가격추세전환기 부동산관련세제의 새로운 정립을 위한 법정책적 연구

Abstract

This paper has started from the viewpoint that "Let's find the suggestion for the design of new tax system from the experiences of the past."With the economic progress, general flow of the possession of investment assets has shown the inclination to changing from real asset such as real estate to financial asset such as stock and bond, which is regarded as moving toward historically forward-direction. Contrary to this global trend, South Korea has long been obsessed with investment and possession of real estate. The reason is that, real estate was the most classic asset supported by its price-inelastic (and no downward) character since 1960, when the economic development plan kicked off, through early 2000, when the foreign exchange crisis occurred. However, the global financial crisis that began in late 2007 brought about the significant reduction in the real estate's liquidity function, raising the fundamental questions about the feature of real estate asset as riskless asset, such that replacement of real asset with financial asset significantly increased. Some research institutions also previously warned of price fall in the time of transfer of investment target, comparing that to Japan's early days of "lost 20 years."Due to the change in the general trend for the asset value of real estate, the whole-scale transformation in the state's fiscal and financial policy, which had been operated based on the a price rise trend of real estate, became inevitable. In particular, the basic tax policy on real estate, in the beginning of the transition period toward price decline, has reached the stage where enormous change is unavoidable. This paper introduces the basic transformation in Korean tax policy of real estate in the beginning of the period of its price decline, and reviews the implications which can be found from that transformation. Based on the approach toward tax policy normalization, new real estate tax policy will need to be mapped out from the broader aspect of managing citizens' major assets, rather than from narrow aspect of regulating speculation in real estate. Real estate specially demands new approach because people who have ownership of the real estate are the class with no relevance to the flight of capital to other countries. Moreover, policy decision is required with respect to whether tax revenue levied on policy taxation shall be a standard source of taxation, as we can refer to the experiences of the past. Reasonable allocation of standard source of taxation between the central government and local governments in the process of the normalization of restrictions, and invisible monitoring on that will be needed as well.