The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

APPENDIX 611 upon bearer securities which is based upon their issuance. The only real sales-tax on securities in Great Britain is a trifling and unimpor- tant documentary stamp tax imposed upon stock-brokers’ “contract notes,” (or “confirmations” as we would term them in New York). The French stock sales tax (droit de timbre sur les operations de Bourse) is imposed upon both purchases and sales of all French secur- ities on a French stock exchange; it applies to cash and term bargains alike, but at half rates to continuations of term bargains. French and foreign securities are taxed alike, except that French rentes enjoy in all cases specially low rates. Similarly, in Germany, the “Stock Exchange turnover tax” (um- satzsteuer) is imposed upon all sales or purchases of securities upon the German stock exchanges; it comprises a complex schedule of rates varying according to the class of securities involved, and to the classes of brokers and dealers effecting the given sales or pur- chases. In Holland, the similar tax applies to both the purchase and sale »f both stocks and bonds; it applies, however, only to public cus- tomers who are the ultimate buyers and sellers of securities, and not to sales or purchases by members of the Amsterdam Stock Exchange. In Italy, in order to be legally recorded, every security contract must involve the exchange of special slips (fissati bollati) which are subject to government tax. This tax varies in rate according to the term of the contract, and according to the occupation of the contract- ing parties; it is halved when the transaction has been in Italian government issues, or in those guaranteed by the Italian State. In Austria the “securities turnover tax (effcktenumsatzsteuer) applies in general only to transactions on the Stock Exchange, and to those effected off the Exchange through the intermediation of a professional dealer in securities. Ordinarily, the tax is paid only by the seller, but when the transaction is between stock dealers and non- dealers, the former must pay; also, in transactions concluded on the Stock Exchange and settled through the Wiener Giro-und Kassen- verein, each party pays half the tax. Transactions in both bonds and shares are taxed, with a half-rate upon bonds of the Republic of Austria or its provinces, districts, and municipalities and upon a few other securities. Professor E. R. A. Seligman, probably America’s greatest student of the economic effects of taxation, has stated in “Incidence of Taxa- tion” (New York, i921, pp. 381-385): “Where the net result of a tax on transactions is a decrease in the -ransactions, the real burden may be regarded as falling on neither

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