派生金融商品課稅에 있어서 稅務行政問題

• 영문명: Tax Administration Issues in Financial Derivatives Transactions
• 발행기관: 경희법학연구소
• 저자명: 김병일(Kim, Byung-Il)
• 간행물 정보: 『경희법학』제43권 제3호, 289~321쪽, 전체 33쪽
• 주제분류: 법학 > 민법
• 파일형태: PDF
• 발행일자: 2008.09.30

영문 초록

Against the backdrop of the recent domestic and overseas financial developments, including the enactment of the Financial Investment Services and Capital Market Act, conclusion of the FTA between Korea and the U.S., increase in scale and crossovers in the domestic and overseas financial industries, expansion of global financial innovation, etc., the government is promoting the establishment of Koera as the Northeast Asia financial hub in an effort to further develop and globalize the domestic financial industry. However, it would prove to be a difficult goal to accomplish without the revitalization of financial derivatives transactions which are widely used by businesses and financial institutions for risk management. Given the recent dramatic increase in the number of financial derivatives transactions worldwide and the anticipated introduction of new financial derivatives following the enactment of the Financial Investment Services and Capital Market Act in 2009, considerable discussions on how to improve the current tax system are highly likely to take place. In this connection, the following items should be considered in implementing the tax system applicable to various financial derivatives transactions, particularly from the standpoint of tax administration and policy. First, the tax system concerning financial derivatives transactions should be streamlined through introduction of transaction tax (transfer tax), etc. in order to minimize compliance costs as well as administrative costs. Second, the policy to provide pertinent tax information on the core documentation of financial instruments is proposed. There is a need to include compound derivatives in the list of items subject to financial instruments core documentation system currently practiced by financial institutions and provide information on their taxability with which many financial institutions and taxpayers have difficulty determining on their own. By doing so, transparency and predictability in the tax system and administration would be improved, and appropriate measures can be implemented to promptly cope with financial innovation and development of numerous compound financial instruments utilizing the structured financial derivatives, etc. Furthermore, since the existing infrastructure can continue to be used, no additional costs would be incurred to introduce a new system while accomplishing a one-stop service effect. Third, it would be advisable to introduce an advance ruling system, which would allow a taxpayer to request a ruling by the tax authorities on a specific transaction or business currently under plan or in its initial stage, that would be binding on the tax authorities once issued. The advance ruling system would provide not only predictability in tax exposures, an important issue to taxpayers in planning business transactions, but also guarantee reasonable protection to taxpayers rights in the tax procedure context. In implementing the system, it would be recommendable to provide the legal basis under the Basic National Tax Act as part of the taxpayers rights, rather than operating the system under the NTS directives, in order to design appropriate procedures by law, procure transparent administration, and grant legally binding force. Fourth, close cooperation with the supervisory authorities of the financial derivatives would be necessary. As a way to tackle tax evasion, it would be efficient to actively utilize the monitoring system and the valuation program of the financial supervisory authorities under which any sales conducted at price that is far from the appropriate price proposed by financial intermediaries at the time of the sales are automatically identified and then it is examined whether the sales in question are actually an unfair transaction or whether any improper transfer of profits/losses have been involved in the course of that sales. Fifth, there is a need to seek measures to collect and utilize

목차

l. 머리말

ll. 파생금융상품과세에 있어서 세무행정상의 과제

lll. 과세원칙과 파생금융상품에 대한 과세

lV. 파생금융상품과세에 대한 세무행정의 합리화방안

V. 맺음말

키워드

자본시장통합법 파생금융상품 세무행정 납세협력비용 금융상품핵심설명 서 사전답변제도 납세자권리보호 Financial Investment Services and Capital Market Act financial derivatives tax administration compliance cost core documentation of financial instruments advance ruling protection of taxpayers rights.