대주주의 주식 양도차익 과세완화에 따른 과세실효성과 주주별 과세형평성 연구

Abstract

[Purpose]This study aims to present problems and improvement measures regarding the effectiveness of taxation and the equity of taxation for each shareholder in relation to not only capital gains tax following the determination of taxation requirements for capital gains from transfer of stocks for major shareholders and a recent increase in the tax base value but also financial investment income tax scheduled to be implemented. [Methodology]This study examines the effectiveness of taxation in relation to not only capital gains tax following tax relief but also financial investment income tax scheduled to be implemented by comparing different tax burdens before and after tax revision as to hypothetical stock transfer gains along with literature review on the background for the introduction of financial investment income tax and the taxation structure relating thereto. In addition, based on these results, the study is intended to present the justification for the recently announced plan to abolish the financial investment income tax and reasonable improvement measures with respect thereto. [Findings]Taxation requirements for capital gains from transfer of stocks for major shareholders are determined based on the shareholding ratio and the total market price of stocks as of the end date of the immediately previous business year. Moreover, there is a problem that it is easy for major shareholders to avoid transfer tax requirements by applying the total market price of single stocks. In addition, there are other problems found, such as a contradiction in the logical basis between the goal of reducing or abolishing the securities transaction tax and the plan to abolish the financial investment income tax, the equity of taxation between financial income and stock transfer gains or for each shareholder, and the effectiveness of taxation on stock capital gains for major shareholders. [Implications]It is necessary to improve the effectiveness of taxation on stock transfer gains for major shareholders by applying the average shareholding ratio during the business year instead of at the end date of the immediately previous business year and the total market price of multiple stocks instead of single stocks when determining taxation requirements for major shareholders, by adjusting the direction of taxation in consideration of the abolition of financial investment income tax and a decrease in tax revenue in the direction of reducing securities transaction tax, by implementing unified income－based taxation on financial income and stock transfer gains on a long－term basis and by enforcing separate taxation on financial income or expanding the subjects and scope of taxation on stock transfer gains on a short－term basis, and by preparing improvement measures, such as adjustment of the taxation structure for financial investment income tax through differential tax deduction for transfer gains for each shareholder as well as through application of differential tax rates.