부동산 디지털유동화와 지방세 법률관계 소고

부동산 디지털유동화의 구조와 지방세 법률관계를 검토했다.

Real estate DABS refers to a trust company issuing beneficiary securities based on entrusted real estate and using blockchain technology to tokenize its stake in real estate. The issuance of tokenized real estate shares in the form of electronic securities is called Asset Backed Securities (ABS). Since it is a security that occurs based on a blockchain, it has excellent decentralization, transparency, and security, which are the characteristics of the blockchain, and it can reduce the overall cost of real issuance with securities that are stored and managed only with data within the blockchain system.

It also has the advantage of reducing the cost and efficiency of investment funds while shortening the issuance and listing period of securities, increasing the efficiency of investment funds, and preventing theft, forgery, and alteration of securities. Real estate DABS can be an innovative real estate financing vehicle, such as a company's listing. These innovative means can be seen as examples of real estate sales through individual-to-person financing rather than traditional financing. It can be a question of how to view traditional financing and financing through innovative DABS equally.

Apart from the fact that the actual requirements for this can be recognized only by the status of exercising voting rights through beneficiary securities, it is necessary to comprehensively consider the source, acquisition status, and degree to which it has a dominant influence on management of the acquisition fund. In terms of tax equity, it can also be problematic to apply the acquisition tax as an oligopoly shareholder when all of the same investments are invested through stock acquisition and when invested through stocks and beneficiary securities as in this case.

Therefore, when real estate DABS is issued with beneficiary equity securities through private placement, real estate DABS can be used as a means of avoiding the current acquisition tax of oligopoly shareholders. It is necessary to find an alternative to how to block the tax bypass channel even when the beneficiary securities are actually bought through real estate DABS and become an oligopoly shareholder. Real estate digital liquidity presupposes real estate, and through a clear understanding of this, tax incentives should be blocked, and alternatives to the real estate capital market transparency following real estate digital liquidity should be sought.