조세가 전환사채 발행 의사결정에 미치는 영향

문성훈 ( Seong Hoon Moon ) 한국회계학회 2009 會計學硏究 Vol.34 No.3

본 연구에서는 1999년 이후 전환사채 또는 일반사채를 발행한 570개 비금융기업을 대상으로 기업의 전환사채 발행 의사결정에 있어서 조세가 미치는 영향을 분석하였다. 전환사채를 발행한 기업은 1, 일반사채를 발행한 기업은 0인 더미변수를 종속변수로 사용한 로짓회귀분석을 통해 한계세율, 비부채감세수단 등 조세유인과 정보비대칭비용, 재무곤경비용, 대리인비용, 최후자금조달수단 등 비조세유인을 비교하여 기업의 전환사채 발행 의사결정에 미치는 유인들을 검증하였다. 전환사채는 일반사채에 비해 액면이자가 낮은 대신 주식으로 전환할 수 있는 권리인 전환권 등이 내재되어 있기 때문에 통상 전환사채의 액면이자는 일반사채에 비해 낮은 편이다. 현행 세법상 전환권 등 내재옵션부분은 과세되지 않으며 액면이자만 과세되기 때문에 조세측면만을 고려했을 때, 발행기업 입장에서는 이자비용 공제효과가 크지 않아 전환사채가 일반사채에 비하여 불리하지만 투자자 입장에서는 이자소득 절감효과 때문에 오히려 전환사채가 일반사채에 비하여 유리하다. Scholes and Wolfson(1992)의 패러다임에 따르면 기업이 전환사채나 일반사채를 통한 자금조달 의사결정을 하는 경우 발행기업의 법인세 절세효과 뿐만 아니라 전환사채나 일반사채 투자자의 조세비용까지 감안한 모든 당사자(all parties)를 감안하여 자금조달 의사결정을 한다. 따라서 기업이 일반사채를 발행하지 않고 전환사채를 발행하는 것은 낮은 액면이자로 인한 이자비용 법인세 절세효과와 같은 명시적 조세혜택은 일반사채에 비해 작지만, 투자자 단계의 낮은 조세비용으로 인한 자본조달비용 감소라는 암묵적 조세혜택이 일반사채에 비해 크기 때문일 것이라는 해석이 가능하다. 실증분석 결과 기업이 자금조달수단을 선택함에 있어서 한계세율이 낮을수록 일반사채에 비해 전환사채를 발행할 가능성이 높은 것으로 나타났다. 이러한 결과는 한계세율과 같은 조세유인이 전환사채 발행 의사결정에 있어서 중요한 영향을 미치고 있으며 동시에 전환사채 발행에 Scholes and Wolfson(1992)의 패러다임이 적용된다는 것을 보여주는 것이다. 다만 비부채감세수단이 한계세율을 낮추는 효과(대체효과)로 작용할 것이라는 예측과는 달리 비부채감세수단이 작을수록 전환사채를 발행하는 것으로 나타났다. 이는 비부채감세수단이 한계세율을 대체하기 보다는 유형자산을 많이 보유하고 있는 기업이 이를 담보로 더 많은 부채를 조달할 수 있는 부채담보효과로 작용하여 유형자산 등 담보가 작은 경우 일반사채보다는 전환사채를 발행한다는 것을 시사하고 있다. 본 연구는 Scholes and Wolfson(1992)의 세무회계패러다임 관점에서 전환사채 발행동기를 파악하는 것 외에도 전환권을 제외하면 거의 성격이 유사한 전환사채와 일반사채간의 비교를 통하여 조세가 부채발행의 중요한 동기라는 것을 보여줌으로써 전통적인 자본구조결정이론에 대한 실증적 증거를 제공하고 있다. 또한 본 연구결과는 기업의 부채자금조달시 조세혜택 및 비용을 반영한 "진정한" 자본조달비용 산출과 투자자의 세후 현금흐름을 반영한 전환사채의 가치평가에 도움이 될 수 있을 것으로 기대된다. The purpose of this study is to analyze the tax effect to the decision making regarding convertible bond issue of the 570 non-financial companies which issued the convertible bond and straight bond. Among this study samples, the par-value interest of convertible bond were just about 20% of the straight bond and this result was not much different when we studied the whole convertible bond and straight bond. In addition, because the conversion right is embedded on convertible bond the par-value interest of convertible bond is lower than that of straight bond. The embedded option like conversion right etc. is not deducted as tax expense of issuing company but the par-value interest is deducted as expense under present tax, so the interest expense corporate tax shield of convertible bond is not big than that of straight bond. By the way, a point of view of investor to the convertible bond, because the conversion right which is a compensation of low par-value interest is not taxed and the par-value interest which is taxed as interest income is lower than that of straight bond, the convertible bond is better than the straight bond in tax expense of investors. In accordance with the paradigm of Scholes and Wolfson(1992), the company consider the tax effect to all parties who are concerned in not only company but also financial transaction for the efficient tax planning. Therefore, because company consider not only the corporate tax shield of issuing company but also the tax expense of investor to convertible bond and straight bond which effect to the company`s cost of capital when they make a financing decision making, the paradigm of Scholes and Wolfson(1992) can apply to the company`s issuing decision between convertible bond and straight bond. On the other hand, because the explicit tax benefit of convertible bond issuing company like interest expense corporate tax shield due to low par-value interest is lower than that of straight bond but implicit tax benefit as the reduction of cost of capital because of low tax expense in the investor step, company will make a issuing decision between convertible bond and straight bond if the other conditions are same. When the marginal tax rate of issuing company is lower, the marginal tax rate of investor is higher and issue a convertible bond instead of straight bond because the increasing of the implicit tax benefit of investor is higher than the decreasing of the