해외주식투자전용펀드 비과세 제도의 문제점과 개선방안 －간접투자구조를 중심으로－

In order to facilitate outbound investments and to prevent unfair the tax treatment against offshore listed shares, the Restriction of Special Taxation Act("RSTA") adopted the non－taxation rule on qualified gains from the investment in funds which invest in offshore listed shares via a qualified account exclusively for this investment purposes. Unlike the old rule under the RSTA in 2007, this rule additionally allows the double－fund structure to be eligible for the tax－exemption, which givest rise to the two issues. First, if the double－fund structure involves an offshore fund immediately investing offshore portfolio, income from the Korean domestic listed shares may be included in taxable income since the RSTA and the Individual Income Tax Act("IITA") does not address the structure to exclude the income in calculation of dividend income. Second, the RSTA does not specify how to allocate income of offshore listed shares from the second tiered fund to the top tiered fund for tax purposes. To address the issues, RSTA needs to be amended to accommodate the Korean domestic shares to have them to be non－taxable asset under the double－fund structure. In addition, the RSTA needs to stipulate that allocation of income on offshore listed shares from the second tiered fund to the top tiered fund for accounting purposes should be accepted for tax purposes, and that how to allocate the income should be explained in disclosure to be made by the fund invested by retail investors.