집합투자기구 세제에 관한 연구

Taxation of collective investment depends on whether the collective invest- ment vehicle is deemed as an independent entity or not. Regarding the recognition of the independent entity in taxation, there are two theories ：Conduit Theory and Entity Theory. Concerning the taxation of collective investment, the current tax laws assume－in principle－Entity Theory, but in some cases it assume Conduit Theory. As a result, the scope of taxation is different between direct investment and indirect(collective) investment in financial products, and taxes are imposed even in case of investment loss. This study makes policy suggestions for the taxation of collective invest- ment in order to achieve neutrality of taxation between direct investment and indirect investment in financial products while minimizing the tax compliance costs and tax cooperation costs of investors. First, in order to achieve taxation neutrality between direct investment and indirect investment, objects which are currently not taxed for direct investment but taxed for indirect investment such as bond trading and evaluation profit, foreign stock evaluation profit, over-the-counter deriva- tives on listed securities, and foreign-exchange profits of foreign assets should be included in the partial profit/loss tax exemption regulations of indirect investment. Second, in order to prevent imposing taxes in case investment loss has occurred, it is proposed to tax in case of resale or selling；not taxing in case of settlements of accounts or division of profits of the collective investment vehicle. In addition, it is proposed that investors are taxed only when the overall investment income is positive. Third, in case of the transfer of collective investment securities, it is proposed to tax as dividend income regardless of the form of legal entity in order to solve the differences of taxation depending on the form of legal entity.