파생상품 양도소득세의 과세효과와 과세제도 개선방안에 대한 연구

Abstract

On December 23, 2014, the amendment of the Income Tax Law introduced Korea's capital gains tax on derivatives. The purpose of this study is to investigate the problems raised by Korean prior studies before and after taxation of capital gains tax on derivatives, to examine the current state of overseas taxation such as the United States, and to find ways to improve them. The capital gain tax on current derivatives is calculated by dividing the stock and equity derivatives into different groups, calculating capital gains, not accounting for the gains or losses from each group, and applying different tax rates for each group. There is a problem that the tax neutrality between products is hindered. In addition, it is taxed differently according to the legal form of derivatives, which hinders tax neutrality among financial instruments and causes distortion of decision-making between investment products. The range of taxable capital gains taxation of derivatives is mainly limited to market index derivatives, and OTC derivatives are not taxable. These differences negatively affect tax neutrality and vertical equity among investors. In addition, taxation is extended when income is generated through the trading of derivatives, but there is not much taxation consideration in case of loss. Taxation of income and loss is asymmetric, and non-residents earn income from intangible derivatives There is a problem that horizontal tax equality between resident and non-resident is hindered. In order to improve these derivatives taxation system, the tax neutrality of stocks and equity derivatives should be improved by applying the same tax rate to the gains and losses between stocks and equity derivatives. If they are taxed at different rates, it is necessary to clarify the basis for dividing stocks and equity derivatives. In order to prevent tax avoidance, the scope of taxation of capital gains tax is extended to derivatives such as interest rate derivatives other than individual assets. It is also necessary to allow carry forward deductions on derivative trading losses.