채권 발행할인액 과세의 문제점과 개선방안에 대한 연구

According to the current income taxation system, interest and discount amount of bonds are taxable but capital gains of bonds are not taxable. Usually, bonds are traded among many investors, so the taxable income derived from the holding bonds should be calculated and allocated to each investor considering the holding period. Hereupon, under the current income tax act, income tax is levied on the amount equivalent to interest, etc., in the holding period. The main subject of this taxation system is the discount rate when we calculate the amount equivalent to interest, etc. in the holding period. Under the current income taxation system, a rate calculated by adding up the discount rate and deducting the premium rate when a corporation issues the relevant bonds at a coupon rate is applied(hereafter referred to as "original issue discount system"). This paper analyzes problems from the original issue discount system using many cases and proposes an improvement. An investor's actual interest income derived from debenture trading markets is calculated by using the market interest rate at the date of purchasing a bond(hereafter referred to as "market discount system"), not a rate at the date of issuing the bonds. Therefore there are some problems with the current original issue discount system in taxation. First, the income tax is levied on the artificial income calculated by income tax law, not the actual income derived from holding the bond. Second, given that fairness in taxation, the same kinds of income from the economic perspective are treated differently whether bonds are purchased in a primary market or in a secondary market. Third, this system can encourage a chance of tax avoidance in the situation with a large volatility in the interest rate. Last, the original issue discount system denies the meaning of investor's actual income from an economic perspective. These problems mentioned above are resolved by introducing the market discount system when we calculate the amount equivalent to interest, etc. Because we already have the infrastructure of taxation on the amount equivalent to interest, etc., in the holding period, the new system can be introduced without further social costs. Accordingly, this paper proposes introducing a new taxation system which calculates the amount equivalent to interest, etc., with a market discount rate.