All appeals are dismissed.

The costs of appeal are assessed against the plaintiffs.

The grounds of appeal are examined.

1. Article 3 of the former Securities Transaction Tax Act (amended by Act No. 9274, Dec. 26, 2008; hereinafter the same) provides that “in the event that a taxpayer of securities transaction tax pays a substitute share of the following items, the person who pays the relevant substitute share shall do so.” Article 3 of the former Securities Transaction Tax Act provides that “In the event that a taxpayer of securities transaction tax pays a substitute share of the following items, the person who pays the relevant substitute share shall do so,” and subparagraph 2 provides that “share certificates transferred on a securities market, etc. outside the securities market, etc. pursuant to the Presidential Decree,” and subparagraph 2 provides that “in the case of a transfer of share certificates, etc. other than subparagraphs 1 and 2, the relevant securities company shall be the transferor of the relevant

In addition, in light of the structure of relevant provisions, such as the fact that Article 3 subparag. 2 of the former Securities Transaction Tax Act provides that where a securities company is a taxpayer of securities transaction tax, “where a securities company transfers stock certificates, etc. through a securities company, other than subparagraph 1,” the place or method of trading is based on the place or method of stock certificates, and that Article 1 and Article 2(1)2 of the former Securities Transaction Tax Act separately provides that listed stocks are listed stocks listed on the securities market, etc., the term “stock certificates, etc. listed on the securities market, etc.” under Article 3 subparag. 1 (a) of the former Securities Transaction Tax Act shall not refer to listed stocks themselves, but the term “stock certificates transferred on the securities

Article 3 subparagraph 1 (a) of the former Securities Transaction Tax Act provides that the Korea Securities Depository, which pays a substitute share certificate, shall collect securities transaction tax from the Korea Securities Depository, in view of the suitability for the increase of convenience and efficiency of collection, and thus, is liable for tax payment even if it is not the actual taxpayer, and the share certificates transferred outside the securities market, etc.