기업소득 환류세제와 기업특성

Corporate tax on unappropriated earnings(CTUE, hereafter) which was enforced from 2015 compels firms to choose between two alternatives：recirculating enough earnings into investment and wage increases or paying additional corporate tax. According to the national tax statistics, 158～1,325 firms paid additional amount of CTUE a year. The purpose of this study is to investigate firm characteristics which are associated with whether to pay CTUE or not. The financial data of firms listed on KOSPI market that are subject to CTUE from 2015 to 2020 are used in the logistic analysis. The results of the test using a sample of firms which are subject to CTUE show that low tax avoidance tendency is associated with high probability of CTUE burden. And high corporate earnings and low volatility of earnings are associated with high probability of CTUE burden. On the other hand, large fixed assets and personnel expenses are associated with low probability of CTUE burden. Especially, corporate earning and personnel expenses are strongly associated with the probability of CTUE burden. The findings of the test using a sample of firms which pay CTUE are that high corporate earnings, cash generating ability, and cash holdings have positive association with the amount of CTUE. However, the amount of CTUE lowers as personnel expenses increase. Tax avoidance has negative association with the amount of CTUE but the association is significant only in DD_BTD model. Fixed assets are not significantly associated with the amount of CTUE. This study contributes to understanding firm’s tax strategy related with CTUE, and provides useful information for evaluating CTUE system using actual data from the footnotes of audit reports.