Nikkei225 옵션시장의 가격결정커널에 관한 연구

류두진 ( Doo Jin Ryu ) 한국경영공학회 2012 한국경영공학회지 Vol.17 No.2

This study examines the pricing kernels implied by the Nikkei225 index and option prices. Following Rosenberg and Engle(2002), based on the two specifications of the pricing kernels (one is the power pricing kernel and another is the polynomial pricing kernel), we estimate the empirical pricing kernels that successfully explain the price dynamics of the Nikkei225 options. We find some interesting results in the Japanese financial market. First, the power pricing kernel generally decreases with the underlying Nikkei225 index returns, which shows stark contrasts with the results in the S&P500 (U.S.) options market. Second, the time-varying pricing kernels generally outperform the time-invariant pricing kernels in explaining the dynamics of the Nikkei225 option prices, but this does not hold when pricing ITM options which are not actively traded. Third, the (time-varying) polynomial pricing kernel, which has more complicate and flexible functional structure than the (time-varying) power pricing kernel, shows better pricing performance. Considering that there is little research on the Nikkei225 options and there is not a single published article that investigates the pricing kernels in the Japanese options market, this study can be a stepping stone for the future research.

Predatory Pricing with Personalized Pricing

심경보 정보통신정책학회 2024 정보통신정책연구 Vol.31 No.2

We examine how the scope of predatory pricing changes with the availability of personalized pricing. To this end, we consider a simple model based on a deep-pocket theory of predation in which duopoly firms compete in a horizontally differentiated market. More specifically, we consider a scenario in which two firms compete across two periods with different amounts of assets. Each firm goes bankrupt if it suffers a loss and does not have enough assets to cover the loss. If not, the firm can continue production in the second period. Due to the asymmetry in asset size, the firm with more assets may have an incentive to use predatory pricing to secure a monopoly position in the second period, even at the expense of profits in the first period. When analyzing this model, we consider the following price combination policies: (i) in which both firms use uniform pricing; (ii) in which a dominant firm uses personalized pricing whereas its rival uses uniform pricing; and (iii) in which both firms use personalized pricing. We show that it is easiest for the dominant firm to use predatory pricing in case (ii). The scope for predatory pricing by the dominant firm may increase or decrease in one of the two remaining cases relative to the other. More specifically, it is more difficult for the dominant firm to use predatory pricing when the marginal cost of production is relatively low in case (iii) compared to case (i), and vice versa if the marginal cost is relatively high. Holding parameter values equal across cases (i), (ii), and (iii), we also discuss differences in equilibrium outcomes: each firm’s profits, consumer surplus, and social welfare. The key factors that drive the aforementioned differences are the market structures (whether the market structure is either a monopoly by firm A or a duopoly) and the degree of competition resulting from differences in the combination of pricing policies.

Impact of pricing schemes on a market for Software-as-a-Service and perpetual software

Rohitratana, Juthasit,Altmann, Jö,rn Elsevier 2012 Future generations computer systems Vol.28 No.8

<P><B>Abstract</B></P><P>In this paper, we present an agent-based simulation system that allows modeling the interactions between software buyers and vendors in a software market. The market offers Software-as-a-Service (SaaS) and perpetual software (PS) licenses under different pricing schemes. Four dynamic pricing schemes are analyzed: derivative-follower pricing, demand-driven pricing, skimming pricing, and penetration pricing. Customer (buyer) agents respond to these prices by selecting the most appropriate software license scheme based on four criteria using the Analytic Hierarchy Process (AHP) decision support mechanism. The four decision criteria relate to finance, software capability, organization, and vendor. The simulation results show that the demand-driven pricing scheme is the most effective method but hard to implement since it requires perfect knowledge about market conditions. As an alternative, penetration pricing and skimming pricing could be used. In addition to this, it can be stated that SaaS is most attractive for small enterprises while PS is attractive for large enterprises.</P> <P><B>Highlights</B></P><P>► Agent-based simulation of interactions between software buyers and vendors is used. ► We compare derivative-follower, demand-driven, penetration, and skimming pricing. ► Demand-driven pricing is the most effective pricing but difficult to implement. ► Penetration and skimming pricing are good alternatives to demand-driven pricing. ► SaaS is attractive to SMEs while perpetual software is attractive to large firms.</P>

Internet Pricing and Network Neutrality: How Internet Pricing Schemes Affect the Incentives of Internet Service Providers

( Jun Seok Hwang ),( Dae Ho Lee ),( Ka Yeong Lee ) 정보통신정책학회 2011 정보통신정책연구 Vol.18 No.1

