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상속 증여세의 경제적 효과 연구(A study on the economic effect of inheritance and gift taxes)

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  • 상속 증여세의 경제적 효과 연구(A study on the economic effect of inheritance and gift taxes)
  • 김진; 원종학
  • 한국조세연구원


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Title 상속 증여세의 경제적 효과 연구(A study on the economic effect of inheritance and gift taxes)
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Material Type Reports
Author(Korean)

김진; 원종학

Publisher

서울:한국조세연구원

Date 2006-12
Series Title; No 연구보고서 / 06-15
ISBN 89-8191-347-1
Pages 167
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Financial Policy
Holding 한국조세연구원

Abstract

We examine the effects of inheritance and gift taxes upon the economic behavior of asset transfers among generations, which has recently shown an increasing trend. We introduce a multi-stage decision model of transferring monetary and real assets among generations, formalize the ratio of the effective average gift tax rates over inheritance tax rates as the opportunity cost of inter-vivos gift choice relative to inheritance bequeath choice, and highlight the meaningfulness of tax rate change into gift-inheritance mix in asset transfer decisions. There are several policy implications of the results. Firstly, because of the inter-temporal structure of asset transfers, we find that the effect of the tax ratio between gift and inheritance tax is meaningful not only in the short run but also in the long run. According to the empirical result from the data in 1975-2005 period, the elasticity of gift tax revenue with respect to gift price is 15.5 in the short run and 5.6 in the long run. (The rest omitted)