explicit tax benefit, so the issuing incentive of convertible bond is higher than the issuing incentive of straight bond. In that this research framework, we assumed that the implicit tax benefit of investor step is regular on this study and we verified the effect of tax incentive to the issuing of convertible bond with focus on the explicit tax benefit of issuing company step. In addition to this, as concrete research methodology, we used the Logist Regression Analysis which used dummy variables that the convertible bond issuing company is 1, the straight bond issuing company is 0 as dependent variable. Through these we compared the tax incentive like marginal tax rate, non debt tax shield etc. with non -tax incentive like information asymmetric cost, financial distress cost, agency cost, and last resor financing vehicle etc. and verified the incentives to the issuing decision making of convertible bond on company. According to the results of empirical analysis, regarding the company select the resor financing vehicle when the marginal tax rate is lower and non debt-tax shield is smaller, the issuing possibility of convertible bond is higher than the issuing possibility of straight bond. This result can be analyzed that tax incentive like marginal tax rate have an important effect on the issuing decision making of convertible bond and this result imply that the non debt tax shield operated as debt securability effect rather than operated as substitution effect, so when the collaterals like tangible assets are small, the issuing possibility of convertible bond is higher than the issuing possibility of straight bond at decision making regarding financing by convertible bond or by straight bond. The distinctions of this study is that most of established prior studies of the inside and outside of the country regarding the incentive of issuing convertible bond focused on verifications of hypothesis base on agency cost and information asymmetry cost. On the other hand, this study are significant in point of analyzing directly the effect of the tax incentive`s effect on company`s issuing decision making between convertible bond and straight bond. In addition, the average and effective tax rate instead of marginal tax rate were used as the tax incentive of issuing convertible bond on most of established prior studies, but this study used the marginal tax rate and non debt-tax shield as proxy variable of tax incentive and in this point, this study much more developed the existing convertible bond issuing model which used the average tax rate. The results of these studies will contribute to not only the convertible bond issuing company and investors but also to the student of tax accounting as below. First, the company will select the optimal capital structure by assumption of real capital raising cost after taking into account the tax benefit and tax interest. Second, investors of convertible bond valuate the company which issues the convertible bond by assumption of after-tax money flow. Also, this study imply that the investor who have a convertible bond when they make a stock conversion`s decision, they should invest not only according to stock price level of issuing company but also according to after tax investment earing rate after taking into account the tax expense on interest income of redemption premium. On the other hand, these studies contribute to the other studies by combining the convertible bond issuance motive of Sholes and Wolfson(1992)`s tax accounting`s paradigm with capital structure study systematically. Finally, by the results of these studies imply that the tax authorities need to mitigate the tax discrimination according to difference of issuing security types when a company make a decision about the bond issuing by that the tax authorities need to apply to the recognition method and recognition timing of interest expense of convertible bond on the tax regulation should be applied to same method that the straight bond apply to accrual basis according to effective interest method.

