임시투자세액공제제도의 투자촉진 및 경기조절 효과분석

Economic Effect of Temporary Investment Tax Credit

임시투자세액공제제도는 경기조절적인 기능이 제한적인 지원제도이므로 향후 경기조절적인 목적으로 사용하는 지원제도로서는 고려하지 않는 것이 바람직 할 것이다. 그러나 투자지원제도로서의 기능은 전제조건이 충족되는 경우 매우 우수하므로 향후 항구적인 투자지원제도로 임시투자세액공제제도를 활성화하는 것이 바람직하다. 이 경우 수혜대상이 되는 투자의 종류는 제한적이지 않고 광범위한 것이 사회적 후생손실을 최소화 할 것이다.

Temporary Investment Tax Credit System (TITCS) is one of the major tax policy instrument not only for investment stimulation, but also for counteracting business cycles in the last decade of Korea. Although TITCS is arranged for a instrument for counteracting business cycles, his function as such is very limited. But comparative statics analysis of this paper shows that TITCS is good qualified as a instrument for investment stimulation. So the policy implication of this paper is that TITCS should not be engaged as a temporary instrument for counteracting business cycles but as a permanent one for investment stimulation. In this case the object of investment tax credit must not be limited to some business areas or some kinds of assets, in order to minimize the social welfare loss. On the other hand the result of empirical analysis of this paper can not show the significancy of the TITCS effects on investment activities of enterprises.