What Really Determines the Information Content of Tax Expense and Deferred Tax?

( Joon Hyun Kim ),( Im Hyeon Kim ) 한국회계학회 2017 會計學硏究 Vol.42 No.2

This study examines the informational role of tax expense and deferred tax and investigates the fundamental determinants of their information content. Our theoretical and empirical analysis shows that the association between tax expense and stock returns after controlling for pre-tax profit should be determined by the difference in the information content between permanent book-tax differences and the other pre-tax profit. Empirical evidence is that the relatively lower informativeness of permanent differences results in the positive relation of tax expense to stock returns. In addition, the earnings persistence of permanent differences is lower than that of the other pre-tax profit, and various firm characteristics, including the composition of permanent differences, affect the information content of tax expense. In addition, it is a temporary book-tax difference that bases deferred tax in substance. Therefore, the control variable in a regression analysis for deferred tax should not include the temporary difference-related items. Using such a revised regression model, this paper shows that deferred tax expense (liability) has a positive association with stock returns (price), contrary to prior studies. Our study contributes to the literature through clarifying the underlying mechanisms behind the information content of tax expense items and providing new findings on their informational role. Particularly, this paper has implications for future study in that it provides a guideline for interpreting the relationship between the regression coefficients regarding tax expense accounts and improves the prior research methodology.

세무조사가 조세순응에 미치는 영향

지병규,김성환 한국회계정책학회 2018 회계와 정책연구 Vol.23 No.4

[Purpose]The purpose of tax audit is to encourage firms to pay taxes faithfully. National Tax Service investigates taxpayers’ tax report and collects the unpaid amount. Because the amount collected by NTS is significant, the tax audit is both a subject of fear and an alert for firms when reporting taxes. Therefore, this study examines the effect of tax audit on firms’ tax compliance. [Methodology]For the purpose of this research, we collect data on firms that reported supplementary pay of corporation tax for the years 2011-2017. Using the sample of firms whose reported taxes are investigated, we examined whether there are any changes in firms’ tax avoidance and reported income ratio around the tax audit and whether the assessed tax amount from tax audit has an effect on tax avoidance and reported income ratio. [Findings]The results of empirical tests report that tax audit has a positive effect on tax compliance. The results show that tax audit decreases tax avoidance and increases reported income ratio. We also find that the assessed tax amount from tax audit is negatively associated with tax avoidance and positively associated with reported income ratio. However, our observed associations were significant only in the year of investigation. And when we extended the event window to before and after two years, all the results were significant. [Implications]National Tax Service carries out tax audit to induce firms to pay taxes faithfully. This study supports the purpose of tax audit by showing that tax investigation has positive effect on tax compliance of taxpayers. We hope that our findings contribute to efficient tax administration management. [연구목적]세무조사는 납세자가 과세관청에 제출한 각종 세무관련 자료를 사후에 검증받는 것으로써 기업의 성실신고를 유도하기 위한 사후적인 정책이다. 국세청은 세무조사를 통해 세법 규정에 어긋난 신고내용을 적발하여 누락된 세액을 추징한다. 추징되는 금액이 적지 않기 때문에 세무조사는 기업에게 두려움의 대상이자 세금신고에 대한 경각심을 주는 수단이 된다. 이에 본 연구에서는 세무조사가 기업의 조세순응에 어떠한 영향을 미치는지 살펴보았다. [연구방법]연구를 위해 2011년부터 2017년까지 감사보고서상 법인세비용에 ‘법인세추납액’을 명시한 상장기업을 세무조사 수검기업으로 수집한 후 세무조사를 전후하여 기업의 조세회피 및 신고소득률에 변화가 있는지와 세무조사로 부과된 추징세액의 크기가 조세회피와 신고소득률에 영향을 미치는지를 분석하였다. [연구결과]실증분석 결과, 세무조사는 조세순응과 양(+)의 관계를 가지는 것으로 나타났다. 즉, 세무조사로 인해 조세회피가 감소하고 신고소득률은 높아지며, 세무조사 추징세액이 클수록 조세회피는 감소하고 신고소득률은 높아졌다. 다만, 세무조사와 추징세액은 세무조사 수검연도에만 유의적인 영향을 미칠 뿐 세무조사 직후연도에는 유의적인 영향을 미치지 못하였다. 그러나 전후기간을 2년으로 확장하여 살펴본 결과에서는 모두 유의적인 영향을 미치는 것으로 확인되었다. [연구의 시사점]본 연구는 국세청이 기업의 성실신고를 유도하기 위하여 사후적으로 시행하고 있는 세무조사가 납세자의 조세순응에 긍정적인 영향을 미치고 있다는 것을 확인했다는 점에서 의미가 있다. 본 연구 결과는 조세행정의 효율적 운용을 위한 유용한 정보를 제공할 것으로 기대된다.

