리츠의 배당유보에 대한 과세특례의 타당성과 효과성 분석 = Analysis of the Validity and Effectiveness of Tax Exemption for Dividend Retention of REITs

다국어 초록 (Multilingual Abstract)

[Purpose]The purpose of this study is to seek a way to exclude the dividend reserve amount from distributable income when REITs reserve dividends for reinvestment purposes.
[Methodology]This study consists of analysis of statistical data from the Ritz Association and research on domestic and international literature.
[Findings]This study presents two improvement plans as a reasonable taxation method for REIT dividend reserves. First, (Improvement Plan 1) This is a plan to establish a so－called “reinvestment reserve”, deduct the reserve amount from deductible expenses, use it for reinvestment within 2 years, and deduct the reserve amount from distributable income. Second, (Improvement Plan 2) This is a plan to distribute 90% of the amount after deducting the dividend reserve amount from distributable income. This dividend reserve amount must be invested in industrial facilities, housing, facility expansion, etc. within 2 years. As a result of estimating tax expenditures for these improvement plans, in the case of Plan 1, tax revenue related to dividend income decreases, while in Plan 2, corporate tax revenue increases due to dividend retention, resulting in an increase in tax revenue.
[Implications]It is expected that dividend retention for REITs can be induced to replace real estate PF, and real estate investment will be activated by securing REITs’ reinvestment capacity.