綜合不動産稅 導入에 대한 法經濟學的 檢討

A Proposal on the Real Estate Taxation Policy from Law & Economics Perspective

1. CONTENTS (1) RESEARCH OBJECTIVES Recently government set up a new plan for stabilizing real estate market in Korea from the perspective of real estate tax structure reform. But, considering the fact the tax instrument has a wide variety of effects in allocation resources in the market, we must find out the expected results and the direction of the market movement in advance. And, to achieve the policy goal, it is more important to design an atmosphere of tax compliance rather than to control the market behavior of economic agents. In this way, I try to see the matter through economic incentive mechanism in the market, and finally, I reached a conclusion. (2) RESEARCH METHOD I adopted Law and Economics perspective into the real estate tax structure. I tried to explain the fact that the policy mechanism is worse in efficiency than market mechanism through mechanism concept. (3) RESEARCH RESULTS From the perspective of Law and Economics, by using sigmaplot, value of real estate asset is inflluenced by tax attributes, especially, the spread between capitla gain tax and withholding tax, which remains leverage incentives from debt financing as investor. Thus, there still leaves reeal estate investors who gather money by bank loan as though the tax policy changes. And, from the legal perspectives,incumbent real estate tax does not breach the constitutional law. 2. RESULTS To promote the function of real estate market mechanism, firstly, transaction tax(acquiring tax, stamp tax) should be lowered by far. Second, property tax can be raised on condition that the tax base is reasonably designed. And finally, capital gain tax should be lowered to accelerating the function of the real estate market. 3. KEY WORDS real estate tax reform, capital gain tax, income tax, realization principle