조세에 관한 철학학문의 가능성과 그 연구방법에 관한 고찰

김홍규 한국세무사회 부설 한국조세연구소 2020 세무와 회계 연구 Vol.9 No.4

Throughout history taxation has constantly changed as if it were living creatures. In other words, taxation is a creation of the law, and the revision of the tax law is made regularly every year and on demand by the intention of the legislative policy maker, which makes tax law changes a lot in shape. As a matter of tax principle, it is natural that taxes closely related to people’s lives should equally, predictably and rationally place as little burden on the people as possible. However, the reality does not reflect this categorical proposition. Taxation, which should aim for fairness as the best ideology, has recently turned into a policy tool under the grand purpose of raising the national budget. With efficiency being ahead of fairness and taxation often becoming a political tool, the limitation of the democratic system has been revealed along with taxation. Over time, there have been many revisions to the tax law due to its irrationality from court rulings or unconstitutionality from the Constitutional Court judgement. But it is also true that tax scholars and practitioners criticize a lot over tax equality or righteous taxation or tax justice. Where is the science of questioning, asking, and finding the basis for how to make taxes? Where do we find the philosophical academic nature of tax science that goes beyond the limits of existing tax science guaranteeing information and knowledge―which asks and criticizes the fundamental proposition on tax and gives rigor to this discussion process? Should tax science continue to remain in the blind spot of academics in future? Now, this is why the discussion of taxation should be born as a method of philosophical studies. Debates on tax-related legitimate issues, that is, valuable, logical and critical issues, can be subsumed into the field of philosophy studies. Fundamental discussions such as tax principles, objects and methods should be pursued in the areas of natural laws, moral laws, and human reason, as in philosophy studies. The methodological study for this can be found in the phenomenological method of intrinsic intuition and in Heidegger’s question. This can provide a condition for calculating axioms for the rationality, fairness, and objectivity of tax, along with what we may call ‘the philosophy of taxation’ or ‘philosophical tax discussion’. 조세역사가 보여 주듯이 조세는 살아 있는 생물같이 부단히 변화해 왔다. 자연사물이 아닌 법의 창조물로서 입법정책자의 의도에 따라 정기적으로 또는 수시로 조세법 개정을 통해 그 형상을 달리해 온 것이다. 국민의 삶과 밀접하게 관련된 조세가 누구에게나 공평하게 예측 가능하고, 합리적으로 조각화되어 국민들에게 가능한 한 최소의 부담을 지게 하는 것이 조세원칙에 정합하다. 그러나 이 정언적 명령에 현실이 따르지는 않는다. 국가예산 조달을 주된 목적으로 삼고, 공평성을 최고이념으로 지향하는 조세가 최근 정책적 도구로 변질되고 있다. 공평성보다는 효율성이 앞서고, 때로는 정치적 도구로 왜곡되기도 하면서, 조세와 함께 민주주의 제도상의 한계가 드러나고 있다. 때로는 헌법재판소의 위헌심판으로, 때로는 법원판결에서 조세현실의 불합리성이 밝혀지면서 조세법은 지속적으로 개정되어 왔지만, 아직도 관련 학자와 실무자들은 조세평등 또는 바른 조세 내지 조세정의를 둘러싸고 많은 비판을 한다. 조세를 어떻게 만들어야 할 것인지, 이를 따지고 물으며 근거를 찾는 학문은 어디에 있는가? 앎과 지식을 담보하는 기존 조세학의 한계를 넘어, 조세에 대한 근본적 명제를 묻고 비판하고, 또 이러한 논의 과정에 엄밀성을 부여하는 조세의 철학적 학문성은 어디서 찾아야 할까. 조세학은 앞으로도 계속 학문의 사각지대에 머물러 있어야 할까. 이제 조세에 대한 논의가 철학학문의 방법으로써 태어나야 하는 이유가 여기에 있다. 조세 관련 당위적인 문제, 가치적인, 논리적인, 비판적인 문제에 대한 논의는 철학학문의 영역으로 포섭될 수 있다. 조세원칙과 대상과 방법 등 근본적 숙고는 자연법칙, 도덕법칙 등의 근본적 논의가 인간이성과 철학학문에서 다루어진다. 이를 위한 방법론적 연구는 본질직관의 현상학적 방법과 하이데거적 물음 속에서, 이성사유에서 찾을 수 있을 것이다. 이로써 가능해지는 ‘조세적 철학하기’, 혹은 ‘철학적 조세논의’와 함께 조세의 합리성, 공평성, 객관성을 위한 공준이나 공리들을 산출할 여건이 마련될 수 있다.

