법인인 유동화기구와 이중과세의 조정

This paper explores the interpretational alternatives and legislative proposals to key issues relating to the integration of income taxes between shareholders and corporation as securitization vehicle. The key issues are as follows: (ⅰ) which of dividend-paid deduction method and imputation method may well be applied to integrate the income taxes between shareholders and corporation as securitization vehicle, (ⅱ) how the current dividend-paid deduction rules under 'CORPORATION TAX ACT' article 51-2 may well be adjusted for securitization vehicles in general including a special purpose company under the 'Asset-Backed Securitization Act'. According to the conclusions drawn on the above-mentioned issues, the integration between corporate-level taxation and investor-level taxation of securitization corporations may well be designed as follows. First, the dividend-paid deduction method(hereinafter called 'DPD') is to be applied to securitization corporations for the purpose of integrating corporate-level taxation and investor-level taxation. Second, the requirements ensuring the relevant attributes of securitization vehicles are to be added in application of special regimes to securitization transactions. Third, DPD should be applied only if corporations distribute at least 90% of earnings and profits(hereinafter called 'E&P') to stockholders. Fourth, corporations should not be obliged to accumulate earned surplus reserve. Fifth, carry-over earned surplus may not be added to current E&P in calculating total E&P. Sixth, overcollateralization and spread account should be deducted in calculating E&P. Seventh, corporations should file with director of tax office the documents identifying the existence of debt and creditors. Eighth, the qualification of directors and auditors should be inspected in a resonable manner. Ninth, corporation should submit the application of income deduction with tax return to get DPD treatment. Tenth, DPD should not be applied in case there is no feasibility in securitization scheme, there are infringements against the DPD requirements, there is no stockholder-level tax or corporation is incorporated in private placement and governed by two or less individual stockholders, to which cases the provisions of gross-up, dividend tax credit and dividend-received deduction are not to be applied, either.