REITs의 조기정착 방안에 관한 연구 : 부동산투자회사법과 조세제도를 중심으로

잠재 투자자 인식을 중심으로 부동산투자회사제도의 활성화 방안을 연구했다.

This research analyzes about Act of Real Estate Investment Trusts (REITs) and Taxes system for system fixing early stage ahead of enforcement of REITs system. REITs Act examines thoroughly substance of these law to tell enactment as was enforced and investigated about problem and improvement way, and raised necessity of taxes exemption laying stress on actuality example. Problem of REITs Act and improvement way are as following. First, need introduction of guarantee insurance system temporarily at system enforcement early for investor protection. Second, it is problem of property storage trust when buy and sell.

Because amount of money that REITs deals is big, need Escrow Account's introduction in dimension that protect this. Third, it is qualification essential factor problem of property use professional human strength. Ability that this must equip and not to taking a serious view simple career by property professional manpower, that equip ability of regional analysis, market analysis, right analysis, development·management, sale in lots, financing, insurance connection analysis and so on is important. therefore, need introduction of investments in real estates analyst (CCIM) systems. In these situation, REITs is judged must satisfy following condition to settle properly.

First, it may say as most urgent business that preoccupy high yield goods or possess ability that can cultivate high yield goods. Second, tax system support that considers present real estate market situation may have to be. Effect of resource taxes benefit was expose by order of effect of corporate tax exemption> local taxes of acquisition step> exemption effect of special value-added tax> possession phases this local taxes exemption effect. Therefore, must apply equally about real estate investment trust as except dividend total amount in corporate tax taxable when apportion more than 90% of profit available for dividend about corporation streamlining real estate investment trust.

Also, taxes of real estate investment trust's acquisition step may have to be total amount exemption benefit in point that is investment conduct such as corporation restructuring real estate investment trust. Special addition tax be 50% exemption that know will be setting possibly now, and may become big help in real estate investment trust's operation if tax cut of possession step consists. Third, need connection Infra construction of that distinguish stock index of real estate investment trust share from general stock index.

When there are real estate connection various statistics and accuracy of information, real estate value and investment trust's assessment, accuracy of real estate business estimation and public trust rising, real estate market may become transparency. It will be difficult that possess all above these condition at early of REITs system, but REITs market which invent stable high yield in our country like other advanced nation when face by carriage that prepare one by one is going to form. Also, as enforcing real estate Investment trusts Act July 2001, research that supplement lacking part, and see in dimension that grope way to minimize possible trial and error was achieved.