공익법인에 대한 주식 출연의 제한 및그 개선방안에 관한 연구

When stocks of a corporation for public interests are donated in excess of 5% of its total number of issued stock with a voting right, the current tax law imposes a gift tax on the excess amount. Although the attitude has garnered pros and cons, there is a definite need to consider the position of a stock donator more. This study thus closely examined the current provisions of tax law and compared and reviewed the system of corporations for public interests, the inheritance tax system, and the stock system with multiple voting rights in relation to the defence of management right among the United States, Japan, Germany and France. Those efforts led to the following conclusions： First, there should be a focus on how to carry out public interest activities with the contributed stocks rather than how to control stock contribution from a long-term perspective. Given the guarantee of management right for corporations, it is necessary to reconsider the negative view of corporate governance through public foundations. In the short run, there is a need to separate stock contribution by large corporations from that by small- and medium-sized companies in order to mitigate the regulation for the latter. The exemption rate of gift tax should be expanded to 20% or so. It is especially required to force distribution on the contributed stocks.