조세차익거래에 대한 규제제도 연구-영국의 사례를 중심으로-

석명복,서희열 한국세무학회 2010 세무와 회계저널 Vol.11 No.1

Each of the countries in the world carried out independent investment incentives and deregulation policy such as promoting the capital transfers between countries and changing disadvantageous tax system to take superior position in the international business market. As a result, it caused the inconsistencies and tax-law conflicts between the tax policies of each country. These inconsistencies were recognized as opportunities to cut tax and caused the cross-border tax arbitrages between countries. It is realistically impossible to unify all the taxation policies of each country because of the unique political goals and diversified legal environment of each country. But the cross-border tax arbitrage using the inconsistency of the taxation policies is expected to continuously occur in the future, and especially, as the advanced financial techniques are applied to the legal tax arbitrage, the phenomenon of the distinction from tax evasion becoming ambiguous is expected to increase remarkably. Therefore, to respect the flow of the market based on the liberal economic principle, and to keep the stream of consistent taxation policy, we need to provide appropriate restriction standard and to flexibly operate the taxation policy to take restrictive taxation actions on the controversial contaminated international transactions, and the pure international transactions that are not contaminated to be considered as regular natural legal tax reduction activities. Since England is directly regulating the tax evasion transactions ahead of other countries, this study will look at the tax arbitrage regulations and major tax evasion cases of England. Specifically, England, starting with the cross-border perpetual note rules in 1992, newly enacted the disclosure regime in the “Finance Act” in 2004 to restrict the tax arbitrage and tax evasion, and executed more intensified Finance Act No. 2 in 2005. Recently, the national level taxation restrictions and interferences on the tax arbitrage are expanding, as the case of the international organization, OECD, also installing the Joint International Tax Shelter Information Center(JITSIC) to restrict the erroneous and abusive tax reduction plans, and actively promoting the cooperative activities between the member countries. Therefore, this study suggests that Korea need to take approaches, by providing systematic standard in political, practical, and administrative perspectives to rationally restrict the cross-border tax arbitrages, and to achieve this, the international taxation environment with reference to the regulations and cases of England and the advanced tax arbitrage regulation appropriate for the characteristics of Korea shall be studied continuously. 세계 각국은 국제 비즈니스시장에서의 경쟁우위를 위해 국가 간 자본이동을 촉진하고, 불리한 세제를 변경하는 등 독자적인 투자유인과 규제완화 정책을 실시하였다. 이러한 결과로 국가 상호간 조세제도의 불일치(Inconsistencies)와 상충(Tax-Law Conflicts)을 낳았고, 이러한 불일치 등은 합법적인 절세기회로 인식되어 국가 간 조세차익거래(Cross-Border Tax Arbitrage)를 발생시키게 되었다. 국가별로 고유한 정책목적과 다원화된 법제도 환경 때문에 모든 국가의 조세제도를 통일하는 것은 현실적으로 불가능하다. 하지만 조세제도의 불일치를 이용한 국가 간 조세차익거래는 향후에도 지속적인 발생이 예상되며, 특히 합법적인 조세차익거래에 고도의 금융기법이 개입되면서 조세회피거래와의 경계가 애매모호해지는 현상도 더욱 두드러지게 나타날 것으로 예상된다. 따라서 자유주의 경제원칙에 의한 시장의 흐름을 존중하며, 일관성 있는 조세정책의 물줄기를 견지하기 위해서는 문제의 소지가 있는 오염된 국제거래에 대하여 세제상 규제조치를 취하고, 오염되지 않은 순수한 국제거래는 일상적이고 자연스러운 합법적 절세행위로 간주될 수 있도록 적절한 규제기준의 마련과 조세정책의 탄력적 운용이 필요하다. 본 연구는 영국이 다른 국가보다 가장 선도적으로 조세회피거래를 직접규제하고 있어 이를 중심으로 영국의 조세차익거래 규제제도와 주요 조세회피에 관한 사례를 살펴보고자 한다. 구체적으로 영국은 1992년에 국제 영구채권에 관한 규정을 시작으로 지난 2004년에는 조세차익거래와 조세회피를 통제하기 위하여 재정법에 공개의무규정을 신설하고, 2005년도에는 보다 강화된 재정법 No.2를 시행한 바 있다. 최근에는 국제기구인 OECD에서도 오․남용적 절세계획을 규제하기 위한 공동국제조세회피정보센터(Joint International Tax Shelter Information Center:JITSIC)를 설립하여 회원국 간 국제적 협력활동을 적극적으로 진행하고 있는 등 조세차익거래에 대한 국가단위의 세법적 규제와 간섭이 확산되고 있는 중이다. 따라서 본 연구에서는 우리나라도 합리적으로 국가 간 조세차익거래를 규제하기 위한 정책적인 측면과 실무적 측면, 그리고 행정절차 측면에서 제도적 기준을 마련하여 접근해야 할 것을 제안하며, 이를 위하여 영국의 규제제도와 사례를 참고하여 국제조세의 환경과 우리나라의 특성에 맞는 발전된 조세차익거래 규제제도가 지속 연구되어야 할 것이다.