Exponential growth of data packets and the related rising costs of network operations have brought with them the issues of network neutrality and Internet pricing. So far, Internet pricing schemes have not been considered seriously in the network neutrality literature. In order to show the importance of pricing schemes, we compare Internet service provider (ISP) discrimination incentives under two different pricing schemes: flat-rate pricing and usage-based pricing. We found that applying different pricing schemes results in a significant change in ISP discrimination incentives. Under a flat-rate pricing scheme, the ISP generally has an incentive to discriminate against certain content providers` packets by increasing the packet delay. However, under a usage-based pricing scheme, the ISP has no incentive to discriminate against packets. There are two key policy implications drawn from the results. One is that Internet pricing should be considered a prime concern in network-neutrality regulations. The other is that switching pricing schemes from flat-rate to usage-based can be considered a method of network neutrality regulation.

Asset Pricing 분야의 최근 연구동향

백인석 ( In Seok Baek ),안동현 ( Dong Hyun Ahn ),오성환 ( Seong Hwan Oh ),윤선중 ( Sun Joong Yoon ) 한국금융학회 2010 금융연구 Vol.24 No.3

본 연구는 재무경제학의 Asset Pricing 분야에서 이루어진 최근의 성과와 앞으로의 연구방향에 대해서 정리하고자 한다. 재무경제학은 금융시장에서 관측된 현상을 설명하기 위해 비약적 발전을 거듭해 왔으나 모든 잠재적 요인을 반영할 수 없는 이론적 제약으로 인해 그 설명력에 한계가 있을 수 밖에 없다. 이러한 한계점을 극복하기 위해 기존이론의 가정을 완화하거나 새로운 효용체계, 행동학파적 요소 및 제약을 도입하여 새로운 돌파구를 찾고자 연구가 진행되고 있다. 본 연구에서는 광범위한 Asset Pricing 모든 분야에 대해 분석하는데 현실적 한계가 있으므로 위험자산의 가격 결정론과 무위험 자산 가격결정론(이자율 기간구조 모형)으로 나누어 관련된 최근의 연구동향에 대해 정리하고자 한다. 세부적으로 보면 위험자산 가격결정론은 시계열과 횡단면 특성에 관한 연구, 그리고 이를 이용한 포트폴리오 선택문제로 나누었으며, 투자기간에 다른 무위험자산 가격결정론은 이자율 기간구조 측면에서 동태적 이자율 기간구조 모형, 거시-금융 기간구조 모형, 두 나라 이자율기간구조 모형으로 나누어 살펴본다. This paper surveys recent trends in the asset pricing areas and proposes some future research issues. Despite a surge of theoretical models proposed for capturing the dynamics of financial asset prices, several key empirically stylized anomalies are still challenging to theoretically explain. Such incompatibility of theoretical models with empirical data may be inevitable due to the fact that the theoretical models cannot encompass inherently all aspects of reality. To overcome such limitations, researchers often loosen the theoretical restrictions and/or adopt new economic frameworks. Among them, we summarize the recent advances related to the theory of risky asset pricing models and theory of interest rate term structure models. In Section II, we deal with the theory of risky asset pricing, which can be classified into time-series asset pricing and cross-sectional asset pricing. First, the time-series asset pricing models aim to theoretically explain the time-series anomalies, such as the equity premium puzzle, the volatility puzzle, the risk-free rate puzzle, and the predictability puzzle. the efforts to the explanation for such puzzles can be categorized as follows: 1) Pesso Prblem and Survival bias of market 2) Habit formation preference 3) Preference for robustness and ambiguity aversion 4) Recursive preference and long run risk 5) Behavioral approach: Prospect theory 6) Investment costs Second, cross-sectional asset pricing models focus on the size and value premium puzzle, which are firstly introduced by Fama and French (1987). Since the restrictive assumptions of time-series asset pricing models, including investors` preference and market clearing condition, can be moderate in cross-sectional asset pricing models, a bunch of literature is proposed for capturing the cross-sectional risk factors. These attempts are categorized as follows: 1) Multi-factor models 2) Conditional CAPM 3) Cash-flow risk 4) Long Run Risk with Epstein-Zin preference 5) Composition Effect of Consumption 6) Various Behavioral Approaches. In Section III we summarize developments of traditional dynamic term structure models(DTSMs). Advances in DTSMs are accelerated by the two competitors, affine-and non-affine DTSMs, Based upon the seminal work of Duffie and Kan(1996), Dai and Singleton(2000) succeed in finding canonical form of affine term structure models (ATSMs), which designate the yield as an affine function of the underlying state variables. Recent ATSMs such as Duffee(2002), Duarte(2004), and Cheridito, Filipovic, and Kimmel(2007) propose more flexible specifications for market price of factor risks within the canonical representation. Despite of these glaring advances, theoretical trade-offs inherent in ATSMs fostered developments of many alternative DTSMs. Quadratic term structure models(QTSMs) proposed by Ahn, Dittmar, and Gallant(2002), which designate the yield as a quadratic function of the state variables, successfully resolve structural limitations of ATSMs. Equipped with various and flexible specifications, researchers began to explore issues regarding the economic drivers for the yield curve dynamics. Traditional DTSMs such as ATSMs and QTSMs do not provide answers for these questions because they are built upon latent(unobservable) state variables. We survey macro-finance term structure models(MFTSMs), which try to fill this gap. Since the pioneering work of Ang and Piazzesi(2003), voluminous papers add macroeconomic variables as state variables, and investigate the role of macroeconomic factors in explaining the yield curve dynamics. In addition, given the increased globalization of both international financial markets and real economies, there arises an important need for models of international term structures and foreign exchange rates. Thus, we survey international term structure models(ITSMs).

