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초록· 키워드
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There are two types of financing equity and debt financing. A corporation requires additional money through equity or debt financing and uses the money for business activities without any distinction between two financing ways. That is, a source of corporate finance, equity or debt, does not change net asset value when a corporation acquires the asset. From substantial point, the bonds of debt financing is a determinate obligation while the stock of equity financing have no guaranteed return.
However, debt to total assets ratio has increased in the corporate capital structure to these days. The reason of preference for the debt financing is as follows' (1) rapid growth in economy offers the corporation a good opportunity to realize a better return on the investment than interest expenses (2) The process of debt financing is more convergent and the capital cost of debt is less than equity financing. (3) In calculating taxes, corporations may deduct interest expense for the debt financing but not dividends paid for the equity financing. For these reasons, companies has a tendency to rely on the debt financing and several other issues has been raised. In order to solve these issues, a provision for exclusion of certain interest expenses from deductible expenses was made in tax law, but this provision also include some controversial points.
First, it does not deduct all interest expenses on ceratin debentures for ambiguous creditor and disposes interest expenses except for the amount of withholding tax out of the interest to exactive allowance because of the ambiguity in current corporate tax law. That is, the withholding tax is imposed on someone's interest income on the debentures, and returning interest except for the amount of withholding tax is regarded as chief executive officer's bonus. However, this interpretation of the law is not reasonable because it allows double taxation. It needs legislative remedies which are not taxed twice on the same income but only one time apply separate taxation as the highest or higher individual income tax rate Bearer bond also causes same trouble.
Second, It regards interest expense on loans appropriated for construction capital as the cost of acquisition, but it cause some troubles because this tax method is different from accounting method. Therefore, it is reasonable for tax law to accept accounting method
Third, It does not deduct interest expense on non-business asset However, the limits of non-business asset makes an issue of interpretation in the tax provision. Thus, it is necessary to make this criterion clear.
However, debt to total assets ratio has increased in the corporate capital structure to these days. The reason of preference for the debt financing is as follows' (1) rapid growth in economy offers the corporation a good opportunity to realize a better return on the investment than interest expenses (2) The process of debt financing is more convergent and the capital cost of debt is less than equity financing. (3) In calculating taxes, corporations may deduct interest expense for the debt financing but not dividends paid for the equity financing. For these reasons, companies has a tendency to rely on the debt financing and several other issues has been raised. In order to solve these issues, a provision for exclusion of certain interest expenses from deductible expenses was made in tax law, but this provision also include some controversial points.
First, it does not deduct all interest expenses on ceratin debentures for ambiguous creditor and disposes interest expenses except for the amount of withholding tax out of the interest to exactive allowance because of the ambiguity in current corporate tax law. That is, the withholding tax is imposed on someone's interest income on the debentures, and returning interest except for the amount of withholding tax is regarded as chief executive officer's bonus. However, this interpretation of the law is not reasonable because it allows double taxation. It needs legislative remedies which are not taxed twice on the same income but only one time apply separate taxation as the highest or higher individual income tax rate Bearer bond also causes same trouble.
Second, It regards interest expense on loans appropriated for construction capital as the cost of acquisition, but it cause some troubles because this tax method is different from accounting method. Therefore, it is reasonable for tax law to accept accounting method
Third, It does not deduct interest expense on non-business asset However, the limits of non-business asset makes an issue of interpretation in the tax provision. Thus, it is necessary to make this criterion clear.
목차
Ⅰ. 서론
Ⅱ. 현행 세법상 지급이자의 손금불산입규정
Ⅲ. 조세법상 지급이자손금불산입규정에 있어서의 논점
Ⅳ. 결론
♣ 참고문헌
참고문헌 (8)
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