레버리지리스에 대한 세법상 규제제도 - 한･일 간의 비교를 중심으로 -

The purpose of this study is to identify the characteristics of leveraged lease, which is frequently used in cross border tax lease and to compare the taxation regulation systems on leveraged lease between Korea and Japan. Leveraged lease refers to a lease transaction where the lessor obtains a leasable property financed through investment and loans while enjoying the benefits of investment tax credit and of including interests in deductible expenses, and these tax saving effects are shared with the lessee in the form of reduction of the lease amount. This leveraged lease transaction is often used in cross border tax lease. Unlike Japan that has seen active leveraged lease transactions and thus has imposed relevant taxation regulations on a consistent basis, Korea has practically no regulations as to leveraged lease. Japan requires overseas leasable property to be depreciated “on a fixed installment method during the lease period”. In addition, if a lease transaction is recognized to be made via monetary loan, it is subject to taxation, as it is regarded as a monetary loan transaction instead of a lease transaction. These regulations have spawned leveraged lease transactions through an anonymous association. In response to this, the government came up with a new regulation that deducts losses incurred to an anonymous association and shared by its members. Based on these study results, it is expected to be able to establish an appropriate policy and working-level standards on taxation regulations on leveraged lease and cross border tax lease.