Internet Pricing and Network Neutrality: How Internet Pricing Schemes Affect the Incentives of Internet Service Providers

황준석,이대호,이가영 정보통신정책학회 2011 정보통신정책연구 Vol.18 No.1

Exponential growth of data packets and the related rising costs of network operations have brought with them the issues of network neutrality and Internet pricing. So far, Internet pricing schemes have not been considered seriously in the network neutrality literature. In order to show the importance of pricing schemes, we compare Internet service provider (ISP) discrimination incentives under two different pricing schemes: flat-rate pricing and usage-based pricing. We found that applying different pricing schemes results in a significant change in ISP discrimination incentives. Under a flat-rate pricing scheme, the ISP generally has an incentive to discriminate against certain content providers’ packets by increasing the packet delay. However, under a usage-based pricing scheme, the ISP has no incentive to discriminate against packets. There are two key policy implications drawn from the results. One is that Internet pricing should be considered a prime concern in network-neutrality regulations. The other is that switching pricing schemes from flat-rate to usage-based can be considered a method of network neutrality regulation.

국내 이전가격 문서화 규정의 개정을 위한 고려사항에 관한 연구 - 이전가격 보고서 및 서식 관련 규정을 중심으로 -

심석인,권용환,김태형 한국국제조세협회 2022 조세학술논집 Vol.38 No.3

The scope of this study is transfer pricing documentation, comprised of transfer pricing returns (forms), usually in a table format, and transfer pricing reports (studies) in descriptive form. The fundamental purpose of transfer pricing documentation is to provide appropriate tax information for risk assessments and tax audits by tax authorities, after taxpayers: (a) establish and implement transfer pricing policies for overseas intercompany transactions; and (b) evaluate whether the transfer price conforms to the arm’s length price. In addition, the purpose of the relevant regulations is to ensure that the transfer pricing documentation works efficiently, taking into account the positions of both the tax authorities and taxpayers in evaluating the arm’s length price. Despite this fundamental purpose, transfer pricing documentation is sometimes treated only as information to confirm tax compliance for multinational enterprises’ transfer pricing practice, or to satisfy tax authorities when they conduct tax audits. Appropriately prepared transfer pricing documentation contains key information, which can be a starting point to develop the positions and logic of multinational enterprises and tax authorities. It may also narrow differences between two stakeholders’ views, ultimately reducing disputes. Therefore, this study examines the Korean transfer pricing regulations regarding transfer pricing documentation, and proposes possible revisions, bearing in mind recommendations of international organizations and regulations in other developed nations. First, it is possible to reduce the taxpayers’ compliance burden, with respect to the master file