신탁소득 원천징수시기에 대한 연구

Specified money trust and investment trust, both aiming for generating investors’ wealth are regulated separately by Trust Business Act and Indirect Investment Asset Management Business Act respectively. Tax related laws also levy taxes on specified money trust and investment trusts separately. However, conflicts of interests exist between Income Tax Act and Corporation Tax Law with regard to income date which is the time of recognition as a taxable income. Tax issues arising from specified money trust have been around us for a long time. Sometimes, specified money trust has been levied based on Entity concept while other times Conduit concept has been applied. The amendment to Income Tax Act at the end of 2003 finally put an end to this controversial practice. Nevertheless, there has been a lingering argument regarding income date since relevant regulations in Corporation Tax Law in place have been in conflict with Income Tax Act. Tax law should be stipulated clearly in every manner. Under Income Tax Act, income date of specified money trust is interpreted as Entry while being interpreted as Exit under Corporation Tax Law. Conduit theory should be applied to specified money trust, and therefore Entry should be deemed as income date based on trust taxation theories. To this end, current regulations in Corporation Tax Law should either be amended or deleted. Accordingly, application of regulations in Corporation Tax Law which give withholding tax exemption on interest income belonging to trust property by viewing trust property as a corporation should be limited to investment trust. In addition, Holding Period Tax System for Bonds under Corporation Tax Law which is applied to investment trust should no longer be applied in order to create a level playing field with an investment company in tax equality because an investment company, a type of Collective Investment Scheme functioning the same as the investment trust is treated differently.