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주택에 대한 양도소득세제 개편연구(Reform proposal on Korean capital gains taxation on housing)

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  • 주택에 대한 양도소득세제 개편연구(Reform proposal on Korean capital gains taxation on housing)
  • 노영훈
  • 한국조세연구원


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Title 주택에 대한 양도소득세제 개편연구(Reform proposal on Korean capital gains taxation on housing)
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Material Type Reports
Author(Korean)

노영훈

Publisher

서울:한국조세연구원

Date 2006-12
Pages 156
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Economic Administration
Holding 한국조세연구원

Abstract

Korea has more than 30-years long history of maintaining the scheduler system of taxation on the capital gains from the dwelling houses, separate from other ordianary income. Even if the 'Capital Gains Tax' - translated in Korean as 'the tax on the income from alienation (of asset)' - has been imposed upon the seller's total annual net gains from the disposals of chargeable capital assets, it has not been developed as a special form of personal income tax in terms of source, characteristics, and timing of income. Very specific assets like the real estate and the right to real estate has been subject to taxation, and hence it has been used as a fiscal tool by the central government to stabilize the local housing market boom and bust cycles. So Korean capital gains tax on housing has very unique features like differential tax treatment toward multi house owners, exemption of capital gains from the sale by the single house owner without strict residence requirement, etc. This study examined the economic inefficiency and equity aspects of the current Korean capital gains tax on housing. We found that the effectiveness of conventional government's employment of capital gains tax policy for the housing market stabilization purposes declines as the investment motive and feature of housing capital becomes more important than the role of consuming housing services from the housing capital. (The rest omitted)