and local file, by easing the criteria for extending the submission deadline, and by simplifying the preparation and submission requirements. In addition, the focus could be on incentivizing taxpayers to comply voluntarily, rather than on penalties. It may also be reasonable to focus on the size of overseas intercompany transactions to determine which taxpayers must submit the master file and local file. Furthermore, consideration could be given to exempting small and medium-sized enterprises from preparing excessive transfer pricing reports. Second, country-by-country reporting submission deadlines could be aligned with the corporate tax return filing deadline, to prevent confusion. Tax authorities could also provide more guidance to taxpayers and show some flexibility if deadlines are narrowly missed. Third, it could be made clearer when information and evidential requests are inapplicable to the local file, and criteria for contemporaneous report preparation could be specified. In addition, more logical criteria to determine the waiver of underreporting penalty taxes could be used, to be consistent with transfer pricing practice. Fourth, in order to ease the tax compliance burden associated with the master file and local file, some transfer pricing returns could be exempted and instead reflected on local files in tabular form. Starting with this study, the authors look forward to future revisions of the current Adjustment of International Taxes Act, as well as more in-depth follow-up studies on transfer pricing documentation. 본 연구의 범위는 보통 표 형태로 작성되는 이전가격 서식과 서술형으로 작성되는이전가격 보고서를 포괄하는 이전가격 문서화를 대상으로 한다. 이전가격 문서화의근본적인 목적은 납세자가 국외특수관계 거래에 대한 이전가격 정책을 수립해서 이를 실행한 이후에 자체적으로 정상가격 여부를 평가하고, 과세당국의 위험 평가와 세무조사를 위해 적절한 과세정보를 제공하기 위한 것이다. 또한 관련 규정의 목적은정상가격을 평가함에 있어 과세당국과 납세자 모두의 입장을 고려해서 이전가격 문서화의 목적이 원활히 작동하도록 하는 것이다. 이전가격 문서화의 근본적인 취지 및 활용 목적에도 불구하고, 다국적기업의 이전가격 실무 또는 과세당국의 세무조사에서납세자의 납세협력 의무 준수 여부를 확인하기 위한 자료로서만 취급되는 경우도 발생한다. 합리적인 수준으로 작성된 이전가격 문서화는 다국적기업과 과세당국의 입장과 논리를 개발해나가는 시작점이 될 수 있는 주요 정보를 포함하고 있어 양 이해당사자들간의 이견을 좁혀 분쟁의 정도를 감소시킬 수 있을 것으로 기대할 수 있다. 따라서 본연구는 우리나라 국조법의 이전가격 서식 및 보고서 등 문서화와 관련한 규정을 살펴보고, 국제기구의 권고안과 주요국의 규정과 비교해서 우리나라의 현행 국조법 규정의 개정을 위한 고려사항을 제언하였다. 첫째, 통합기업보고서와 개별기업보고서의 제출기한 연장 기준을 완화하거나 제출의무를 작성의무로 직접적으로 완화함으로써 납세의무자의 납세협력 부담을 감소시키는 방안을 고려할 수 있다. 또한 이전가격 보고서 미제출 등에 대한 과태료 인상과같은 불이익보다는 혜택을 통해 납세의무자의 자발적인 납세협력 이행을 권장하고, 비교대상 거래(기업)의 선정 과정 갱신 주기를 3년으로 입법하는 방안을 고려할 수있다. 현행 통합기업보고서와 개별기업보고서의 제출대상 납세의무자 판단 기준 금액은 국외특수관계 거래 규모를 중심으로 하는 것이 합리적일 수 있으며, 중소기업에과도한 이전가격 보고서의 작성을 면제하는 방안을 고려할 수 있다. 둘째, 실무적 혼선을 방지하기 위해 국가별보고서 사전신고서 제출기한을 법인세신고기한으로 일치시키는 방안을 고려할 수 있다. 또한 과세당국은 최초의 국가별보고서 제출대상이 되는 납세자에게는 적극적으로 사전신고서 제출을 안내하거나, 기한후 제출과 같은 유연한 규정의 적용을 고려할 수 있을 것으로 판단된다. 셋째, 개별기업보고서에 해당하지 않는 ‘과세당국이 요구하는 자료(동시적 보고서)’ 와 ‘정상가격 산출방법에 관한 증명자료’의 정의를 명확히 하고, 동시적 보고서의 작성대상 납세의무자 판단 기준 역시도 구체화하는 것이 필요해 보인다. 또한 과소신고가산세 미부과 대상이 되는 납세의무자의 합리적 판단 기준을 이전가격 실무에 부합할 수 있도록 합리화하는 방안을 제언하였다. 넷째, 통합기업보고서 및 개별기업보고서 제출대상 납세의무자의 납세협력 부담을완화하기 위해 일부 이전가격 서식을 실질적으로 면제시키면서 개별기업보고서에 해당 이전가격 서식의 내용을 표의 형태로 정교하게 반영하도록 규정하는 방안을 고려할 수 있다. 본 연구를 시작으로 향후 국조법의 개정과 보다 심도 있는 후속연구를 기대해본다