세무행정에서의 블록체인 기술의 적용 방안 연구 -부가가치세 부과를 위한 VATcoin 적용 방안을 중심으로-

이창규 한국조세법학회 2022 조세논총 Vol.7 No.1

Gulf-producing countries, traditionally tax-free, will introduce value-added tax in response to population growth and falling oil prices. The reason why the Gulf-producing countries, which adhered to the tax-free policy, introduced the value-added tax levy system in the taxation plan is that the value-added tax is the most efficient in expanding financial income compared to other taxes, and the tax system This is because the operation is relatively simple and clear, tax evasion is difficult, and above all, tax imposition does not affect corporate activities and investment. Along with the introduction of these VAT, a proposal to utilize VATCoin based on cryptocurrecy, which is issued by the tax authorities and is used only for VAT payment, was studied. Introducing the VATCoin system, which incorporates cutting-edge technology in tax administration, will not only maximize financial efficiency, but will also build an efficient system to prevent tax portal activities. The introduction of VATCoin can be said to be a concrete proposal for the utilization of new technologies in tax administration. There are several advantages to imple- menting VATCoin for automating tax management. First, VATcoin can be used to combat ‘Missing Trader Intra Community Fraud’. VATCoin is a non-refundable currency and can only be refunded through tax authorities. Second, it can be used with Bigdata and Artificial Intelligence (AI). VATCoin can be linked with artificial intelligence (AI) to resolve potential tax evasion practices. Thirdly, it is possible to verify the autonomous portal behavior of the business operator. Businesses can use VATCoin to ensure correct trading activities. Fourth, it can respond to blockchain and cyber attacks. VATCoin transaction records will be made public and illegally acquired VATCoin will be invalidated. Therefore, even if the person who receives the VATCoin transfers it to another person and the transferee uses it to fulfill the VAT obligation, it cannot be used by the blockchain. 전통적으로 세금을 부과하지 않는 국가였던 걸프산유국들이 인구증가와 유가 하락에 대응하기 위해 부가가치세를 도입한다. 無세금 정책을 고수하던 걸프산유국들이 과세방안으로 부가가치세 부과 제도를 도입한 이유는 부가가치세가 다른 조세에 비해 재정수입 확충에 가장 효율적이며, 조세제도의 운영이 비교적 단순・명료하고, 탈세가 어려우며, 무엇보다 조세부과로 인해 기업 활동과 투자에 영향을 주지 않기 때문이다. 