외국계펀드의 조세회피의 문제와 대응방안에 대한 연구

As international capital movement has become more active in Korea, tax evasion, which foreign investment funds typically utilize, has become more pronounced. In reality, foreign investment funds have utilized tax treaties to achieve lower taxes even though they have earned income within Korea. Accordingly, it is imperative to establish counter-measures to protect and exercise tax assessment rights of the Korean tax authority against tax evasion by foreign investment funds. This paper presents two solutions to the tax evasion issue：amendment of tax treaties, and amendment of Korean tax code. First, as tax treaty amendment, this paper suggests the following clauses be added to the existing tax treaty：definition of the legal status of foreign investment fund, beneficial owner. Additionally, tax authority should be allowed to strictly impose capital gain taxes arising from stock transfers incurred in Korea. Second, as Korean tax code amendment, this paper presents that legislation of concrete sub- stantial taxation clause is needed and the extended application of permanent establishment theory should be considered. By applying these measures, Korean tax authorities can prevent tax evasion by foreign investment funds while still encouraging foreign capital to invest in Korea, and eventually establish fairness of international taxation. However, it is recommended that economic benefit analysis should be undertaken to minimize the negative effects on foreign capital investment before these measures are taken.