이전가격 세제의 회고와 전망 = The Past, the Present and the Future of Transfer Pricing

다국어 초록 (Multilingual Abstract)

This paper aims at reviewing the history, the current situation and the likely future of transfer pricing. The leading thesis is that transfer pricing as a legal system has failed. The transfer pricing rules remain only in name, and their substance has already vanished. In the current world, the rules have degenerated to an inefficient and perhaps unfair system that tax revenue from monopoly profits of multinational firms are shared among national treasuries based on an unscrupulous, ad-hoc negotiation without clear or predictable rules. After a brief introductory Part I, Part II covers the history of transfer pricing rule, focusing on how the current rules became established as a global norm. Part III briefly summarizes the current Korean rules. Part IV addresses the reality of the transfer pricing practice and reveals the transfer pricing rules do not function as law any more, in that the rules do not mandate any specific result when applied to a fact. Part V addresses a very practical issue of the cost sharing agreement under Korean law. Part VI analyzes corresponding adjustment and secondary adjustment, focusing on the treaty aspect of the issues. Part VII concludes the paper with a prediction of the future of the transfer pricing.

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