of tax on securities transactions may vary in such circumstances. Therefore, noticing factors such as lack of appropriate statistics and also the contradictory impacts of takes on securities transactions, obtaining a final conclusion will be difficult. In sum, however the results point that in many cases, taxation on securities transactions, similar to adequate capital requirements, can have negative effects on price disclosure, volatility and leading to reduction in liquidity and market efficiency. In fact, There are strong evidences to prove that transactions tax have negative impacts on equilibrium price discovery, volatility and market liquidating that ultimately result in decreasing market efficiency and increasing volatility, therefore, in most of the developed markets it has been tried to eliminate or mitigate the taxes, in order to increase potential of competition and reduce risk and transaction Costs. Thus, adopting policies that increase tax rate in emerging markets (e.g. financial market in Iran) will not produce desirable consequences expected from a rational policymaking. As mentioned above, however, existing structure of Tansaction costs and taxes on sales of securities must be seriously and substantially revised.