TAXATION OF INVESTMENT DERIVATIVES

Sprva so bili izvedeni finančni instrumenti namenjeni predvsem gospodarskim subjektom z namenom zavarovanja pred različnimi tveganji. V zadnjem času pa z izvedenimi finančnimi instrumenti vse več trgujejo tudi fizične osebe z namenom ustvarjanja kapitalskih dobičkov. V Sloveniji so bili kapitalski dobički, ki jih pri trgovanju z izvedenimi finančnimi instrumenti ustvarijo fizične osebe, do leta 2008 popolnoma neobdavčeni. Sredi leta 2008 je bil sprejet Zakon o davku od dobička od odsvojitve izvedenih finančnih instrumentov, ki je uredil to področje in obdavčil tovrstne dobičke. Davek za prodaje pred potekom enega leta od nakupa predpisuje posebno, kar 40% davčno stopnjo, zaradi česar je bil davek močno kritiziran, hkrati pa je odvrnil mnogo investitorjev. Tako visoke davčne stopnje namreč ne poznajo niti v tujini (npr. v Avstriji in Nemčiji). Slabost davka je tudi enotna obravnava vseh vrst izvedenih finančnih instrumentov, kar pripelje do neenake obdavčitve. Zaradi omenjenih pomanjkljivosti, bi zakonodajalec moral razmisliti o spremembah na omenjenem področju. Najprimernejša bi bila ukinitev Zakona o davku od dobička od odsvojitve izvedenih finančnih instrumentov in ureditev tega področja v okviru obdavčitve kapitalskih dobičkov po Zakonu o dohodnini. Takšna ureditev, z upoštevanjem posebnosti različnih vrst izvedenih finančnih instrumentov, bi omogočila nediskriminatorno obdavčitev omenjenega področja.Originally, derivatives were meant for economic subjects with the purpose of insuring them against various risks. Lately, the derivatives are more and more used in trading by individuals with the purpose of making capital gains. In Slovenia, by the year 2008 the capital gains made by individuals had been completely untaxed. In the middle of 2008 the Law on Tax on Profit from Disposal of Derivatives was passed by which this sphere of activity and the gains derived from it were regulated. For the acts of sale within a year from the purchase the Sale Tax regulates a special 40% tax rate which is the reason why the law was object to serious criticism. For the same reason a lot of investors were averted from potential investments. Not even foreign countries (such as for example Germany and Austria) have such a high tax rate. The weak point of the law is also that it deals with various kinds of derivatives in a uniform way. Due to the imperfections mentioned above the legislator should think about changes in this sphere of activity. The most appropriate solution seems to be the abolishing of the Law on Tax on Profit from Disposal of Derivatives and the regulation of this sphere of activity within the sphere of the taxation of the capital gains according to the Personal Income Tax Act. By taking into consideration the characteristics of various particular kinds of derivatives such regulation would make a taxation of this sphere of activity on an equal basis possible