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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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초록· 키워드
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The taxation of derivative financial instruments has been an issue for a long time in Korea because derivative financial instruments potentially undermine the integrity of the income tax. The transaction of total return swap is also another way. In transactions of total return swap (TRS), the investor pays an amount equal to the value of some amount of stock of a corporation to the financial institution.
In return, the investor receives the right to a dividend equivalent whenever the underlying stock pays an actual dividend, and the right to any appreciation in the stock when the TRS expires, and undertakes to pay the financial institution for any decline in the stock’s value when the TRES expires.
For the period of the total return swap, the holder of the TRS is in the same economic position as if it held the underlying stock, although it is not a stock owner for corporate governance purposes. In addition, for the foreign investor there is uncertainty about the tax treatment of the dividend equivalent. It can be argued that the dividend equivalent is equivalent to a dividend which is subject to withholding tax in Korea or is business income which is hardly subject to tax in Korea.
There is no good policy reason to treat actual dividends and dividend equivalent differently for withholding tax purposes. When they are treated differently, distortions and tax avoidance are caused. Therefor dividend equivalent should be treated as an actual dividend for tax purposes and the current tax rules should be revised to eliminate uncertainty and prevent tax avoidance.
In return, the investor receives the right to a dividend equivalent whenever the underlying stock pays an actual dividend, and the right to any appreciation in the stock when the TRS expires, and undertakes to pay the financial institution for any decline in the stock’s value when the TRES expires.
For the period of the total return swap, the holder of the TRS is in the same economic position as if it held the underlying stock, although it is not a stock owner for corporate governance purposes. In addition, for the foreign investor there is uncertainty about the tax treatment of the dividend equivalent. It can be argued that the dividend equivalent is equivalent to a dividend which is subject to withholding tax in Korea or is business income which is hardly subject to tax in Korea.
There is no good policy reason to treat actual dividends and dividend equivalent differently for withholding tax purposes. When they are treated differently, distortions and tax avoidance are caused. Therefor dividend equivalent should be treated as an actual dividend for tax purposes and the current tax rules should be revised to eliminate uncertainty and prevent tax avoidance.
목차
I. 서론
II. Total Return Swap이란?
III. Total Return Swap 거래에 대한 과세 문제
IV. Total Return Swap 거래에 대한 과세 방안
V. 결론
참고문헌
Abstract
참고문헌 (0)
참고문헌 신청이 논문과 연관된 판례 (1)
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대법원 1984. 2. 28. 선고 82누424 판결
가. 원고가 피고에게 이 사건 원천징수납부세액의 환급신청을 하였다거나, 피고가 이를 거부한다는 취지의 의사표시를 하였음을 인정할 수 없는 이 사건에 있어서 피고가 단지 위 납부세액에 관하여 아무런 처분도 하지 않고 있는 것을 거부처분과 같이 볼 수는 없는 것이므로, 결국 위 거부처분의 취소를 구하는 취지의 원고의 청구는 피고의 불행위에 대한
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