A General Framework for Asset Pricing

조승모 한양대학교 경제연구소 2012 JOURNAL OF ECONOMIC RESEARCH Vol.17 No.1

Gerber and Shiu (1994) and Henne and Reichling (2006) have independently derived similar stochastic discount factor asset pricing principles in justifying their arguments regarding asset pricing. In this paper, we show that if we slightly modify the two principles, they reach the same asset pricing principle. To be specific, in deriving their pricing principles, both Gerber and Shiu (1994) and Henne and Reichling (2006) deal with the case of a single risk-free asset and a single risky asset for which Gerber and Shiu (1994) further assume a financial derivative. Here, we simply extend their logic to portfolios of the entire capital market, in line with the portfolio theory by Markowitz (1952, 1956, 1959), Sharpe (1964), Lintner (1965), and Mossin (1966), to make the two principles converge to each other. And based on the converged version of the pricing principles, we show that the capital asset pricing model by Sharpe (1964), Lintner (1965), and Mossin (1966), the capital asset pricing model with time-dependent beta by Henne and Reichling (2006), the arbitrage pricing theory by Ross (1976), the Gerber-Shiu model by Gerber and Shiu (1994) (a generalization of the Black-Scholes model by Black and Scholes (1973) and Merton (1973b)), and the Esscher insurance premium pricing principle by B\"{u}hlmann (1980) can all be derived under a unified pricing principle.

A General Framework for Asset Pricing

( Seung Mo Cho ) 한양대학교 경제연구소 2012 JOURNAL OF ECONOMIC RESEARCH Vol.17 No.1

Gerber and Shiu (1994) and Henne and Reichling (2006) have independently derived similar stochastic discount factor asset pricing principles in justifying their arguments regarding asset pricing. In this paper, we show that if we slightly modify the two principles, they reach the same asset pricing principle. To be spe-ci fic, in deriving their pricing principles, both Gerber and Shiu (1994) and Henne and Reichling (2006) deal with the case of a single risk-free asset and a single risky asset for which Gerber and Shiu (1994) further assume a financial derivative. Here, we simply extend their logic to portfolios of the entire capital market, in line with the portfolio theory by Markowitz (1952, 1956, 1959), Sharpe (1964), Lintner (1965), and Mossin (1966), to make the two principles converge to each other. And based on the converged version of the pricing principles, we show that the capital asset pricing model by Sharpe (1964), Lintner (1965), and Mossin (1966), the capital asset pricing model with time-dependent beta by Henne and Reichling (2006), the arbitrage pricing theory by Ross (1976), the Gerber-Shiu model by Gerber and Shiu (1994) (a generalization of the Black-Scholes model by Black and Scholes (1973) and Merton (1973b)), and the Esscher insurance premium pricing principle by Buhlmann (1980) can all be derived under a unified pricing principle.

