국제회계기준 도입 이후 회계이익과 과세소득의 일치도 변화와 법인세법 개정방향

Abstract

In this paper, we examine the trends of book-tax conformity surrounding the implementation of K-IFRS. We also conduct surveys to collect responses from academia and business community in regards to the possible directions for changes in the existing corporate income tax law, which generally complies with the past K-GAAP. We employ empirical methodology to evaluate the changes in book-tax conformity subsequent to the adoption of IFRS. We then proceed with questionnaire survey targeting accounting practitioners including accountants employed in business entities, practicing tax accountants and CPAs, employees at regulatory agencies and members of academic society, with a view to assess the costs and benefits associated with the tax law’s compliance with the K-GAAP under the K-IFRS regime, whereby the voices can be heard as to the alternative perspectives on the future tax law revisions. We hereby summarize the major results of the analyses. The empirical analyses suggest a noteworthy decline in the degree of conformity between accounting earnings and taxable income over the period of major accounting system reforms implemented in the aftermath of 1997 financial crisis as well as the period after the full-adoption of K-IFRS in 2011. The declining book-tax conformity indicates that the room for stand-alone interpretation and/or application tend to increased for tax laws vis-à-vis accounting standards and vice versa, in corroboration with the concerns over the augmenting disparity between the tax law and accounting standards in the wake of major accounting system changes. Based on the questionnaire survey, we confirm that taxable income is recognized to be useful by the majority of respondents, particularly under the contexts of tax strategy development, and corporate performance measurement. The survey participants expressed concerns on the other hand, particularly over the potential increase in the tax reconciliations along with the possible breach of fair taxation. As to the need to maintain compliance with the K-GAAP, 68 percent of the respondents answered in the affirmative, albeit with inter-group differences existing depending on the involvement in tax-related practices. Regarding the future tax law revisions, regulators and professors were generally in favor of independent relationship to be built between tax law and accounting standards, whereas the accounting practitioners advocated more or less dependent relationships. In conclusion, the results of this study suggest that it is essential to compromise between diverse needs and expectations with regard to the policy choices to be made by tax authority, in recognition of the pros and cons surrounding whether the tax law should be revised toward increased conformity with the accounting standards or otherwise, from the standpoint of diverse constituents.