파생상품 양도소득세 과세의 타당성에 대한 연구

Imposing the transfer income tax on derivatives transaction gains, which is to be enforced in 2016, is controversial in view of its own adequacy and proper taxation scope. Comparing with other developed contries, taxation scheme on derivatives transaction gains is relatively less-advanced in Korea in that the anti tax-evasion regulations are highly incomplete to prevent such abusive behaviors such as income conversion. Therefore, becoming more effective, classification between ordinary income and capital gains, adopted in the Internal Revenue Code, is worthy of consideration. When it comes to the adequation taxation scope, the planned taxation scheme is problematic as the equity of taxation could be harmed among transaction gains of derivatives, stocks and indirect investment securities, the taxation scope expands very drastically rather than that of stock transaction, which has increased so gradually over more than 15 years, and heavy tax burdens could be levied on temporary transaction gains of individual investors who generally make a loss in the derivatives market. With regard to its own problems of income taxation on derivatives, ineffectiveness of hedging transactions, decline in the derivatives market, shrinking of arbitrage transactions with hedging purpose, abusion for tax evasion, and insufficient increase in tax revenues could be raised. Consequently, confining the tax liablities on derivatives transaction gains based on individual transactions volume and allowing netting profits and losses from the transactions deserves consideration. Further legal consideration should include the emphasis on equity and neutrality of income taxation on derivatives transaction gains, the enhancement of legal stability and predictibility of taxpayers, and the examination of imposing the transfer income tax on some transaction gains, which are treated as interests and dividends for taxation purposes, to more conform with the substance of the transaction.