Because taxes and fees have to be paid in the process of buying and selling, when buying securities, there is an outflow of funds, and paying taxes and fees is also the same capital flow, so the purchase price cannot include all kinds of taxes and fees paid in the purchase process.

The tax law stipulates that when calculating the business tax on the transfer of financial commodities, both the purchase price and the selling price refer to the original price, that is, the price of the securities themselves. The purchase price does not include all kinds of taxes and fees paid in the purchase process, and the selling price shall not be deducted from the taxes and fees.

The classification is as follows:

① According to the duration, there are money market financial instruments and capital market financial instruments. The former has a short term, generally less than 65,438+0 years, such as commercial paper, short-term bonds, bank acceptance bills, negotiable certificates of deposit, repurchase agreements, etc. ; The latter has a long term, generally more than 65,438+0 years, such as stocks, corporate bonds and treasury bonds.

② According to the issuers, there are direct financing instruments and indirect financing instruments. Looking forward to the future, such as national debt, corporate bonds, commercial paper, company stocks, etc. Issued or signed by the government and enterprises; The latter are financial bonds, bank bills, negotiable certificates of deposit, life insurance policies and checks issued or issued by banks or other financial institutions.

(3) According to whether the investor owns the ownership of the invested product, it can be divided into debt certificate and equity certificate.

④ According to the functions of financial instruments, there are investment and financing instruments such as stocks and bonds, hedging and speculation instruments such as futures contracts and option contracts.