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토지조세의 개편방향에 관한 연구 (I)(Study on the direction of reformation of land taxation) : 토지보유과세강화의 당위성에 대한 검토

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Title 토지조세의 개편방향에 관한 연구 (I)(Study on the direction of reformation of land taxation)
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Sub Title

토지보유과세강화의 당위성에 대한 검토

Material Type Reports
Author(Korean)

손재영

Publisher

[서울]:한국개발연구원

Date 1992
Series Title; No 정책연구시리즈 / 92-04
Pages 60
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI; KDI School

Abstract

The purpose of this study is to reduce inefficiency and the waste generated by land taxation systems in Korea, and to provide solutions to long-term real estate problems.
Due to the rapid price increases in real estate as well as land speculation through the late 1960s and 1970s in Korea, heavy taxes and taxation regulations were established, which inhibited land speculation and promoted the efficient use of land. However, the implementations of these regulations were not ideal.
The result of international comparisons regarding land ownership taxes demonstrated a lack of commonality in land taxation among economically advanced countries. The tax systems and implementations varied according to environment and needs of the nation.
Reinforcement of the land possession tax is a desirable alternative towards expanding the finances of local governments. It is necessary to increase the rate of land development and supply, and to enhance the efficacy of transfer taxes. The land possession tax must be increased gradually, in consideration of taxpayer resistance. The effect of land sales is shown to differentiate depending on the environment and the landowner. In other words, an increase in possession tax does not induce land sales. Land possession taxation cannot alleviate the function of income taxation. Instead, estimation of taxable income can be accomplished by establishing a land taxation database. Reinforcing possession tax in order to prevent the freezing effect of transfer taxation is not advisable, as there is no guarantee of achieving an appropriate capital gain collection, and tax resistance may be compounded by taxing unrealized capital income. Finally, the expansion of possession tax does not necessarily imply the stabilization of land prices, because increases in possession tax do not influence demand-supply behavior.
In the future, it is necessary to increase land possession taxes in Korea. However, as the real estate price rise persists, expanding the land development and supply can relieve price increase rates.