국제투자펀드의 조세조약상 지위

문성훈(Moon Seong Hoon) 한국국제조세협회 2008 조세학술논집 Vol.24 No.1

This paper examines cross-border investment vehicle’s tax system and tax treaty’s status, and reviews recent international cooperation trend on treaty relief to cross-border investor including CIV(Collective Investment Vehicle). It first summarize concept and legal form, and then discuss each country’s tax treatment and application of tax treaty on a CIV It is problematic in application of tax treaty on CIV that cross-border investment vehicle is considered as a flow-through or separate taxable entity according to where investor, the investment and the CIV is located in two or more different countries. and also a CIV is regarded as a “person” generally in tax treaty, but double taxation problems is likely to happen because it is not certain whether a CIV is considerd as “resident” or “beneficial owner” of Contracting State. To cope with the double taxation of a CIV, Either foreing tax credit in investor’s residence country or bilateral agreements in tax treaty between countries can be used. But more recently, to resolve a CIV's double taxation problems fundamentally, OECD ICG(Informal Consutative Group) and ISSA(International Securities Service Association) make an effort that a CIV be entitle to be the tax treaty benefit. OECD ICG have suggested than treaty entitlement by CIV in own right be needed, preparation with standard for both providing treaty benefits to CIV invesor and establishing treaty eligibility of CIV investor also be necessary, and that standard for investor eligibility determination on specified dates and reporting to CIV be needed. ISSA have proposed a new tax relief model(namely “ISSA model”) which is reliance upon intermediaries to collect retain customer information, to pool the assets of investors, and to pass tax rate information up the intermediary chain. To enhance tax neutrality in CIV and support cross-border investments, Followings shoud be prepared. : Active participation in OECD and ISSA’s discussion with CIV's double tax problems, clarification of CIV's requisites in bilateral tax treaty, Improvement of treaty benefit eligibility of CIV by making the most use of corporate type fund, simplication of tax treaty filing process in CIV, introduction of qualified intermediary like United States, building up the infrastructure of intermediaries relating with cross-border investment vehicle.

CO₂용접법에 적용되는 솔리드와이어와 플럭스코드와이어의 용접성에 관한 고찰

문성훈(Seong-Hoon Moon) 산업기술교육훈련학회 2011 산업기술연구논문지 (JITR) Vol.16 No.3

This study focuses on the quality and speed of welding by using both solid wire and multi wire that applied to CO2 welding under the most suitable condition with SM390, or a hard material for welding structure, and in order to examine the mechanical characteristics, universal hardness tester and vickers tensile strength tester were used and derived from the following results. In the process of welding with a solid wire and flux cored wire, which used in CO2, Gas and Arc welding, FCAW could keep the comparatively high electricity density, and because the efficiency of its adherence, the speed of welding process can be faster. The flux cored wire of tensile load and hardness increases, and tension is almost same. CO2, Gas and Arc welding has a high mechanical hardness, thus, although it might be more expensive, because the flux cored wire is used for the essential material requiring high hardness, the increase in its quality can be expected.

