금융상품 세제지원을 통한 조세차익거래의 분석

다국어 초록 (Multilingual Abstract)

This study theoretically and empirically analyzes the possibility for clientele-base tax arbitrage through tax preferences for various financial instruments. Although Scholes et al. (2009) argue that market frictions and tax rule restrictions hinder the tax arbitrage, analysis of this study shows that current tax preferences, moat of which are tax deductions, leave enough room for the tax arbitrage. especially for high-income taxpayers. Considering those tax preferences are originally to help low-income tax payers` wealth creation, the government`s tax policy goals are likely to be reversely realized by giving high-income taxpayers chance for arbitrage trade. Based on the analysis, this study suggests practical plans to revise current tax preferences for financial instruments as follows. First, the phase-out rule for tax deductions or tax credits should replace current tax preferences to restrict Lax savings via financial instruments for high-income taxpayers. Second, tax rule restrictions, imposed as rescission penalty tax, should reflect taxpayers` marginal tax rates because current restrictions, which only reflects accumulated payments, are disadvantageous for low-income taxpayers. Third. tax deduction for long-term mortgage, which especially gives vast scope of tax arbitrage for high-income taxpayers, should adept either income-based or property-based phase-out rule, Fourth, tax deduction for monthly rents, which requires strict conditions while allowing trivial tax savings. should increase deduction ratio and remove the dependent requirement and be excluded from combined tax deductions limit for financial instruments. Fifth, tax deduction for property subscription savings (`PSS` hereafter) should not be less generous than that for long-term property savings, which is replaced by PSS. Last, tax preferences for financial instruments should be extended to low-income sole proprietors as well as employees.

참고문헌 (Reference)

1 기획재정부, "보도자료: 장기주택마련저축 소득공제 폐지에 따른 보완방안 (2009.9.15.)" 2009

2 기획재정부, "보도자료: 민생안정․미래도약을 위한 2009년 세제개편안 (2009.8.25.)" 2009

3 이준규, "기업의 조세전략과 세무회계연구" (주)영화조세통람 2005

4 국세청, "국세통계연보" 2010

5 "www.samili.com"

6 Scholes, M.S., "Taxes and Business Strategy - A Planning Approach" Pearson Prentice Hall 2009