프로젝트 리츠의 세제 개편방안 연구 = Study on Tax Reform Plans for Project REITs

다국어 초록 (Multilingual Abstract)

[Purpose]This study explores the potential of Project REITs as an alternative to Project Financing Vehicles (PFVs) in real estate development and proposes tax reforms to promote investment.
[Methodology]The analysis combines：(1) comparison of PFVs, REITs, and Private Equity Funds (PEFs) based on statutory and tax provisions；(2) official statistics on PF loan balances and corporate registrations；and (3) scenario-based sensitivity analysis of potential capital inflows.
[Findings]Current REIT tax incentives－such as in-kind contribution deferral, separate taxation of dividends, and property or comprehensive real estate tax exemptions－have limited effectiveness due to narrow scope, strict conditions, and sunset clauses. Project REITs are excluded from the tax deferral provisions of Article 97－8 of the Restriction of Special Taxation Act, weakening incentives for asset contributions. This study proposes four reforms：expanding deferral eligibility to Project REITs, extending the one-year deadline, allowing in-kind contributions by individuals, and converting sunset clauses into permanent rules. Sensitivity analysis suggests annual inflows of KRW 12.96－41.55 trillion.
[Implications]Project REITs can reduce PFVs’ debt dependence and expand the REIT market. Policy directions include strengthening equity financing, broadening retail investor access, ensuring stable tax rules, and preserving fiscal neutrality through ex-post monitoring.