이러한 걸프산유국의 부가가치세 과세제도 도입과 함께 세무당국에 의해 발행되어 부가가치세의 지급을 위해서만 사용되는 암호화폐(cryptocurrecy)에 기반한 VATCoin 활용 방안이 연구되었다. 세무행정에서 최첨단 기술이 접목된 VATCoin 제도를 도입한다면 재정의 효율성을 극대화할 수 있음은 물론, 조세포탈행위를 방지하기 위한 효율적인 체계를 구축할 수 있을 것이다. VATCoin의 도입은 궁극적으로 세무행정에서의 新기술의 활용을 구체적으로 제안하는 것이라고 할 수 있다. 세무행정의 자동화를 위해 VATCoin을 도입한다면 몇 가지 이점이 있다. 첫째, 행방불명 무역업자 사기(MTIC)에 대응할 수 있다. VATCoin은 환급할 수 없는 통화이며, 세무당국을 통해서만 환금할 수 있다. 둘째, 빅데이터(Bigdata)와 인공지능(AI)과 함께 활용할 수 있다. VATCoin을 인공지능(AI)와 연계하여 잠재적인 탈세 행위를 해결할 수 있다. 셋째, 사업자의 자율적 포탈행위 검증할 수 있다. 사업자는 VATCoin을 활용해 올바른 거래 활동을 확보할 수 있다. 넷째, 블록체인과 사이버 공격에 대응할 수 있다. VATCoin의 거래 기록은 공개되고, 불법적으로 획득하게 된 VATCoin은 무효가 되므로, VATCoin을 가져간 사람이 이를 다른 사람에게 양도하고, 그 양수한 사람이 부가가치세의 납세의무를 이행하기 위해 이를 사용하더라도 블록체인에 의해 사용할 수 없다.

Costs Stemming from Tax Systems: Tax Compliance Costs

Mehmet NAR(Mehmet NAR ) 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2

The relationship between the state and taxation starts from the establishment of the state. The most important element is the concept of “tax compliance”. Tax compliance can be considered as the harmony of state-society relations. However, the concept of tax non-compliance occurs when taxpayers do not fulfill their tax-related tasks as required. Tax noncompliance is just one of the costs that occur in tax systems, and is named “tax compliance cost” in the literature. This study focuses on tax compliance costs because tax compliance costs are the ones taxpayers are personally obliged to deal with. For this purpose, the study investigates costs accruing from tax systems, including efficiency, planning, application, and compliance costs. According to the analysis results, it was concluded that the main reason for fraud in the tax systems is high compliance costs and that tax compliance directly impacts social wealth. Besides, the existence of conditions conducive to tax evasion and tax avoidance in a country, short-term tax policies, belief in the unfairness and inequality of tax systems, inadequacy of audits conducted by tax authorities, insufficiency of pressure and deterrence mechanisms, constantly changing legislation, and the attitudes and perceptions regarding the illegitimacy of the government determine tax compliance.

