상법 회계관련규정의 개정과 세법

The important things to aim financial management autonomy in revised Commercial Law are as follows. First, the deregulation in acquisition and possession of treasury stock, second, establishing the reduction system of legal reserve, third, introduction of non-par value stock. To increase the feasibility of revised Commercial Law, the above-mentioned things need to be studied in depth in terms of tax law. If treasury stock transactions are characterized as capital transaction, and not asset transaction, the current provisions in corporate tax law relating to including gain on sales of treasury stock and gain on retirement of treasury in profits must be abolished. Instead dividend income tax should be levied on redemption of stock not to diminish shareholder’s equity substantially, on the other hand, capital gain income tax should be levied on redemption of stock to diminish shareholder’s equity substantially. Although the reduction system of legal reserve is established in revised Commercial Law, the distinction between capital transaction and profit and loss transaction in Corporate Tax Law should be maintained as ever. Thus the dividend generated from earned surplus reserve should be subject to dividend income tax, on the other hand, the dividend generated from capital surplus reserve should be exempted from tax, because it amounts to the return of capital. It is desirable to reflect non-par value stock system into corporate tax law, with maintaining existing provisions based on par value stock system. Thus the difference between the issue prices of stocks and formal capitalization of reserve should be exempted from corporate tax, because it can be regarded as the original investment.