세법상 현금흐름할인법에 의한 비상장주식평가 활성화 방안

Under the tax code, unlisted stocks are evaluated by their weighted average value of net profits and net assets. However, unlisted stock valuation using a uniform formula does not take into account the differences between firms. As a result, it does not adequately reflect the real economic value of individual firms. In order to address this problem, since 2012, the government has allowed the use of Discounted Cash Flow (hereafter, “DCF”) method to evaluate unlisted stocks under certain constraints. However, due to rigid law enforcement, the use of DCF method for taxation purposes is rare. We conducted an in-depth interview with unlisted stock appraisers and taxpayers, and reviewed why DCF method is not being used in valuation of unlisted stocks for taxation purposes and what legislative measures are necessary to increase the utilization of DCF method. Based on the results of the in-depth interview, we suggest the following. First, allow the use of DCF method in evaluating the trading price of unlisted stocks appropriate for taxation purposes. Second, lessen the taxpayer's obligation to demonstrate that the use of DCF method is necessary because supplemental assessment under the inheritance and gift tax law is unreasonable. Third, relax the constraints that allow the use of DCF method only if the DCF assessment is within the range of 70% to 130% of the supplemental assessment. Fourth, remove the constraints that apply uniformly the same discount rate to all firms. Sixth, publicize that the revision of the tax law permits the evaluation of unlisted stocks by the DCF method for taxation purposes. Seventh, strengthen the expertise and independence of the property appraisal committee in evaluating unlisted shares. Eighth, establish detailed guidelines for valuation of unlisted stocks under the DCF method for taxation purposes.