영문목차
Preface=1
Notes on Contributors=1
I. Overview: Alternative Perspective of Land Problems in Korea/Jin Soon Lee=13
1. Introduction=13
2. Land Problems in Korea=14
3. The Causes of Land Price Inflation=20
A. The Market Fundamentals vs. Speculative Bubbles: A Survey=22
B. An Econometric Test=26
C. Centrally-Administered Economy=29
D. Bubble=39
E. Intervention Spiral=42
4. A Proposal for Fundamental Reforms=44
5. Land Tax Reform=46
A. Objectives=47
B. Public Concept in Land: a Misdirected Land Policy=49
C. Optimal Structure=51
D. Land Value Tax=52
E. Capital Gains Tax=55
F. Development Charges in Local Autonomies=57
G. Transfer Taxes=59
6. Concluding Remarks=60
II. Capital Gains Taxes in Korea/Jin Soon Lee=65
1. Introduction=65
2. Basic Issues on Capital Gains Tax Policy=67
3. The Effect of Land Capital Gains Taxes on Land Markets=68
A. The Basic Model=69
B. Land Capital Gains Tax on an Accrual Basis=71
C. Land Capital Gains Tax on a ReaIization Basis=72
D. Lock-in Effect=78
E. Conclusion on the Basic Direction of Capital Gains Tax Policy=82
4. Problems with the Current Capital Gains Taxes=82
A. Capital Gains Tax under Income Tax System=84
B. Excessively-increased Value of Land Tax=90
C. Land Development Charge=97
5. A Proposal for Reform of Capital Gains Taxes=101
A. The Purposes of the Capital Gains Taxes=102
B. Proposals for Reducing lock-in Effect=106
C. Bunching Problem and Averaging=115
D. Tax Base Broadening to Eliminate Land-related Taxation Loopholes=118
6. Spmmary and Conclusion: More Equity and Rate Reduction=123
III. Reform Proposals for Raising the Tax Burden on Land-holding/Sung-Wook Lee=127
1. Introcluction=127
2. A Comparison of the Real Property Taxation=129
3. The Optimal Tax Burden on a Land-holding and the Effect on Land Price Decrease=134
4. The Structure of the Aggregate Land Tax=139
A. Tax Base of the Aggregate Land Tax=139
B. The Tax Revenue on a Land-holding=140
C. The Effective Tax Rates=143
5. Issues of the Aggregate Land Tax=152
A. Standard Land Value or Publicly Declared Land Value?=152
B. Progressive Taxation or Uniform Taxation?=154
C. Taxation by Local Government or by Central Government?=155
D. Aggregate Land Tax or Acquisition & Registration Tax?=156
6. Reform Proposals for Land-holding Taxation=157
IV. Publicly-Declared Land Value System and Other Land Tax Assessments/Younghoon Ro=163
1. Introduction=163
2. PDLV System and Other Land Information Systems=164
A. Structures of PDLV: OVSP and OVIP=164
B. Problems and Improvements=169
C. Relationship to Land Price Surve1ys 169
D. Other Land Informaction Systems=170
3. PDLV as Land Tax Assessments=170
A. Assessment of Capital Gains Tax on Land (OIP vs. Actual Transation Price)=170
B. Assessments in the Comprehensive Land Tax: CSTV vs. OVIP=173
C. Usage of OVIP in Other Assessments of Land Taxation=183
4. Policy Suggestions for Improving Land Tax Assessments=187
Glossary=195
Table I-1. Annual Percentage Increase of Major Economic Indicators, Annual Interest Rates and Balance of Payment=18
Table I-2. International Comparison (1977)=19
Table I-3. Regression Results of Land Price Equation=29
Table II-1. The Substitution Effect of Land Capital Gains Tax on Reserved Demand Price of Land=80
Table II-2. Capital Gains Tax Revenue=83
Table III-1. Tax revenue Related to a Real Property=131
Table III-2. International Comparison of the Tax Burden on a Real Property=133
Table III-3. The Optimal Tax Rate on a Land-holding=137
Table III-4. Tax Revenue on a Land-holding=141
Table III-5. Distribution of Tax Burden of the ALT=142
Table III-6. The Distribution of Land Ownership=144
Table III-7. The Concentration of Land Ownership=145
Table III-8. Effective Tax Rates of General Combined Tax Base=147
Table III-9. Effective Tax Rates of Special Combined Tax Base=148
Table III-10. Effective Tax Rates of Aggregate Land Tax(Individual)=150
Table III-11. Effective Tax Rates of Aggregate Land Tax(Corporation)=151
Table IV-1. Comparison of OVSP and OVIP=165
Table IV-2. Survey Items=167
Table IV-3. Case of Property Taxation on Apartments=178
Table IV-4. History of Assessment Ratio for ALT ;National Average of CSTV-OVIP Ratios=180
Table IV-5. Assessment Ratios for General-Combined-Landowners in ALT=181
Table IV-6. Assessment Ratios for Special-Combined-Landowners in ALT=182
Table IV-7. Determination of EIVL Tax=185
Table IV-8. Distribution of Standard Parcels in Korea=189
Table IV-9. Scope of PDLV Application=190
Table IV-10. Oassification of Land Taxes by Taxing Authorities and Stages of Ownership=190
Table IV-11. Distribution of Individual Parcel's Assessment Ratios=191
Table IV-12. Average Assessment Ratio(CSTV /OVIP) of ALT; Planned vs. Actual=191
Table IV-13. 1994 ALT Taxpayer Tax Amount Distribution=192
Figure I-1. Economic Growth, Money Supply and Land Price=21
Figure I-2. Rate of Return=21
Figure II-1. Land Capital Gains Tax on a Accrual Basis=71
Figure II-2. Realization-based Land Gains Tax: New Demander=74
Figure II-3. Realization-based Land Gains Tax: Reserved Demander=75
Figure II-4. Land Market=78
Figure II-5. The Reduction Rate of Capital Gains Tax=88