기본파생상품 과세에 관한 연구

Financial market innovation in recent years has been unusually fast and extensive. Derivatives or derivative instruments are securities whose prices are deter- mined by or derive from the prices of other securities or assets. Because the value of derivatives depends on the value of other securities, they can be powerful tools for both hedging and speculation. This is why derivatives are the bone of contention from the perspective of taxation. Considering the fact that derivatives also have income generating potentiality, they should be taxed to hold the principle of tax equity and revenue neutrality. It is, however, not so easy to define the attributes of derivatives transactions and thus to calculate objective payoff from those transactions. Moreover, if there exists serious burdens of taxation on derivatives transactions, they do not freely use derivatives as risk hedging instruments, which results in uncontrolled risk exposure of financial assets. Options and futures, in their basic traits of transaction mechanism, can carry forward the maturity by exercising right or reverse transaction. Forwards and swaps are bilateral private contracts and thus not market traded contracts, which means they can hide the actual contracts if both parties take it needed. We analysed the facing problems of derivatives taxation such as timing of settling profit and loss, evaluation of derivatives positions, and scope of taxation. And, we scrutinize the book keeping process and other country's regulations.