론스타의 스타타워빌딩 거래를 통해 살펴본 글로벌 투자펀드의 세무전략

국문 초록 (Abstract)

본 사례는 사모투자펀드인 론스타가 국내의 스타타워빌딩을 취득하고 양도하면서 등록세 중과세와 양도차익에 대한 과세를 어떻게 회피하였는가를 보여주는 사례이다. 론스타는 (1) 국내에 회사를 직접 신설하는 대신 설립된 지 5년이 지난 휴면법인인 (주)씨엔제이트레이딩을 인수하여 스타타워빌딩을 취득하고, (2) 스타타워빌딩을 자신이 직접 취득하지 않고, (주)스타타워가 취득하게 한 후, 동(同) 회사의 주식 100%를 벨기에 소재 페이퍼컴퍼니인 스타홀딩스를 통해 취득하는 간접적인 방법을 선택하는 조세전략을 취하였다. 본 사례는 다음과 같은 의의를 갖는다. 첫째, 본 사례는 론스타가 소득의 형태를 변경하고(구체적으로는 부동산양도소득을 주식양도소득으로), 소득의 귀속처를 변경하는(구체적으로는 미국의 론스타에서 벨기에의 스타홀딩스로) 세무전략을 구사하였음을 보여줌으로써 글로벌 기업들이 경제적 거래로부터 최대한의 세후이익을 거두기 위해 사전적으로 얼마나 치밀한 세무전략을 시행하는지를 보여준다. 이는 우리나라 기업들도 글로벌 시장에서 경쟁하기 위해서는 치밀한 세무전략을 구사해야 함을 일깨워주는 것이기도 하다. 둘째, 글로벌 해외기업들이 우리나라에서 론스타와 유사한 세무전략을 통해 조세회피 하는 것을 막기 위해 과세당국이 어떻게 대응해야 하는지에 대해서도 좋은 시사점을 제공한다.

다국어 초록 (Multilingual Abstract)

This case study demonstrates how Lone Star, a U.S. global private equity fund avoided heavy taxes in relation to the acquisition and the subsequent sale of an office building named Star Tower located in Seoul, Korea. Lone Star had established a paper company called Star Holdings in Belgium, and let the holding company acquire 100% equity of a Korean domestic firm named C&J Trading, Ltd. who had not been in operation for the past 5 years. Afterwards Star Holdings changed the name of the Korean firm to Star Tower, Ltd., and purchased the office building through this firm. Lone Star employed the following two tax-planning strategies: First, by acquiring the office building through the dormant local firm rather than forming a new one in Korea and letting it purchase the building, Lone Star was able to avoid paying heavy registration taxes associated with the acquisition of the asset and the issuance of additional equity by Star Tower, Ltd. Secondly, by allowing the Belgium holding company to purchase the 100% equity of Star Tower, Ltd. who was now the owner of the office building, Lone Star managed to convert the capital gains(CG) from trading real estate to those from trading equity shares. This was to take advantage of the tax treaty effective between Korea and Belgium. According to the tax treaty, the CG from real estate is taxed in the country where the real estate is located (i.e., Korea in this case), while the CG from equity shares is taxed in the country where the seller of the shares domiciles (i.e., Belgium in this case). Owing to this strategic tax planning, Lone Star saved approximately 25.3 billion KRW of registration tax that would otherwise have been imposed, and also managed to avoid paying roughly 102 billion KRW of taxes relating to the CG from trading the Star Tower building. The Korean tax authority subsequently challenged Lone Star: While the Korean tax court determined that the registration taxes Lone Star avoided could not be imposed (and therefore the case was closed), a court decision has recently been made that the CG taxes could be levied by the Korean tax authority. This case study proposes the following important implications: First, it demonstrates that Lone Star converted income from one type to another (from real estate CG to CG from equity trading, in particular) and also that it shifted income from one pocket to another (from Lone Star in the U.S. to Star Holdings in Belgium, in particular). Thus, this case eloquently tells how much sophisticated tax-planning strategy is employed by a global private equity fund like Lone Star to maximize the after-tax return on investment. This reminds Korean multinational companies that they should also design and execute sophisticated tax planning in order to compete effectively in the global market. Second, this case also provides some ideas to the Korean tax authority how it should cope with global funds like Lone Star who are ready to do virtually anything to minimize their global tax burden.

참고문헌 (Reference)

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4 정운오, "오프쇼어링(off-shoring)을 이용한 글로벌 세무전략 사례" 한국회계학회 18 (18): 241-263, 2009

5 대법원, "선고 2007두26629 판결,2009.4"

6 우윤식, "글로벌 기업의 Tax planning 사례연구:론스타의 스타타워 매각거래를 중심으로" 서울대학교 경영대학 경영학학사 2009

7 "과세전적부심사청구결정문(Lone Star Fund Ⅲ(Bermuda) LP)(2005), 2005. 11. 14"

8 Scholes M. S, "Taxes and Business Strategy" Pearson Prentice Hall 2009

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11 서울고등법원, "2007. 12. 4. 선고 2007누12691 판결"