콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic Administration
Government and Law Laws and Legislation

Print

자본시장법 시행에 따른 금융투자상품에 대한 조세정책방향(Tax policy direction on financial investment product after the enactment of Korean Capital Market Act of 2009)

Related Document
Frame of Image
  • 자본시장법 시행에 따른 금융투자상품에 대한 조세정책방향(Tax policy direction on financial investment product after the enactment of Korean Capital Market Act of 2009)
  • 노영훈
  • 한국조세연구원


link
Title 자본시장법 시행에 따른 금융투자상품에 대한 조세정책방향(Tax policy direction on financial investment product after the enactment of Korean Capital Market Act of 2009)
Similar Titles
Material Type Reports
Author(Korean)

노영훈

Publisher

서울:한국조세연구원

Date 2010-12
Pages 155
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Economic Administration
Government and Law < Laws and Legislation
Holding 한국조세연구원

Abstract

With the enactment of Financial Investment Services and Capital Market Act(FSCMA, hereafter referred to as "CMA") in February 2009, investment funds and structured equity products expanded their market capitalization dramatically in Korea. Contrary to the previous separate special laws on securities, forwards, derivatives, trusts, they are now consolidated under the FSCMA regulations. It is no wonder that the regulation of the broad range of financial products under one FSCMA law entailed the intense competition among financial companies and the possible neglect of investor protection.
This study examines both the financial consumer protection and tax policy issues on investment funds and structured products which became very popular in the Korean capital market after 2000s.
In general, the investment fund tax rules are dictated largely by a country's overall tax regime for individuals and enterprises, and these tax regimes vary substantially among countries. In the context of these basic tax structure, the choice of tax rules for investment funds require balancing three objectives: first, not go impede the development of financial intermediaries; second, to devise tax rules that are compatible those that apply to other investments; and, third to adopt tax rules that can be administered and enforced. Among the four major different approaches of taxing investment funds, Korea adopted some mixture of tax-advantaged, pass-through, and surrogate prototypes. Investment fund is in essence characterized by two elements: collectiveness and intermediariness. Currently in Korea the income from an investment fund realized by an individual investor is categorized as dividend and taxed according to the genuine dividend income. But the tax treatment of dividend, interest, and capital gains at the investment fund level and at the level of the investors needs major reformatory change when the capital gains taxation on stock and shares under the progressive global income taxation is considered in future. (The rest omitted)