집합투자증권 양도시 소득세 과세의 문제점 및 개선방안에 관한 연구

문성훈(Seong Hoon Moon) 한국세법학회 2009 조세법연구 Vol.15 No.1

본 연구는 집합투자증권의 종류 및 양도방법을 살펴보고, 집합투자증권 양도시 과세현황 및 문제점을 중심으로 검토한 후 향후 개선방안을 제시하는 것을 목적으로 한다. 이를 위해서 기존 간투법 및 2009년 2월 시행된 자본시장법상 구체적 집합투자증권의 종류 및 양도방법에 따른 구소득세법과 현행 소득세법상 과세에 대해서 구체적으로 검토하고, 집합투자증권 양도에 대한 과세소득의 적합성 및 비과세의 타당성 등을 살펴본 후 그 개선방안을 모색하고자 한다. 구소득세법에서는 집합증권의 종류, 양도방법, 상장여부에 따라 이자소득, 배당소득 및 양도소득 등으로 다양한 과세방식으로 과세하거나 비과세하는 등 과세의 일관성과 명확성이 부족했다. 자본시장법 시행을 계기로 한 소득세법 개정으로 집합투자증권 양도방법과 관계없이 배당소득으로 과세하고 상장 집합투자증권은 비과세하는 등 집합투자증권 양도에 대한 과세제도가 정비되었다. 그러나 집합투자기구의 법적 형태에 따른 상이한 과세취급, 채권 등 보유기간과세의 단순 적용, 형식적 상장거래를 통한 조세회피 가능성 등이 여전히 존재하고 있다. 이러한 집합투자증권 과세제도의 문제점을 해결하고 세제의 중립성과 형평성 제고를 위해 현행 집합투자증권 양도에 따른 채권 등 보유기간 과세규정을 삭제하고, 모든 형태의 집합투자증권 양도에 대해 양도소득으로 과세하는 대안을 제시하고자 한다. 다만, 투자자의 납세순응 및 조세협력비용 감소를 위해 원천징수제도와 과표기준가제도를 준용하고, 양도소득세율은 집합투자기구의 환매시와 동일하게 적용할 필요가 있다. 또한 투자조합 등 “사모성”과 “사업성”이 강한 집합투자기구에 대해서는 경제적 실질을 고려하여 PEF에서와 같이 동업기업 과세제도를 적용하는 것을 검토할 수 있을 것이다. 자본시장법 도입으로 집합투자기구의 종류 및 투자대상 확대 등 법적 제도정비가 이루어지고 있는 현시점에 맞추어 집합투자증권 양도소득 과세의 문제점을 살펴보고 과세의 중립성과 단순성을 고려한 개선방안을 제시함으로써 향후 집합투자증권 양도에 대한 합리적인 과세기준 정립에 본 연구가 도움이 될 수 있을 것을 기대해 본다. The purpose of this study is to investigate the kind and the transfer method of Collective Investment Securities and taxation status. In addition to this, we suggest the improvement plan of these after we study the taxation status and problem mainly. For the this study, First, we concretely examine the taxation of the kind and method for transferring Collective Investment Securities regarding previous income tax law and current income tax law under Indirect Investment Asset Management Business Act & Financial Investment Services and Capital Markets Act. Second, we seek the improvement plan after we study the appropriateness of taxation and tax exemption. Under previous income tax law, there was no consistency regarding above mentioned taxation as the income from interest, income from dividends and transfer income etc. in accordance with the kind, transfer method and listing of Collective Investment Securities. In addition, there is the improvement of taxation regarding the transfer of Collective Investment Securities that this income would be taxed as the income from dividends and the listed Collective Investment Securities would be non-taxable income regardless of the method oftransfer as follow the operation of FSCMA. By the way, there are still some problem that different taxation in accordance with the legal form of the Collective Investment vehicle, simple application to the tenure taxation of the bond and the possibility of tax avoidance through transaction of “formally” listed securities. To settle the problem of taxation regarding Collective Investment Securities and to improve the impartiality and equality of taxation, we suggest that the current taxation of bond's holding period interest income regarding the transfer of Collective Investment Securities should be deleted and all kind of the transfer of Collective Investment Securities would be taxed as transfer income tax. To reduce the tax compliance costs and tax co-operation cost of investors, the withholding taxation and tax base standard price system should be introduced newly and the tax rate of transfer income tax should be same rate about the short covering of the Collective investment vehicle. In addition to this, we cam consider that the partnership taxation will be applied to the Collective investment vehicle as the investment association which have the character of private placement and business purpose after taking account of economic substance. As introduction of FSCMA, in accordance with the legal system improvement like that the kind and the enlargement of investment of Collective investment vehicle etc. is done in a nowaday, we examine the problem of transfer income tax of Collective Investment Securities and suggest the improvement plan which reflect the impartiality and simplicity of taxation. Finally, we expect that this study will be useful to prepare reasonable standard of taxation regarding the transfer of Collective Investment Securities afterward.

금융상품과 공격적 조세회피사례

문성훈(Moon Seong Hoon) 한국국제조세협회 2011 조세학술논집 Vol.27 No.1

Recently, there is a continuous increase in the number of tax planning or tax avoidance financial products like Japanese-yen-swap time deposit case, which are actively selling in the market. However, owing to development of financial techniques, hybrid financial products with various features, such as derivative linked securities, convertible bond and bond with warrant, have been introduced to the market and when it comes to financial product taxation, the standards for classifying tax planning and tax avoidance is getting more and more unclear. This thesis studied the concept of aggressive tax planning, which is emerging recently, and reviewed whether this can be differentiated from pre-existing concepts such as tax planning, tax evasion and tax avoidance. In addition, different ways of aggressive tax planning centered on High Net Worth Individuals (“HNWIs”) were examined, followed by analysis of supply chain in the market where aggressive tax planning products with mass marketed structure are being designed, provided and distributed. Regarding mass marketed or customized aggressive tax planning products, by analyzing closely on actual cases and possible cases that can appear in the market, understanding of such products was enhanced and problem and alternatives were sought. The result of this study demonstrated that regarding gold-banking as derivative linked securities and imposing tax as dividend income not only lacks logical validity but also cause a problem of retroactive taxation. In addition, there is a problem in perspective of economic substance in that discount on national housing bond, being used as a way of tax planning by HNWIs, is not being taxed as interest income. Furthermore, it suggested that it is possible to perform aggressive tax planning adopting customized structures which use new financial products, such as listed futures and bond with warrant. From the perspective of financial tax system, there is a need to minimize tax loophole by faithfully complying with financial related laws and regulations, or by newly establishing financial product concepts of its own under tax law and seeking harmonization between tax law and financial products concept and valuation under existing financial related laws and financial theories. In view of tax system and other infrastructure, when tax authorities are designing or executing tax system on financial products, they need to be more realistic and market-oriented through deeper understanding of individual’s income, source of asset or structure of financial products oriented by tax avoidance purpose. Also, financial companies should reduce possibility of incomplete sale on customers by considering taxation nature of financial products when designing and selling financial products.

