이슬람 채권법안 특혜 부여 여부에 관한 연구
On the Issue of Whether the Proposed Islamic Bond Bill of Korean Government Gives Excessive Tax Favor in Issuing Sukuk
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The paper examines the issue of whether the proposed islamic bond bill of Korean government for issuing Ijara and Muraba Sukuk gives too much tax exemption compared to the conventional bonds. According to the revised bill of UN and OECD model double taxation conventions, the revenues generated to pay returns to investor based on Ijara and Murabara contract are agreed to be treated as interests. Also, the legal system of islamic bond issuing countries, mostly common law systems, are made in such a way that using the bare trusts in transferring and retransferring the underlying assets, they can avoid taxes related with real transaction. Therefore the proposed bill, which is following such principles of UN and other countries, should not be regarded as tax favor to Sukuk but instead be regarded as measure of recovering the tax neutrality between issuing conventional and islamic bonds, following the global standard.
Abstract
The paper examines the issue of whether the proposed islamic bond bill of Korean government for issuing Ijara and Muraba Sukuk gives too much tax exemption compared to the conventional bonds. According to the revised bill of UN and OECD model double taxation conventions, the revenues generated to pay returns to investor based on Ijara and Murabara contract are agreed to be treated as interests. Also, the legal system of islamic bond issuing countries, mostly common law systems, are made in such a way that using the bare trusts in transferring and retransferring the underlying assets, they can avoid taxes related with real transaction. Therefore the proposed bill, which is following such principles of UN and other countries, should not be regarded as tax favor to Sukuk but instead be regarded as measure of recovering the tax neutrality between issuing conventional and islamic bonds, following the global standard.
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