파생상품 과세방안에 대한 연구 －증권거래세법 개정안을 중심으로－

Abstract

The legislative bill No. 1805751, a partial amendment to the Securities Transaction Tax Act, which introduces a derivatives transaction tax on derivatives market turnover, was proposed by lawmakers Lee Hye Hoon et al. This amendment's intent is to suppress overheated speculation, to promote a fair tax burden, and to increase tax revenues. However, while analyzing whether the amendment can achieve its intended objectives, we discovered that it may cause some unexpected side effects. We concluded that the introduction of a derivatives transaction tax would decrease the possibility of arbitrage opportunities and the program trading volume related to arbitrage, which would ultimatley lead to diminished tax revenues. The controversy over whether to tax derivative transations resolves around how one views derivative financial instruments. If one views derivative products as a means to speculate, one would argue for taxing such transactions as a means to even out tax burdens, to increase the tax revenue pool and to collect tax conveniently. However, those who view these derivative products as a tool to hedge their positions, allowing for a more efficient maketplace, would argue that transation costs should be minimized so that these products can fulfill their function properly. The introduction of transaction taxes will lead to an increase in additional costs, which may in turn cause market inefficiencies. We should also never overlook the fact that misguided regulations aimed against speculators will have the unintended effect of disrupting the hedging market. Taxes, as a basic economic principle, obstruct the market from reaching an equilibrium price. Therefore, it is important to minimize the obstructive aspects of taxes, and maximize the fundamental goal of taxing when considering financial products taxation. The solution that incorporates all these concerns is to tax any net gains from all financial products including underlying assets, futures, and options following the example of more developed countries such as the United States. Financial regulation is essentially creating a system for the financial market. A poorly implemented rule will create inefficiencies as market participants alter their practices to fit the new regulation. This amendment needs to be approached theoretically, and should be judiciously scrutinized in order to promote a healthy financial market.