자본시장 활성화를 위한 펀드세제 개선방안 ― 개인투자자의 소득과세를 중심으로 ―

The real fund income is capital gains, not dividend income. Therefore, taxing even in the event of a loss, such as current Fund Taxation, may violate the net income tax principle. In addition, tax discrimination exists between direct investment and fund investment in foreign stocks, which is inconsistent with tax equity. Korea's Fund Taxation is taxed on dividend income, which may be more disadvantageous than foreign taxation on capital gains. There is a need for improvement measures to raise tax neutrality in Fund Taxation and revitalize the capital market. The Fund Taxation should be improved to make the tax understandable to the average investor in the light of tax neutrality and international convergence. First, the fund's investment income should be taxed as capital gains in line with economic substance. Taxing on capital gains will enable profit and loss management between multiple funds and enhance tax neutrality between foreign direct investment and foreign fund investment. Second, the tax should not be taxed at the annual settlement of the fund, but only at the time of redemption(transfer). It is not unrealized to tax the fund when it is settled. Third, Capital Gains Tax must be taxed on actual gains and losses on fund redemption. Taxing the fund's actualal gains will increase the comprehension of the individual investor and realize the ability to pay principle of taxation.