감사노력이 ESG와 조세회피의 관계에 미치는 영향

박종일,이윤정 한국세무학회 2024 세무와 회계저널 Vol.25 No.2

본 연구는 ESG와 조세회피의 관계, 또한 ESG와 조세회피의 관계에 감사노력이 어떤 조절효과의 역할을 하는지 알아보는 데 있다. 이를 위해 본 연구는 한국ESG기준원의 ESG 자료를 이용하고, 네 가지 조세회피 측정치(BTD 계열, ETR 계열)를 이용하였다. 또한 감사인의 감사노력에 대한 측정은 선행연구에서 재량적 발생액을 억제하는 효과가 있다는 표준감사시간 대비 실제감사시간의 비율, 전년 대비 감사시간의 증가, 감사보수의 증가 및 시간당보수의 증가를 이용하였다. 분석기간은 2018년부터 2022년까지 ESG 등급이 공시된 상장기업을 대상으로 하였다. 실증 결과는 다음과 같다. 첫째, ESG와 조세회피 측정치 간에는 대체로 유의한 양(+)의 관계로나타났다. 이러한 결과는 ESG를 서열순위변수나 더미변수로 측정한 경우 모두 일관되었다. 이는ESG 등급이 높은 기업의 조세회피 성향이 더 강해진다는 것을 의미한다. 또한 ESG 구성별로 분석하면 앞서의 관계는 주로 환경경영 또는 사회적책임경영에 기인한 것으로 나타났다. 둘째, 앞서의 ESG와 조세회피의 양(+)의 관계는 표준감사시간 대비 실제감사시간이 초과하면 약화되는 것으로 나타났다. 또한 추가분석에 의하면, 시간당보수가 증가할 때 주로 ESG와 조세회피의 양(+) 의 관계가 약화되는 것으로 나타났다. 한편, 앞서의 결과들은 ETR 계열보다 주로 BTD 계열에서나타났다. 요약하면, 본 연구는 최근 자료를 이용한 경우에서 ESG와 조세회피 간에는 양(+)의 관계가 있고, 이러한 양(+)의 관계는 감사인의 감사노력이 증가할 때 약화된다는 것을 보여주고 있다는 데의미가 있다. 이는 ESG와 조세회피의 양(+)의 관계가 외부감사인의 감사노력의 증가 또는 시간당보수가 증가하면 조세회피를 억제하는 긍정적인 효과성이 있음을 나타낸다. 이러한 발견은 표준감사시간제도의 도입이 감사인의 감사품질뿐 아니라 조세회피에도 긍정적인 영향을 미치고 있음을시사한다는 점에서 규제당국에게 정책적 시사점을 제공한다. The purpose of this study is to investigate the relationship between environmental, social, and governance (ESG) and corporate tax avoidance, and the moderating effect of audit effort on that relationship. Therefore, we test whether firms with high ESG ratings are associated with greater or lesser tax avoidance. We also investigate whether the role of auditor’s audit effort affects the relationship between ESG and tax avoidance. For our empirical tests, we use a sample of firms with positive pretax income and data from 2018 through 2022 to construct four tax avoidance measures :the book-tax income difference (BTD), the discretionary BTD of Desai and Dharmapala (2006), the current cash effective tax rate (ETR), and the GAAP ETR. We use the annual ESG ratings announced by the Korea Corporate Governance Service (KCGS). To study the effect of ESG on tax avoidance and the moderating effect of audit effort in this relationship, we uses four audit effort proxies:the actual-standard differences in audit hours, the increase in audit hours, the increase in audit fees, and the increase in audit fees per hours. We use our hand-collected dataset for the actual-standard differences in audit hours to overcome this limitation in prior research. The resulting sample in our study is 2,379 firm-year observations for the period 2018 to 2022. By using Korean listed firms from 2018 to 2022, we first find that ESG is positively associated with tax avoidance. This results suggest that firms with higher ESG scores avoid paying more taxes. Second, we also find that the increases of auditor’s audit effort attenuates the positive the relationship between ESG and tax avoidance. Our finding show that audit effort tends to dampen this positive relationship between ESG and firms’ tax avoidance. Because auditors who audit clients who are tax aggressive face higher engagement risk. Hence, auditors have incentives to influence clients’ aggressive tax activities. Given previous study’s rather mixed findings regarding the relation between ESG and tax avoidance (e.g., Jung and Yu 2021;Yoon et al. 2021;Kim et al. 2022;Park and Lee 2022), we add to the literature by investigating how audit effort affects it. We provide novel evidence that the role of audit effort significantly moderate the assocation between ESG and tax avoidance. As far as we know, this is the first study that uses audit effort to explain the relationship between ESG and corporate tax avoidance. Furthermore, the contribution of our study is empirically present that the overall effect of the introduction of the Standard Audit Hours Policy (SAHP) was effective in improving the audit effort providing implications for supervisory authorities and policymakers.

