주식양도차익에 대한 과세방안 연구 = A Study on Improvement of Capital Gains

다국어 초록 (Multilingual Abstract)

The objective of this research is to study the appropriateness of introducing a new taxation on capital gains on the listed stock transfers under the current circumstances of the Korean stock market, and to derive a reasonable approach which will not only accomplish equitable taxation among the various kinds of and levels of income but also minimize potential probelms of such taxation system based on the research. As People have a growing interest in the equity of taxation and consider especially the preferential tax treatment on the financial assets as main reason of income inequality, we need to improve the equity of taxation and reinforce the function of income redistribution with improving this income inequality and also make a international harmonization of the tax system with the stock market opening. This study makes the following policy proposals in case capital gains taxation on firm`s stocks is introduced in our country. 1. The extent of taxation should be limited to transactions beyond a certain amount at first and extented gradually to minimixe the impact on the small investors with the good- purposes. 2. In respect to the method of taxation, the separate taxation is preferable to aggregate taxation at the introduction stage in principle, but withholding method seems to be a reasonable alternative considered investors` unwillingness to disclose their income as interest and dividend on which taxations are currently withheld. 3. The firm`s stock with long - term holding should be deducted the amount of gains taxation and capital losses should be also deducted the amount of capital gains within the limit of capital gains of the same year at the early introductory stage. 4. The structure of the tax rate should be determined so that it is balanced against those on capital gains from transfer of realestate, interest and dividend This study has a serious limitation in finding out reasonable system as it is impossible to forecast the freexing effect and investor`s reaction to be actually occurred due to no practical analysis on the effect on the stock market by the tax assessment on stock transfer. Accordingly, further practical, behavioral and scientific study on the negative effects by the new system should be fellowed..