한국조세재정연구원 - OAK리포지터리

Korea Institute of Public Finance
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미국의 금융소득 과세제도 - 파생금융상품을 중심으로 -

Keyword
시가평가, 지불의종류, 손익공제, 거래세
Title
미국의 금융소득 과세제도
- 파생금융상품을 중심으로 -
Authors
홍범교
Issue Date
2005-12-01
Publisher
KIPF
Citation
pp. 136
Abstract
As Korean financial derivative markets are maturing, it is time to reconsider the no capital gains tax policy on financial derivatives. For that purpose, we have reviewed the US tax system on financial derivatives. The US tax system is considered the most sophisticated system in the world as far as financial derivatives are concerned. But at the same time, it is criticized as an inconsistent system that is far from perfect. Main reasons for its inconsistency are the diverse and complex strategies of derivative uses and rapid development of new ones. Despite its shortcomings, the US experiences with its long history of tax imposition provide a good guidance.

Based on our review of the US system and consideration of the basic differences of the tax systems between the two countries, we suggest the Korean tax authorities to pay special attention to the following aspects.

It is important to introduce a new tax system so that taxes are imposed on combined income from both derivatives and its related underlying spot market instruments. If capital gains tax is imposed on capital gains from derivative trading only, then market function will be impaired. Hedging will become imperfect and arbitrage transactions will be difficult to carry out due to the uncertainty caused by such tax system. For example, the current tax exemption on capital gains from stock trading will be a deterrence to introducing a capital gains tax on KOSPI 200 futures. It is vital to introduce a capital gains tax system that equally applies to both spot and derivative markets.

In that sense, capital losses from one market, either spot or derivative, should be allowed to be deducted fully from the gains of matching trading in the other market. For speculative trading, deduction up to a certain limit had better be allowed, because speculative trading provides liquidity to the market.

Determining income characteristics of capital gains is not so important in Korea because the Korean tax system is not a comprehensive one-only listed incomes are subject to tax-and capital gains are not specially treated as in the US. For the timing of income recognition, we can adopt mark-to-market system for exchange traded derivatives.

In the near future, it is not probable to introduce capital gains tax on stock trading for financial and political considerations. That means it is not desirable to introduce capital gains tax on derivatives in the near future. Then it is conceivable to introduce transaction tax on derivative trading as an interim measure, given the high volume of derivative trading in Korea.
Keywords
시가평가, 지불의종류, 손익공제, 거래세
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