현행 파생결합증권에 대한 개인소득과세의 문제점 및 개선방안

The purpose of this study is to review current tax treatment of, and propose possible alternative taxation on securitized derivatives For this purpose, this study first introduces securitized derivatives and overviews accounting treatment therefor under the International Financial Reporting Standards as well as the Generally Accepted Accounting Principles of Korea. This study further examine the current tax treatment for securitized derivatives under the individual income tax law, capital gains tax law and inheritance and gift tax law. In specifics, this study looks to the issue of appropriateness to treat income from securitized derivatives as dividends and to exempt such income from capital gains tax, and the issue of double taxation on the same income under individual tax as well as under inheritance and gift tax. Finally, this study proposes possible alternative ways of taxation on securitized derivatives. It is found that taxing income from securitized derivatives as dividends does not reflect economic substance thereof, undermines the fundamental principle of fair taxation, and restrain taxpayers from entering into hedging transactions. It is also found that capital gains income accrued for a period of holding by a seller is taxed in the hands of a purchaser upon the purchaser's sale, which causes unfair tax treatment between the seller and the purchaser, and if a securitized derivative is inherited or transferred as gift and gains are realized thereafter, such gains are subject to capital gains tax as well as inheritance and gift tax, resulting in double taxation. Based on the above findings, this study presents alternatives of taxation on income from securitized derivatives, which include taxing as interest income or taxing separate income after segregating an embedded derivative from the principal composition, or stepping up in basis for the purpose of calculating capital gains tax for securitized derivatives that have been subjection to inheritance or gift tax.