국내 전환사채의 회계 및 과세제도 비교연구

문성훈(Moon Seong Hoon) 한국국제조세협회 2009 조세학술논집 Vol.25 No.2

The purpose of this study is that compare the recognition method of interest expenses(profit) on tax and accounting of convertible bond which is the typical equity-linked bond, so suggest the improvement plan of taxation of convertible bond. For this purpose, after check multilaterally the convertible bond accounting method and taxation system on not only issuing company but also investor situation and based on these points, try to suggest the appropriateness and problem of convertible bond interest expenses and interest income taxation system. Nevertheless, the economic essence of conversion right adjustment of convertible bond is basically same with straight bond's discount of straight bond, because that is not recognized as interest expenseon tax or deferred recognized late on tax, there is a disadvantage that the corporate tax shield of the issuing company decreases. Also, when investor converts the stock on tax, there are not only problem of unrealized income taxation but also bundling effect according to interest income taxation on redemption premium of convertible bond. To improve these, there is necessity that mitigates the taxation distinction as follow stock type of issuing company by applying accrual method to the interest expenses recognition method and time of convertible bond on tax same with straight bond. In additionto these, there are necessities that apply cash based method to redemption premium for the prevention of unrealized income taxation, meanwhile should apply separate taxation to that for the mitigation of bundling effect. On mid-long term, there is necessity that makes a taxation principle which improve the taxation equity between the equity-linked bonds as the bond with warrants etc. which have similar nature with convertible bond also. And we expect that this study will contribute to the preparation of consistent and rational taxation system through this study for hybrid securities which comes to be more various little by little and complicated.

최적 추출비 이론을 이용한 경/중희토류 용매추출 분리 공정 계산

문성훈(Seong- Hoon Moon) 산업기술교육훈련학회 2018 산업기술연구논문지 (JITR) Vol.23 No.2

Solvent extraction and separation experiments were carried out using the HCl-PC88A-kerosene extraction system using chlorides mixed with light rare earths (Pr, Nd) and medium rare earths (Tb, Dy). The solvent extraction process parameters were calculated before the experiment using the optimal extraction formula From the experimental results, the optimum purity of the solvent extraction process was confirmed by the optimum extraction ratio theory. The separated high_purity light/medium rare earth elements were precipitated as oxalate_ using oxalic acid_ and then recovered as high-purity light/medium rare earth oxides, by the calcination process.

진정내시경시 환자의 감시 및 관련 장비

문성훈 ( Sung-hoon Moon ),김형근 ( Hyung-keun Kim ),명대성 ( Dae-seong Myung ),윤순만 ( Soon Man Yoon ),문원 ( Won Moon ) 대한소화기학회 2017 대한소화기학회지 Vol.69 No.1

Sedation is an essential component for gastrointestinal endoscopy. It allows patients to tolerate unpleasant endoscopic procedures by relieving anxiety, discomfort, or pain. It also reduces patient`s risk of physical injury during endoscopic procedures, while providing the endoscopist with an adequate setting for a detailed examination. For the safety during endoscopic sedation, patient monitoring is crucial. Minimal monitoring requirements during endoscopic sedation are periodic assessment of blood pressure and application of continuous pulse oximetry. Continuous electrocardiography is recommended in selected patients with high risk for sedation or have cardiopulmonary diseases. Continuous supplemental oxygen is also recommended for endoscopic sedation. This study describes detailed monitoring and associated devices based on the current guidelines and recommendations from gastrointestinal society of America, Europe, and Korea. (Korean J Gastroenterol 2017;69:64-67)

