리츠의 배당가능이익 관련 세무상 이슈 및 개선방안 = Tax Issues and Improvement Measures Related to Distributable Profits of REITs

다국어 초록 (Multilingual Abstract)

Real Estate Investment Trusts (REITs) have become an alternative investment to stocks and bonds due to their low volatility, high dividend yields, and liquidity. However, increased volatility in distributable profits due to tax issues has emerged, requiring investor caution. This study examines the tax issues related to REITs dividends through the recent case of Koramco Asset Trust, a prominent topic in the 2023 domestic REITs market. The tax authorities imposed additional corporate tax on Koramco Asset Trust, arguing that the carried－forward losses generated from depreciation, which is the source of excess dividends, should be excluded from income deductions. Koramco Asset Trust, however, asserted that there were no issues with income deductions based on the Real Estate Investment Company Act and ultimately concluded that income deduction was possible.
As a corporation under the Real Estate Investment Company Act, REITs are obligated to pay corporate tax. However, if more than 90% of distributable profits are distributed as dividends, the amount is deducted from the taxable income, exempting the REITs from corporate tax. Therefore, the distributable profit of a REITs is crucial not only as the total amount of dividends paid to investors but also as the key criterion determining the eligibility for dividend income deduction.
This significantly impacts the corporate tax expenses of REITs and is an essential factor in establishing dividend policies.
The tax issues related to REIT dividends stem from differences in the perspectives between the Commercial Act, the Corporate Tax Act, and the disparity between the Corporate Tax Act and the Real Estate Investment Company Act regarding the calculation of distributable profits. The difference in the calculation of distributable profits between the Commercial Act and the Corporate Tax Act arises from their differing views on unrealized gains. Meanwhile, the difference between the Corporate Tax Act and the Real Estate Investment Company Act regarding distributable profits is due to the differing perspectives on whether it is permissible to distribute dividends in excess of retained earnings, which result from losses carried forward due to depreciation expenses.
This study proposes two improvement directions. First, it suggests amending the Corporate Tax Act to align the scope of assets subject to unrealized gains with that of the Commercial Act. This amendment could alleviate the controversy surrounding the deductibility of income due to distributable profits. Second, it recommends revising the enforcement decree of the Corporate Tax Act to apply an exception where losses carried forward are not included in the current distributable profits during excess dividend distributions. This would help reduce the discrepancy between the Corporate Tax Act and the Real Estate Investment Company Act regarding distributable profits.
This study aims to contribute to the long－term growth and stability of REITs’ dividend policies, thereby ensuring long－term returns for investors. It examines various cases involving tax issues related to distributable profits in REITs are examined to understand the calculation methods and reasons for conflicts among the relevant laws. Based on this analysis, a unified amendment to the tax law is proposed to resolve differences in the calculation of distributable profits, which is expected to help revitalize the domestic REIT market.

참고문헌 (Reference)

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