Recently, the Korea government revised the tax law to unify profits and capital gains from bonds, derivatives and derivatives into financial investment income from 2022. The government announced that it is a policy to simplify the complexity of the tax law, which taxes by source of capital gains, to prevent confusion among investors and to increase taxation equity. It has been pointed out that the current financial tax system, which will be applied until 2021, is tax-free on income derived from minority shareholder-listed shares, bonds, and over-the-counter derivatives, thus not equitable for taxation with other income. Furthermore, with the continuing development of the capital market, there is often no basis for taxation under the Income Tax Act, which adopts enumerationism on income arising from new emerging derivatives, resulting in a taxable blind spot. Thus, the revised tax law laid the foundation for a tax system on capital gains that could eliminate the taxable blind spots of enumeration shares by taxing income from various financial investment instruments in a single concept. This allows the taxation of individual transactions for derivatives to be consolidated and taxed for new derivatives, as seen in the case of yen swap transactions and transactions combined with options. In this paper, I would like to examine the facts and precedents for yen swap transactions.
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