Strategic Treaty Shopping

( Sung Hoon Hong ) 한국산업조직학회 2014 한국산업조직학회 정책세미나 논문집 Vol.2014 No.1

Treaty shopping refers to a situation where an individual or a company that is not eligible for the benefits of a tax treaty uses an intermediary entity that is eligible for such benefits to obtain these benefits indirectly. This paper examines treaty shopping with a game-theoretic model in tax treaty networks. An investor can choose an investment route across national borders to minimize tax while a tax agency can choose to audit the investor to find out the route. The audit is costly but it can give additional revenue to the tax agency when it reveals that the investor chose an indirect route for tax avoidance. First I characterize the (Nash) equilibrium of this model. In equilibrium, both the tax agency and the investor play mixed strategies, and the loss of tax revenue is determined by the tax rate spread. Next I examine the model with a real-world network of tax treaties between selected countries to analyze the structure of tax-minimizing investment routes. While about 75 percent of tax-minimizing indirect routes pass through countries with no withholding tax, there are about 21 percent of tax-minimizing indirect routes passing through countries that maintain tax treaty networks favorable to certain residence countries. Tax rate spreads are also calculated.

계약해제와 조세

이준봉 성균관대학교 법학연구원 2008 성균관법학 Vol.20 No.3

This paper introduces the current stipulations of tax laws, tax cases and tax commentaries relating to the cancellation of contract and re-evaluate the validity of them. The conclusions are as follows; First, the starting point of reckoning of exclusion period on Article 45-2 Paragraph 2(Ex Post Factors of Rectification) of "Framework Act On National Taxes" shall be the latest among the first dates after statutory tax return period or the assessment by National Tax Service('NTS'), on the one hand, and the first informed date relating to the occurrence of cancellation of contract, on the other hand. Second, "Framework Act On National Taxes" Article 45-2 and "Enforcement Decree" thereof Article 25-2 shall be applied to the case from the objection of the assessment not through the request for rectification above, as well. Third, in case of the occurrence of lapse of tax return period, the assessment by NTS and cancellation of contract on a sequential basis, the reference point in time of judgement about the case from the objection of the assessment shall be the point in time of not assessment, but closing argument of fact-finding proceedings. Fourth, in case of acquisition tax, "Enforcement Decree Of Local Tax Act" Article 73 has priority over "Enforcement Decree Of Framework Act On National Taxes" Article 25-2 about the tax treatment of cancellation of contract. But the restoration to the original property owner due to cancellation of contract shall not be the acquisition in the context of acquisition tax. Fifth, in case of the cancellation of contract by exercise of rescission, "Framework Act On National Taxes" Article 45-2 and "Enforcement Decree" thereof Article 25-2 shall be applied. In case of the cancellation of contract by consent, "Inheritance Tax and Gift Tax Act" Article 31 paragraph 4 and 5 have priority over "Enforcement Decree Of Framework Act On National Taxes" Article 25-2 about the tax treatment of cancellation of contract in the context of gift tax. But "Inheritance Tax and Gift Tax Act" Article 31 paragraph 4 and 5 may be against the "Constitution Of The Republic Of Korea". Sixth, "Framework Act On National Taxes" Article 45-2 