중소기업의 회계투명성 제고를 위한 세제·세정 개선방안에 관한 연구

Abstract

The purpose of this paper is to analyze the actual conditions of small and medium sized enterprises which have relatively low transparency in terms of accounting and to study the improvement of tax system and administration for transparency in accounting for all small and medium sized corporations over a certain size (5 billion of total assets). Book-tax difference(BTD), effective tax rate (ETR), and the estimated amount of tax avoidance(TA) which are proxies for earnings management are analyzed through the financial data of the non-listed small and medium sized enterprises audited by external audit and small and medium sized enterprises with less than 5 employees unaudited. As a result, transparency of small and medium sized enterprises under non-external audit was relatively low. Alternatives suggested to improve the transparency in accounting for small and medium sized enterprises are as follows. First, in terms of drawing up and providing accounting information, the improvement is suggested as follows. Listed enterprises are subject to the current internal accounting control system. Such a system can be the foundation to secure tax revenue transparency as well as to increases accounting transparency. Therefore, it should be extended to small and medium sized enterprises making over 5 billion of total assets under non-external audit and they are expected to adopt it voluntarily as a suggestion rather than imperative provision. If internal accounting control system of small and medium sized enterprises under non-external audit as a voluntary law is adopted, it is suggested to give a tax break. It is induced that review report of financial statements in which small and medium sized enterprises over 5 billion of total assets under non-external audit voluntarily review as a way to raise the transparency in accounting be submitted. When review report of financial statements for the transparency in accounting is presented, benefits such as exemption from tax examination should be given for certain periods. Second, in order to raise transparency in accounting, we propose the way to improve the criteria of financial statements as follows. Refunded corporation income tax which is related to the period of prior should be distinguished from tax expense by designating it as supplementary payment of corporation income tax. It is possible that determining inventory quantities can be done by both periodic inventory system and perpetual inventory system. To prevent overestimation of inventory assets and raise the transparency in accounting, we suggest the addition of new ways of determining the amount of inventory to Generally Accepted Accounting Principles(GAAP). In terms of materiality, we need to exclude the following corporate tax law when there is a huge difference between the cost of corporation income tax calculated according to the rule of small and medium sized enterprises GAAP and the one that adopts deferred income tax accounting. In respect of the revenues, there will be no omission about sales that are reported to the electronic invoice among the total sales, if the revenues are publicized as footnotes by differentiated electronic invoice and the other part. Third, we recommend the improvement in terms of the review and verification of accounting information. We propose the introduction of reviewing financial statements about small and medium sized enterprises under non-external audit to make sure of the financial transparency and to get negative or positive assurance. It is necessary to publicize the difference between financial position and revenues and expenses by year after the tax investigation in order to enhance the public announcing system about enterprises that avoid external audit by intentionally missing assets and liabilities. It is also essential to force the external audit after the tax investigation if an enterprise was excluded from the list of external audit by omitting sales. They have been avoided from the external audit in which they are under the standard by making intentional cheating. However, if they are satisfied with the standard through post-investigation, there needs to be strong sanctions. Last, we provide the improvement in the matter of demand in accounting information. There are needs for separate management to the small and medium sized enterprises under non-external audit which try hard to raise the transparency. Furthermore, companies can submit the verification which contains that a company adopts systems for the transparency in accounting when they report the corporation taxable income and corporate income tax if they adopt the internal accounting control system, the review reporting of internal accounting, the internal tax control system and horizontal compliance system. In terms of capital finance, we should enhance the incentive system if the enterprise tries to present examination of financial statements or audit reporting. We also need to strengthen the role of National Tax Service and make follow-up thoroughly about enterprises which evades taxes. In order to do that, we have to hold the conference regularly to understand the enterprise better and make clear the framework of the tax administration. Once the possibility of the achievement of transparency in accounting and transparency in finance at the same time is high, by which small and medium sized enterprises under non-external audit well build internal tax control system, they can be excluded from regular tax audit and given preference for awards. It is assumed that this study on the improvement of tax system and administration for greater transparency of small and medium sized enterprises in accounting will contribute to the improvement of future revised tax law and tax administration of the tax authorities. There is a limitation, however, since institutional support to raise the transparency in accounting is approached in terms of taxation, government tax expenditures can incur in order to execute policy alternatives suggested in this study. As a future research topic, it is suggested to estimate the size of tax expenditure which is caused by government support to raise the transparency of small and medium sized enterprises under non-external audit in accounting and the increase in tax revenue and the cost of production of information from the enterprises’ perspective.