비상장주식 평가제도의 개선방안에 관한 연구 -미국과 일본의 세제와의 비교․분석을 통한 개선방안을 중심으로-

Abstract

In order to accurately assess the value of unlisted stocks, various features including business type, company size, business conditions of an individual company should be considered. However, our supplementary method to assess unlisted stocks uniformly adopts a simple weighted average of the net asset value and the revenue value based on financial data of a company, Therefore, in this study, I analyzed our system compared to the legisla- tive examples in the U.S. and Japan which have more advanced systems than Korea in regard to assessment of unlisted stocks, exposed problems in our system, and with a focus on such problems, presented the following directions to improve our system. First, the regulations on assessment of unlisted stocks which are stipulated in detail in the Inheritance Tax and Gift Tax Act should be in the form of directives or rules of the National Tax Service with authorization by law. Second, the concept of the market price under the current laws should be established in more diversified ways as a concept of a hypothe- tical selling price irrelevant to whether or not trades are actually conducted in a real market. Third, the current supplementary method to assess unlisted stocks should be replaced with a mixture of the value assessed by the current assessment method of comparison with the stock price of a similar listed corporation and the current net asset value assessment amount per each stock. Fourth, the corporate income tax amount with respect to the difference from assessment included in the net asset value should be deducted as a liability in the assessment of the net asset value per each stock. Fifth, the assessment amount of goodwill should be included in the net asset value only when it was acquired from another person. And finally, the current regulations on assessment of unlisted stocks with premiums should be amended more reasonably. Therefore, the current system to assess unlisted stocks should be amended towards a more reasonable direction with a focus on objective and accurate assessment of corporate values, rather than merely emphasizing securing of tax revenues or efficient tax administration as we did before.