부동산 디지털유동화증권(DABS)의 취득세 과세 쟁점과 분석

Abstract

Real estate DABS, which was introduced to allow comprehensive use of real estate and trust products, is a business model that secures small investors as customers who have not been embraced by the domestic REITs market by adopting a distributed ledger method based on block-chain. In the local tax field, researches on the taxation of security tokens have recently become active, raising the issue of acquisition tax for investors of real estate DABS. It is a discussion on whether beneficiary securitized real estate securities, coupled with the contribution of virtual assets, is possible to be viewed as acquisition taxable by trading through block-chain mirroring. To this end, it is necessary to determine whether it is possible to impose acquisition tax or deemed acquisition tax on shared shares to investors, considering even beneficiary securities are actually owned by real estate. Unlike REITs that invest in corporations, real estate DABS is nothing more than beneficiary securities, a real estate trust product that earns dividend income from investing in real estate, so it does not essentially acquire real estate and cannot be regarded as a voting stake. Therefore acquisition tax and deemed acquisition tax on the beneficiary securities of the real estate cannot be imposed on investors as oligopoly shareholders. If real estate DABS, designated by the Financial Services Commission for the purpose as an innovative financial service to overcome the reality that individual investors who have not been active in REITs are restricted in Korea is taxed, it can be an obstacle to the growth of the domestic capital market and real estate finance. Considering the economic effects of the tax system, a careful approach is needed.