자본시장통합 이후 금융세제 개선방안 ―ETF 및 해외투자펀드를 중심으로―

Current income taxation takes a principle that it imposes taxes on the interest and dividend income, but does not impose taxes on the capital gains from financial instruments. The principle which does not impose tax on the capital gain brings different tax effect among financial investment instru- ments. Efficient financial markets try to minimize the transaction cost of securities. Considering the fact that most of the member countries in OECD adopt capital gain tax, Korea needs to consider revising tax regime on the transaction tax to meet the international standards. This paper reviewed proposed tax revision, among others：abolition of exemption of transaction tax on the equity securities invested by collective investment vehicle；new exchange traded fund (ETF) will be taxed as dividend income through the interest and discount amount of any bonds or securities provision when it is transferred；and abolition of non-tax provision of foreign investment fund. Financial investment services and capital market act allows new financial product which bears high investment risk and high return. Tax law may inhibit advent of new financial instruments unless it does introduce a new system in consistent with the act because investors may avoid new high return high risk products. Collective investment vehicle is taxed as a semi-conduit, special money intrust is taxed as conduit, and derivative linked security is taxed as non-conduit. The current tax regime which classifies financial investment product among three categories：conduit, semi-conduit, or non-conduit resulted in a different tax burden should be reformed. The capital market will be distorted if tax laws allow the different tax burden among similar financial products or leave a room where tax burden can be decided by the arbitrary power of taxing officials. The trend in the financial market can be said a movement from saving to investment. Income tax should be restructured according to the change of market which recognizes financial instrument as an investment rather than passive interest or dividend earning product. The method to be recommended is a capital gain taxation or unified taxation scheme of financial income.