금융․보험용역의 부가가치세 과세범위 확대에 관한 고찰

Abstract

With VAT being imposed on the consigned business of financial and insurance services since the July 1, 2015, many in the field have pointed out many practical problems associated with the taxation policy. There are also controversial aspects of the enforcement of the law which necessitate clarification. Indeed, there has been a lot of discussion about the suitability of such VAT taxation on consigned business the banks have traditionally pursued. Because the scope of the bank's business has recently expanded, the subject of VAT taxation has similarly been extended. For example, whereas VAT was not imposed on business regarding preservation of assets, VAT is currently imposed on such business. Banks play a role in storing assets for pension funds involved in investment outsourcing. What is interesting is that whereas asset storage business in conjunction with discretionary investment management is taxed VAT, similar business intended catering to collective investment schemes is not taxed VAT. Such tax policies do much to hamper the promotion of discretionary investment management and put significant tax-related burdens on institutional investors who must rely on such investment method. It also causes inconveniences to the banks carrying out asset storage functions, for they are also responsible for carrying out tax-related duties for clients. The financial industry expects VAT to increase the asset holding fees, which will lead to the burden on investors. As a supplementary provision, the tax law has begun to impose VAT on new and revised discretionary investment contracts signed after July 1, 2015. As a result, investors are expected to extend indefinitely their asset deposit contracts with banks in order to reduce unnecessary tax burden. Given the situation, the study proposes improvements as follows. First, discretionary investment management needs to taxed regardless of the type of investment. Second, the tax authorities need to clarify laws regarding VAT taxation on banks’ financial services. The study looks at the problem of VAT taxation on the expanding scope of the bank's business. The study’s significance thus lies in its insights regarding appropriate measures to address this relatively new business phenomenon.