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- 저자 : 이정희(공동저자) ( Jung Hi Lee ) (검색결과 1 건)
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박성욱 ( Sung Ook Park ),선우희연(교신저자) ( Hee Yeon Sunwoo ),이정희(공동저자) ( Jung Hi Lee ) 한국회계학회 2016 회계저널 Vol.25 No.3
According to the announcement of Korean government on February 2015, the 2014 tax revenue increased by KRW 3,600 billion compared to the 2013 tax revenue, but it did not reach to the government revenue budget by KRW 10,600 billion. Korean Ministry of Strategy and Finance stated that the major reasons for such shortage are the decrease of corporate income tax due to the deteriorated corporate performance, the decrease of value added tax and customs duty caused by the weak domestic demand and the dropped foreign exchange rate, and the reductions in the interest income tax and securities transaction tax due to the low interest rate and shrunk securities transaction. The Korean government expenditure on the national welfare is expected to increase rapidly because of the low birth rate and ageing population in Korea. However, the government revenue is not likely to be expanded easily, if the current tax system is maintained without discovering the new source of taxation. Hence, Korean government tried to increase the tax revenue through the tax amendment for 2015 in which the spirit of discovering new source of taxation is reflected by eliminating some tax benefit and enhancing the tax transparency. As securing greater tax revenue becomes to be urgent, the taxation on the capital gains from transfer of listed stocks is newly highlighted. Under the current individual income tax law, capital gains from stock transfer obtained by majority shareholders are taxable regardless of types of stocks. In contrast, capital gains from stock transfer obtained by minority shareholders are taxable only when the stocks are unlisted. Since the disparity in the taxation on the capital gains from listed stock transfers deteriorates the equity on taxation, it causes the debates among the policy makers and the academic scholars. Specifically, the taxation on the capital gains from listed stocks transferred by minority shareholders is included in the plan for the expansion of tax revenue and the reform of tax system suggested by the National Assembly Budget Office in December 2011. Several prior studies (Hong and Kim 2010; Jeong and Han 2011; Jang and Choi 2012) also suggest that the capital gains from listed stocks earned by minority shareholders should be taxed to secure the tax equity and to procure the additional tax source. However, the reinforcement of taxation on capital gains may shrink the volume of securities transaction and damage the stability of stock prices (Somers 1948; Stiglitz 1983). Therefore, the policy which mitigates the shock from the taxation, such as the exemption of securities transaction tax or the allowance of offsetting capital losses should be accompanied (Kim et al. 2014). However, if the effect of such accompanying policies is greater than that of taxation on the capital gains obtained by minority shareholders of listed stocks, the results of the taxation may deviate from the government intent (i.e., to expand the tax revenue). Moreover, since the amount of capital gains tax is sensitive to the stock price movement, the taxation on the capital gains from listed stock transferred by minority shareholders may cause the reduction in the stability of tax revenue. Therefore, it calls for the analyses on the stability of taxation as well as the change in the tax amount when we consider the taxation for the capital gains from listed stocks of minority shareholders. In this regard, this paper investigates the tax amount and stability of hypothetical capital gains tax which would be applied if the minority shareholders paid capital gains tax for listed stocks and compares the calculated capital gains tax with the securities transaction tax which is currently levying on the stock transfer, based on the daily stock transfer data executed by individuals for the period from 2000 to 2013. When we assume the stock holding periods as three, six months and one year, we find that there are large variations across the sample years on the capital gains amount obtained by the individual investors. When we calculate the related capital gains tax, the average capital gains tax amount for the sample period is greater than the average securities tax amount. However, the stability of taxation on the capital gains from listed stocks for minority shareholders is much lower than the stability of securities transaction tax. Moreover, if we consider the allowance of the carry-forward of capital losses for subsequent years, it is hard to say that the capital gains tax secures greater tax revenues compared to the securities transaction tax. The results are robust when we limit the stock transfer to the small and medium size stocks which are mainly invested by the individuals. Our results indicate that it would be better to maintain the current system (i.e., levying the securities transaction tax) and gradually enlarge the boundary of taxation for capital gains tax from stock transfers for the purpose of enhancing the stability as well as securing the tax revenue. Our suggestion is in line with the recent tax amendments for 2016 in which the range of majority shareholders subject to the capital gains tax for stock transfers is expanded, implying that such amendment accompanied by maintaining the securities transaction tax would be effective to collect the stable taxes from the long-term perspective.
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