기업소득환류세제의 정책효과에 대한 실증분석 = Review on Corporate Earnings Circulation Taxation

다국어 초록 (Multilingual Abstract)

This study investigates enforcement effects of the corporate earings circulation tax (“CECT” hereafter) and, based on the economic review on that, deducts policy implications on whetehr to continue and how to revise CECT.
Based on results of this study, firms which had been to be a potential target of CECT restrictively increased forced circulation amounts, which are composed of investments, increase in wages, or dividends, to reduce expected corporate tax burdens.
Specifically, potential target firms of investment－inclusive CECT increased both investment and dividends significantly, while wages increase did not changed significantly.
On the other hand, potential target fims of investment－exclusive CECT did not change both wages increase and dividends significantly, while reduced investments, which is then not contained within the circulation amounts, significantly to consider financial charges caused by CECT, which exerted harmful influences on productive expenditures as a result.
To sum up, the intent of CECT, which is the “virtuous circulation of national economy” whith increased circulation amounts, was partially realized, while sufficient economic effects were hard to be found because of tax strategies of target firms to comply with CECT only whithin financial charges neutral bounds.

참고문헌 (Reference)

1 "삼일인포마인"

2 김윤경, "사내유보금 과세제도 도입의 문제점과 정책방향" 2014

3 최기호, "사내유보 과세대상 기업의 세부담 분석 및 특성 - 상호출자제한 기업집단 소속기업을 중심으로 -" 한국세무학회 16 (16): 9-38, 2015

4 홍영도, "배당소득증대세제와 기업소득환류세제 도입과 주가수익률" 한국세무학회 16 (16): 231-260, 2015

5 문예영, "대규모 기업집단내 기업소득 환류세제 대상기업의 소유자지분과 조세회피 특성" 한국회계정보학회 34 (34): 247-268, 2016

6 손혁, "기업소득환류세제의 경제적 효과－유보소득 사용의 순서효과와 해당 세제의 개선방안－" 한국세무학회 18 (18): 159-191, 2017

7 김성태, "기업소득환류세제 도입에 따른 배당․투자․임금증가에 관한 연구" 한국조세연구포럼 17 (17): 61-94, 2017

8 변이슬, "기업소득호나류세제가 기업의 투자, 배당, 임금에 미치는 인과적 효과：준자연적 실험으로부터의 증거" 명지대학교 2018

9 정남철, "기업소득 환류세제와 조세전략" 한국세무학회 35 (35): 141-178, 2018

10 김성환, "기업소득 환류세제에 대한 기업의 회피 가능성에 대한 사례 연구" 한국경영컨설팅학회 14 (14): 221-230, 2014

11 이예지, "기업소득 환류세제 및 배당소득 증대세제가 상장기업의 배당정책에 미치는 영향" 2015

12 김우철, "기업 유보금 과세의 세부담 귀착효과 분석" 2014

13 국세청, "개정세법해설"