이전가격세제와 부가가치세제의 조화방안 - 국외특수관계인으로부터의 용역 수입을 중심으로 -

박설아,박훈 한국세무학회 2016 세무학 연구 Vol.33 No.1

The international trade has changed in its structure from finished goods-oriented trade into intermediate goods and service-oriented trade based on the Global Value Chain since 1990s. Following such change in the international commerce environment, intra-group service trades of multinationals have drastically increased, in the course of which multinationals sometimes establish managerial strategies to reduce tax burden by artificially forming transfer prices. Since value-added tax (“VAT”) and income tax for a single transaction price operate in opposite directions, one has to approach transfer pricing from a tax-neutral perspective as opposed to the tax revenue reduction of a certain tax item. For services between a multinational and a foreign related party at a price outside an arm’s length, the transfer price is adjusted by applying transfer pricing rules in an income tax aspect. If a price adjustment for VAT taxation on the single transaction is not carried out, issues like VAT avoidance or double taxation may occur. Otherwise put, the neutrality in VAT is damaged. Thus this thesis has analyzed the effects of transfer pricing adjustment for income tax when importing services from related parties on VAT and has made an in-depth examination on the plans to harmonize VAT and transfer pricing rules. Transfer pricing adjustments under transfer pricing rules may directly affect VAT in the following cases assuming that a Korean business operator without a full right to deduction of input tax imported services from a foreign related party:firstly, where the price of services imported to Korea increases following the primary adjustment of an exporting country, and thus any corresponding adjustment or compensating adjustment is carried out in Korea, in which a Korean business operator pays the foreign related party the balancing payment and such amount is accounted for as additional consideration for the originally provided service or as consideration for a separate taxable service;secondly, where the price of services imported to Korea is decreased due to a primary adjustment or compensating adjustment made in Korea, in which a Korean business operator receives the balancing payment from the foreign related party and the payment is accounted for as decreased transaction price for the originally provided service, in which case if the substantial/economic relationship of consideration between the payment of the balancing payment and an original service or a separate service is acknowledged, it may directly affect VAT. With respect to the convergence plan for VAT and transfer pricing rules, as there may be interpretive confusion as to whether a claim for VAT reassessment may be filed for the reason of transfer pricing adjustment under the current Act, provisions on claim for VAT reassessment and amended tax return following transfer pricing adjustment shall be newly established in the Act. Further, a provisional tax return system shall be introduced in order to secure the creditworthiness of compensating adjustment and to prevent an abusive use of the claim for VAT reassessment following transfer pricing adjustment. Further, if an agreement on adjustment of VAT following transfer pricing adjustment and the scope of such adjustment, etc. is made in the course of advanced pricing agreement, it is deemed that a significant portion of inconsistencies in VAT and transfer pricing rules may be resolved. 국제무역은 1990년대 이후 완제품 중심의 무역구조에서 국제가치사슬에 기반을 둔 중간재 및 용역중심의 무역구조로 변화했다. 이러한 국제통상환경의 변화로 다국적기업 내부의 용역거래가 큰 폭으로 증가하게 되었고, 그 과정에서 다국적기업은 용역의 이전가격을 인위적으로 형성하여 세부담을 절감하려는 경영전략을 세우기도 한다. 그룹 내부의 용역거래시 하나의 거래가격에 대해 소비과세와소득과세가 서로 반대방향으로 작동하므로, 이전가격행위는 어느 한 세목의 세수 감소가 아니라 조세중립성의 관점에서 접근해야 한다. 특수관계인으로부터 용역을 수입하는 경우 이전가격조정에 따른 부가가치세의 사후조정을 인정하지 않는다면, 부가가치세 회피 결과가 발생하거나 납세자가 이중적 세부담에 노출되고 재화 수입과의 형평에도 맞지 않는다는 문제점이 있으므로, 이전가격세제와 부가가치세를 조화시킬 필요성이 인정된다. 이에 본 논문에서는 국외특수관계인으로부터 용역을 수입하는 경우 소득과세를 위한 이전가격조정이 부가가치세에 미치는 영향을 분석하고, 이전가격세제와 부가가치세제를 조화시키기 위한 구체적인 개선방안을 살펴보았다. 이전가격세제상 이전가격조정이 부가가치세에 직접적인 영향을 미칠 수 있는 경우는 완전한 매입세액공제권한이 없는 우리나라 사업자가 국외특수관계인으로부터 용역을 수입한 상황을 전제로 다음과 같은 경우이다. 첫째, 수출국의 일차조정으로 우리나라에 수입된 용역의 가격이 증액되어 우리나라에서 대응조정을 하거나 보상조정이 이루어진 경우로서 우리나라 사업자가 국외특수관계인에게 가격조정금을 지급하고 이를 당초 공급된 용역에 대한 추가대가 또는 별도의 용역 대가로 처리한 경우이다. 둘째, 우리나라에서 일차조정을 하거나 보상조정이 이루어져 우리나라에 수입된 용역의 가격이 감액된 경우로서 우리나라 사업자가 국외특수관계인으로부터 가격조정금을 지급받고 이를 당초 공급된 용역의 거래가격이 감소된 것으로 처리한 경우이다. 이때 가격조정금의 지급과 당초의 용역 또는 별도의 용역 사이에 실질적․경제적 대가관계가 인정된다면 부가가치세에 직접적인 영향을 미칠 수있다. 이전가격세제와 부가가치세의 조화방안과 관련하여, 현행법상 이전가격조정을 이유로 부가가치세 경정청구를 할 수 있는지 해석상 혼란이 있으므로, 부가가치세법에 이전가격조정으로 인한 부가가치세 경정청구 및 수정신고 규정을 신설해야 한다. 그리고 보상조정의 신뢰성을 확보하고 이전가격조정으로 인한 부가가치세 경정청구제도의 남용을 막기 위해서 잠정가격 신고제도가 도입되어야 한다. 또한, 정상가격 산출방법 사전승인 과정에서 이전가격조정에 따른 부가가치세의 조정 여부 및 조정범위 등에 관하여 합의가 이루어진다면 부가가치세와 이전가격세제의 불일치 문제가 상당 부분 해결될 수 있을 것으로 보인다.