국제투자펀드의 조세조약상 지위

Abstract

This paper examines cross-border investment vehicle’s tax system and tax treaty’s status, and reviews recent international cooperation trend on treaty relief to cross-border investor including CIV(Collective Investment Vehicle). It first summarize concept and legal form, and then discuss each country’s tax treatment and application of tax treaty on a CIV It is problematic in application of tax treaty on CIV that cross-border investment vehicle is considered as a flow-through or separate taxable entity according to where investor, the investment and the CIV is located in two or more different countries. and also a CIV is regarded as a “person” generally in tax treaty, but double taxation problems is likely to happen because it is not certain whether a CIV is considerd as “resident” or “beneficial owner” of Contracting State. To cope with the double taxation of a CIV, Either foreing tax credit in investor’s residence country or bilateral agreements in tax treaty between countries can be used. But more recently, to resolve a CIV's double taxation problems fundamentally, OECD ICG(Informal Consutative Group) and ISSA(International Securities Service Association) make an effort that a CIV be entitle to be the tax treaty benefit. OECD ICG have suggested than treaty entitlement by CIV in own right be needed, preparation with standard for both providing treaty benefits to CIV invesor and establishing treaty eligibility of CIV investor also be necessary, and that standard for investor eligibility determination on specified dates and reporting to CIV be needed. ISSA have proposed a new tax relief model(namely “ISSA model”) which is reliance upon intermediaries to collect retain customer information, to pool the assets of investors, and to pass tax rate information up the intermediary chain. To enhance tax neutrality in CIV and support cross-border investments, Followings shoud be prepared. : Active participation in OECD and ISSA’s discussion with CIV's double tax problems, clarification of CIV's requisites in bilateral tax treaty, Improvement of treaty benefit eligibility of CIV by making the most use of corporate type fund, simplication of tax treaty filing process in CIV, introduction of qualified intermediary like United States, building up the infrastructure of intermediaries relating with cross-border investment vehicle.