Pestalotiopsis sp. KCTC 8637P에 의한 세포외 생물고분자의 생산조건과 응집활성

문성훈(Seong-Hoon Moon),권기석(Gi-Seok Kwon),김희식(Hee-Sik Kim),오희목(Hee-Mock Oh),윤병대(Byung-Dae Yoon),신기선(Kee-Sun shin),배경숙(Kyung-Sook Bae),고영희(Yung-Hee Kho),홍순덕(Soon-Duck Hong) 한국생물공학회 1996 KSBB Journal Vol.11 No.4

파생상품 양도소득세의 과세효과와 과세제도 개선방안에 대한 연구

문성훈(Seong-Hoon Moon),이영한(Young-Han Lee) 한국조세연구포럼 2019 조세연구 Vol.19 No.3

2014년 12월 23일 소득세법 개정을 통해 우리나라에 파생상품에 대한 양도소득세 과세제도가 도입되었다. 본 연구에서는 파생상품 양도소득세 과세를 전후로 한 국내 선행연구들의 문제제기에 대하여 살펴보고, 미국등 해외 과세현황을 살펴보며, 이에 대한 평가와 대응방안을 모색해보고자 한다. 현행 파생상품 양도차익 과세는 주식과 주식관련 파생상품을 다른 그룹으로 구분하여 양도차익을 계산하고, 각각의 그룹에서에서 발생하는 손익을 통산하지 않을 뿐만 아니라 각각의 그룹별로 다른 세율을 적용하고 있어 상품간 조세중립성이 저해되는 문제가 있다. 그리고 파생상품의 법적형식에 따라 다르게 과세되어 금융상품간 조세중립성을 저해하고 투자상품간 의사결정 왜곡을 야기하고 있다. 파생상품 과세대상의 범위가 주로 시장지수형 장내파생상품으로 한정되어 있고 장외파생상품은 과세되고 있지 않아 투자상품간 조세중립성 및 투자자간 수직적 공평성의 문제가 있다. 또한 파생상품 거래를 통해 소득이 발생한 경우에 대해서는 과세가 확대되는 데 비해, 손실이 발생한 경우에 대한 과세상 고려는 많지 않아 소득과 손실의 과세취급이 비대칭적이며 비거주자가 장내파생상품에서 소득이 발생한 경우에는 과세되고 있지 않아 거주자와 비거주자간 수평적 조세형평의 문제가 있다. 이러한 파생상품 과세제도의 문제에 대한 개선방안으로는 주식과 주식에 대한 대체재로 볼 수 있는 주식관련 파생상품간 손익통산 및 동일한 세율적용을 통한 주식과 주식관련 파생상품에 대한 조세중립성을 제고하는 방안을 고려하거나 주식과 주식관련 파생상품의 구분근거를 명확히 할 필요가 있다. 조세회피를 방지하기 위해서는 파생상품 양도소득세 과세범위를 개별자산 대상 파생상품 및 주식 이외의 금리 등 파생상품으로 중장기적으로는 확대할 필요가 있다. 아울러 파생상품 손실에 대해서 파생상품 거래손실에 대한 이월공제를 허용할 필요가 있다. On December 23, 2014, the amendment of the Income Tax Law introduced Korea"s capital gains tax on derivatives. The purpose of this study is to investigate the problems raised by Korean prior studies before and after taxation of capital gains tax on derivatives, to examine the current state of overseas taxation such as the United States, and to find ways to improve them. The capital gain tax on current derivatives is calculated by dividing the stock and equity derivatives into different groups, calculating capital gains, not accounting for the gains or losses from each group, and applying different tax rates for each group. There is a problem that the tax neutrality between products is hindered. In addition, it is taxed differently according to the legal form of derivatives, which hinders tax neutrality among financial instruments and causes distortion of decision-making between investment products. The range of taxable capital gains taxation of derivatives is mainly limited to market index derivatives, and OTC derivatives are not taxable. These differences negatively affect tax neutrality and vertical equity among investors. In addition, taxation is extended when income is generated through the trading of derivatives, but there is not much taxation consideration in case of loss. Taxation of income and loss is asymmetric, and non-residents earn income from intangible derivatives There is a problem that horizontal tax equality between resident and non-resident is hindered. In order to improve these derivatives taxation system, the tax neutrality of stocks and equity derivatives should be improved by applying the same tax rate to the gains and losses between stocks and equity derivatives. If they are taxed at different rates, it is necessary to clarify the basis for dividing stocks and equity derivatives. In order to prevent tax avoidance, the scope of taxation of capital gains tax is extended to derivatives such as interest rate derivatives other than individual assets. It is also necessary to allow carry forward deductions on derivative trading losses.