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This paper intends to provide some developments in the classification of the incomes such as dividend and capital gains from holding and selling the stocks of Korean corporations mainly from the perspective of foreign investors. Under most of the tax treaties Korea has entered into, dividend paid by a Korean corporation is taxable in Korea as well as in the residence country of a foreign shareholder. Generally preferential withholding tax rates are applied to it. Capital gains from the sale of the stocks of a Korean corporation by foreign shareholders are rarely taxed in Korea because almost of all the treaties stipulate that only residence country can tax on it with some exceptions.
In not a few cases involving deemed dividends under Korean tax laws, a specific distribution is characterized as dividend in Korea while it is able to be characterized as capital gains in the residence country of a foreign shareholder. This disparity results in the deprivation of either the dividend received deduction or the lower tax upon the capital gains. Furthermore this may affect the activities of the foreign investors and tends to lead them in inefficient ways. To prevent this inefficiency, governments need to make efforts to coordinate their income classifications.
Taxpayers tend to change the types of taxable income for their tax minimization, which may be also regarded as tax arbitrage if the taxpayer cannot prove that the transaction he or she manages to structure has reasonable business basis. This also happens frequently in the cross border capital investment. If a foreign shareholder is a resident of a low taxed country, he may want to characterize the income as capital gains rather than as dividend because Korea can hardly tax on it under its tax treaties. If a foreign shareholder sells the stocks and buys back with little loss of time, he or she may enjoy the benefit of tax arbitrage. Sometimes investment vehicle such as holding company is established in Korea for this purpose. If a foreign shareholder wants to utilize indirect foreign tax credit in his or her residence country, he or she may prefer dividend income rather than capital gains. To change the characterization, the shareholder may use dividend stripping techniques or investment vehicles. To cope with these tax arbitrages in the cross border context, tax administrations of each country may have to think about revising tax treaties as well as their domestic tax laws because the current provisions do not seem to deal with them effectively.
In not a few cases involving deemed dividends under Korean tax laws, a specific distribution is characterized as dividend in Korea while it is able to be characterized as capital gains in the residence country of a foreign shareholder. This disparity results in the deprivation of either the dividend received deduction or the lower tax upon the capital gains. Furthermore this may affect the activities of the foreign investors and tends to lead them in inefficient ways. To prevent this inefficiency, governments need to make efforts to coordinate their income classifications.
Taxpayers tend to change the types of taxable income for their tax minimization, which may be also regarded as tax arbitrage if the taxpayer cannot prove that the transaction he or she manages to structure has reasonable business basis. This also happens frequently in the cross border capital investment. If a foreign shareholder is a resident of a low taxed country, he may want to characterize the income as capital gains rather than as dividend because Korea can hardly tax on it under its tax treaties. If a foreign shareholder sells the stocks and buys back with little loss of time, he or she may enjoy the benefit of tax arbitrage. Sometimes investment vehicle such as holding company is established in Korea for this purpose. If a foreign shareholder wants to utilize indirect foreign tax credit in his or her residence country, he or she may prefer dividend income rather than capital gains. To change the characterization, the shareholder may use dividend stripping techniques or investment vehicles. To cope with these tax arbitrages in the cross border context, tax administrations of each country may have to think about revising tax treaties as well as their domestic tax laws because the current provisions do not seem to deal with them effectively.
목차
Ⅰ. 서론
Ⅱ. 주식투자로부터의 소득구분
Ⅲ. 국제적 주식투자
Ⅳ. 결론 및 시사점
〈참고문헌〉
〈Abstract〉
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