주식양도차익에 대한 금융투자소득세 과세에 대한 문제점과 개선방안

Abstract

[Purpose] For a while, the direction of pursuit for Korea’s taxation policy on financial assets has been to be consistently strengthened. In contrast to this strengthening direction for taxes, the new financial investment income tax is formally a strengthening measure to expand the taxable scope of financial income, but on the other hand, it provides relief from tax burden by applying basic income tax deduction, profit and loss integration calculation, carryover deficit deduction. This study seeks to find out the limitations with the taxation scope and calculation structure of financial investment income tax, as well as to compare and analyze the taxation system, current situation and trend of foreign financial income, and propose improvement plans based on this. [Methodology] This study examines the status and trends of financial income taxation in several countries where dual income taxation is being operated through literature by dividing labor and business income, and financial income. First, the taxation scope and calculation of financial investment income tax and the taxation logic of capital gains tax will be reviewed. In addition, prior studies will be examined, and the capital gains taxation system on financial assets in several major countries will be compared and analyzed. [Findings] Capital gains which are gains from the transfer of stocks, interest and dividend income are often taxed as financial investment income. This is somewhat different from the range of income subject to the new financial investment income taxation in Korea. In addition, the new financial investment income taxation structure has limitations and problems, including the dualization of the financial investment income recognition range and financial income classification；the application of tax benefits including excessive income deduction compared to interest and dividend income；the tax neutrality in the selection of financial investment assets and the impairment of the horizontal fairness of taxation of investment income. In addition, contrary to the purpose of the new financial investment income tax, it was analyzed that there were problems such as a decrease in taxation equity and taxation effectiveness due to the full taxation of stock transfer gains. [Implications] The following are suggestions for improving some of the problems in the financial investment income taxation structure. First, it is necessary to expand and adjust the scope of financial income. Second, it is necessary to maintain the horizontal fairness of taxation on interest, dividend income, and stock transfer gains and the neutrality of taxation in the selection of financial investment assets by lowering the limit of tax benefits for financial investment income tax. Third, it is desirable to enhance taxation equity and tax effectiveness in line with the original purpose of the full tax conversion of gains on stock transfers by lowering and adjusting the financial investment income tax rate.