and "Enforcement Decree" thereof Article 25-2 shall be applied to the cancellation of contract in the field of "Corporate Tax Act" due to the absence of explicit stipulations thereof. The term "compelling cause" on the "Enforcement Decree" above shall be interpreted as the "causes like the exercise of rescission" in the context of corporate tax. Seventh, "Framework Act On National Taxes" Article 45-2 and "Enforcement Decree" thereof Article 25-2 shall be applied to the cancellation of contract in the field of "Value-Added Tax Act" due to the absence of explicit stipulations thereof. The term "compelling cause" on the "Enforcement Decree" above shall be interpreted as the "absence of factors that may result in the impediment to the collection proceedings by NTS and the serious waste of administrative operations by NTS in the context of value-added tax. Eighth, "Framework Act On National Taxes" Article 45-2 and "Enforcement Decree" thereof Article 25-2 shall be applied to the cancellation of contract in the field of "Income Tax Act" due to the absence of explicit stipulations thereof. The term "compelling cause" on the "Enforcement Decree" above shall be interpreted as the "absence of red flags that show deficiencies by taxpayer in advance and factors that result in the serious waste of administrative operations by NTS in the context of transfer income tax.

스타타워빌딩 매각거래를 통한 론스타펀드Ⅲ의 세무계획의 분석

박주영,전병욱 한국국제조세협회 2012 조세학술논집 Vol.28 No.1

For the purpose of treaty shopping, Lone Star Fund Ⅲ made Star Holdings, a paper company incorporated in Belgium, buy and sell the shares of Star Tower company, instead of Star Tower building itself, and consequently, shifted taxable incomes to favorable tax jurisdiction and converted the types of taxable incomes. From the contractural perspective, tax planning of Lone Star Fund Ⅲ deems to be successful in that it could save overall tax burdens up to more that 80 billion Korean Won without levying implicit taxes. However, because such tax planning creates various and huge non-tax costs such as agency cost, tax investigation cost and opportunity cost, it proves to hardly be the “effective tax planning”. In view of tax laws, application of domestic tax laws to prevent aggressive tax planning is not treated as invalidating tax treaty in the overlapped area of them. Furthermore, with use of the “equality of tax burden principle” in the constitution and the “substance over form principle” in separate tax laws, aggressive tax planning could be effectively regulated even without any specific tax provisions for such purpose. As a result, tax imposition on Lone Star Fund Ⅲ is expected to be proved legal in the Supreme Court judgement. However, it should be considered that such tax imposition could lower returns of inbound foreign investment funds and increase tax appliance costs and the possibility of double taxation and treaty overriding, and consequently discourage economic growth. The probability that the Supreme Court maintains the lower court’s decision by imposing corporate income tax instead of canceling individual income tax makes Lone Star Fund Ⅲ bear transaction risk, which also supports that its tax planning proves to be substantially far from being effective. Alternative tax planning of Lone Star Fund Ⅲ could be either (i) adjusting investment objects to escape regulation on real estates or (ii) adding “reversibility option” into the contract, whereas the tax authority could take advantage of (i) the “permanent establishment” theory or (ii) the “piercing corporate veil” theory to make the tax imposition more logical.