[Title Page]
Contents
I. Introduction 9
II. Current Status and Problems of Korea's Financial Tax System 11
1. Current Status of Taxation System on Financial Income 11
2. Issues with Financial Income Taxation 14
III. The Concept of Financial Investment Income and Previous Studies 19
1. The Concept of Financial Investment Income for Tax System Overhaul 19
2. Preceding Studies on Capital Gains Taxation 22
IV. Overseas Financial Investment IncomeTaxation Systems 26
1. The Dual Income Tax System 27
2. Unification of Financial Income Taxation in Japan 31
3. Net Investment Income Tax in the United States 34
V. Reform of Taxation Systems for Financial Investment Income 37
1. Basic Directions 37
2. Three Steps for the Reform 38
3. Detailed Issues 44
VI. Conclusion 48
References 50
〈Table II-1〉 Non-taxable Financial Income 12
〈Table II-2〉 Separately Taxable Financial Income 13
〈Table II-3〉 Comparison of Taxation on Financial Investment Products Similar to ELS 15
〈Table II-4〉 Comparison of Taxation on Financial Investment Products Similar to... 16
〈Table III-1〉 Classification of Financial Income Based on Financial Product Type 20
〈Table IV-1〉 Comparison of Dual Income Tax Systems of Selected Countries 30
〈Table IV-2〉 Details on Unification of Financial Income Taxation(June 15, 2004) 32
〈Table IV-3〉 The Threshold of NIIT of the United States 35
〈Table IV-4〉 Overview of Taxation on Interest, Dividends, and Capital Gains on Stock... 35
[Figure V-1] Phased Introduction of Financial Investment Income Tax System 38