법인세율 인하 및 이월결손금 공제기간의 연장에 따른 세금효과와 한계세율의 변화

초록

In response to the global financial crisis, Korean government reduced corporate tax rates and increased the length of the net operating loss carryforward period from 5 years to 10 years in the year 2009, to promote investment and to increase corporate competitive power. I investigate how the corporate tax rates reduction and the change in net operating loss carryforward period affects corporate liquidity and corporate marginal tax rates. In addition, I reexamine the extent of the debt usage conservatism for the sample years. For the year 2009, corporate liquidity effect due to the top corporate tax rates reduction of 3%p and the extension of the net operating loss carryforward period are estimated on average ￦1,379 million and ￦362 million each. In the case of classifying the firms as profit and loss firms, total liquidity increase for the profit firms are on average ￦1,758 million, of which corporate tax rates reduction effects amounts to ￦1,685 million, For the loss firms, total liquidity increase are on average ￦1,699million, of which the extension of the net operating loss carryforward period effects amounts to ￦1,102 million. This means that liquidity increase for the profit firms are mainly from the corporate tax rates reduction and that liquidity increase for the loss firms are mainly from the extension of the net operating loss carryforward period. For all the listed companies, liquidity increase from the corporate tax rates reduction is estimated to ￦2,074 billion, and from the extension of the net operating loss carryforward period is estimated to ￦54 billion in 2009. Total liquidity effect of ￦2,619 billion won correspond to 0.24% of the total asset. In case Korean government used two policy alternatives, that is reducing corporate tax rates and increasing the length of the net operating loss carryforward period in response to the global financial crisis for the year 2009, this result means that Korean government provide relevant liquidity effect to the corporate sector.

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