현행 금융세제의 문제점과 정부의 금융세제 선진화 방안에 대한 평가

Abstract

The current tax law levies tax on profits as dividend income if there are profits on derivative linked securities and collective investment funds, and there is no compensation if there are losses. This is problematic/ wrong because it is dealing unfairly with both returns and losses resulting from the investment. Also, this law has a problem with taxing differently on mixed financial investment instruments, such as derivative linked securities and collective investment banking, by dividing them into transparent, opaque and translucent entities. It is reasonable to tax on profits as capital gains ( or investment incomes), not as dividend incomes when it comes to the profits resulting from derivative linked securities and collective investment ones. Even though these securities are different in the legal form, they have no differences in their economic function of investment tools. Therefore, it is reasonable to impose tax on them all as opaque. In addition, it is required to find a solution to non-balanced taxation between financial instruments by imposing income tax on capital gains from bonds, stocks and derivatives that are components of these two instruments. For fair taxation on financial instruments, taxation on returns on bonds, stocks and derivatives is an inevitable choice. The plan to advance the financial tax system which was announced by the government on June 25, 2020, faithfully accepts the demands above as well as accurately recognizes the problems with the current financial tax system. It treats derived-combined securities and collective investment securities as opaque, and classifies them as financial investment incomes rather than dividend income to take investment losses into account. Considering the past taxation administration, it appears unconventional. However, it was a move to have to be taken earlier. It is also logical to expand the scope of these financial investment instruments into the entire ones including bonds, stocks and derivatives. However, the government’s plan(20.6.25) still classifies income from holding financial investment instruments among financial investment incomes as interest income, or dividend income. The income gained(earned) by withdrawing the principal of the investment is just an economic gain. Interest or dividends acquired while holding a financial instrument can also be seen as a form of original recovery. It is right to combine interest, dividends and capital gains into one group. I think it is right to operate a “differential income tax system” in which total financial income is taxed separately and at a low rate, rather than at a progressive tax rate combined with earned income. Therefore, I think the shift to a dual income tax system is the direction that the nation should move forward.