기업소득환류세제가 조세전략에 미치는 영향

This study examine the relationship between tax system of non-recycled corporate income and corporate’s tax strategies. The tax system of non-recycled corporate income adopt to promote firm’s dividends, wages, investments for circular flow of economic system. But, a firm’s dividends, wages, investments is outflow of wealth, and expenses. Therefore we assume that the firm pursues to avoid tax of non-recycled corporate income. In Korea, there is a unique corporate governance structure called chaebol. It has many affiliates, and they manage to consider not interest of affiliate but the entirety. Previous research with income shifting has found that business group mitigate tax burden using income shifting from high tax burden corporate to low tax burden corporate. Income shifting is one of the way to avoid the tax system of non-recycled corporate income which impose an individual corporate. In other words, we expect that affiliate in business group take advantage to reduce tax burden using income shifting except to devide, to hire, to invest. The empirical findings, chaebol try income shifting to reduce additional tax burden after corporate income tax reform. This result suggest to raise a question of reformed tax system’s effectiveness. So, we propose to levy a tax on not a individual affiliate but business group to achieve effectiveness of reformed tax system in chaebol. Also, the regulatory authorities and policy makers need to reinforce the rule of income shifting like funneling of business.