신용디폴트스왑 관련 과세 방안에 대한 검토
Taxation on Credit Default Swap
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Abstract
The element of contingent non-periodic payment in Credit Default Swap (“CDS”) requires complex consideration for CDS taxation. However, it is not possible to find a direct rule concerned about CDS in both Korea and U.S. This paper concentrates on how to impose tax on CDS. This paper focuses on similarities between CDS and guarantees, insurances, put-options, or notional principal contracts(“NPC”). The paper might suggests not to use the taxation rules of guarantee, insurance for CDS. Even though 'proposed NPC rules' of the Financial Department of U.S. in 2004 adopted the Non-contingent Swap Method, the method seems not suitable for practice because of its complexity and assumptions' unreality. Therefore this paper suggests ① to use the taxation rules of put option, or ② to defer all of revenue or expenses until all contingencies are solved.
참고문헌 (23)
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