토큰 증권으로 발행되는 투자계약증권의 과세방안 ― 개인투자자 과세를 중심으로 ―

This paper explores tax regime and tax administration for investment contract securities that are expected to be in the future due to the institutionalization of token securities. This will be issued in various structures because the financial authorities are promoting security tokens as one way of issuing securities, while the tax law system is still uncertain on issuing beneficiary certificates of non-monetary trust contract and investment contract securities using the blockchain of distributed ledger technology. This paper first analyzes the financial law system and subsequently examines the tax law system, because the tax law are applied in accordance to provisions of the financial law. Therefore, we dealt whether qualified as investment contract in both Korea and the United States and Regulatory Sandbox under financial law system addressed and identified in prior researches. Then issuance and market of security token and fractional investments are reviewed based on ‘Security Token Guideline’ published by the Financial Services Commission. After that, the legal nature of beneficiary certificates of non-monetary trust and investment contract securities, which are likely to be issued through token securities, is analyzed to address whether the current fractional investment and expected transaction using this structure could fall under partnership, undisclosed association (silent partnership) and limited partnership. Based on this analysis, we review the regime, administration and compliance of taxation. In terms of the regime, we dealt with taxation on investment contract securities and tax system of the financial investment income (which will be effective in 2025), joint operation and undisclosed association. We have recognised that taxation on fractional investment practices are applied differently from the applicable method in the interpretation of the law. Therefore, we suggest that taxation on income derived from financial contract securities are divided into taxation on dividend income and capital income, considering the procedures of determination for securities, conflict with current tax rules and deferral of taxation etc. In terms of administration and compliance, we suggest the obligation for account management institutions and over-the-count brokers to collect tax information, and customized tax notification and pre-filling services are proposed based on tax information obtained to assist taxpayers’ filings under the new regime. Since the system of security token and investment contract securities has not yet been confirmed, and it is not predictable how far the business structure will expand through this; tax system needs to be continuously reviewed as revisions of financial law and related business structures are monitored.