파생상품 과세체계 합리화방안 연구 - 금융투자소득 도입을 중심으로 -

Abstract

If the amendments related to financial investment income are implemented from 2023 as scheduled, it is expected that most of the existing problems related to Derivatives Taxation will be resolved. However, it would be reasonable to stipulate a comprehensive taxation method rather than an amendment, depending on the nature and type of derivatives, for the calculation method of the derivatives income that were not taxed. In the case of futures, the amount of income calculated by deducting the commission for the contract from the profit and loss calculated by considering the contract price, final settlement price, and transaction multiplier at the time of conclusion of the contract for cause termination. In the case of an option, the amount of income calculated by deducting the commission for the contract from the profit and loss calculated by considering the contract price, exercise price, final settlement price, transaction multiplier. In the case of a swap, if there is a profit by adding up the annualized trading gains and losses, the amount after deducting necessary expenses from the total revenue should be used as the income amount. For OTC derivatives with unclear characteristics, it is reasonable to apply the swap calculation method mutatis mutandis. In principle, it is necessary to determine whether derivatives are taxed according to whether the underlying asset is taxed. In addition, even if financial investment income is introduced, derivatives are highly likely to be used as a means of tax avoidance. With this consideration in mind, anti-tax avoidance regulations should be reviewed as follows. First, if the aggregation of profit and loss between financial investment incomes is allowed, countermeasures are necessary because of the possibility of tax evasion by immediately realizing the loss from derivatives and the potential deferring of the profit. may occur. Second, if financial income is divided into interest, dividends, and financial investment income, tax evasion may occur, by for example, changing the type of income from the derivatives. Due to the nature of derivatives, where complex and new products are constantly being developed, income classification may to extent be meaningless, and it is desirable to tax all income without dividing income to improve the predictability of investors. Third, as in the case of stocks, a large-scale sale of derivatives may occur in order to realize the inherent capital gains before tax expansion is implemented. In order to prevent this, it is necessary to add a regulation that sets the acquisition price of derivatives other than stock indexes on the agenda at the end of 2022 when selling or settlement after 2023.