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This paper evaluates and suggests ways to improve the translation method of foreign currency denominated assets and liabilities under the Corporate Tax Law.
The problems with the current foreign currency translation are as follows; First, a translation gain or loss arising in a foreign branch is taken into account in the computation of taxable income, whereas that arising in the head office or a domestic branch is not recognized. Second, where a foreign currency is a currency of the economic environment in which a significant part of activities are conducted, a transaction gain or loss could be recognized even though there exists no foreign exchange risk. Third, book-tax difference arising from not adopting a functional currency concept in the Corporate Tax Law would burden taxpayers with compliance costs and tax authorities with administration costs since foreign currency transaction gains or losses occur in significant volume of transactions for a corporation with a foreign currency as the functional currency.
For a remedy, the functional currency concept should be introduced into the Corporate Tax Law as follows; First, the functional currency determined for each business unit rather than a corporation as a whole should be a currency which meets the bookkeeping requirement and the economic environment requirement. If no currency meets the requirements or the currency is a hyper-inflationary currency, the functional currency should be Korean Won.
Second, nonfunctional currency after translating into functional currency at initial occurrence should not be translated, thus, a translation gain or loss is not recognized. However, a transaction gain or loss should be recognized for a transaction with a nonfunctional currency. The functional currency should be translated into Korean Won by the exchange rate at the end of the taxable year for assets and liabilities, and the average exchange rate for the taxable year with the translation difference not recognized as a gain or a loss.
The problems with the current foreign currency translation are as follows; First, a translation gain or loss arising in a foreign branch is taken into account in the computation of taxable income, whereas that arising in the head office or a domestic branch is not recognized. Second, where a foreign currency is a currency of the economic environment in which a significant part of activities are conducted, a transaction gain or loss could be recognized even though there exists no foreign exchange risk. Third, book-tax difference arising from not adopting a functional currency concept in the Corporate Tax Law would burden taxpayers with compliance costs and tax authorities with administration costs since foreign currency transaction gains or losses occur in significant volume of transactions for a corporation with a foreign currency as the functional currency.
For a remedy, the functional currency concept should be introduced into the Corporate Tax Law as follows; First, the functional currency determined for each business unit rather than a corporation as a whole should be a currency which meets the bookkeeping requirement and the economic environment requirement. If no currency meets the requirements or the currency is a hyper-inflationary currency, the functional currency should be Korean Won.
Second, nonfunctional currency after translating into functional currency at initial occurrence should not be translated, thus, a translation gain or loss is not recognized. However, a transaction gain or loss should be recognized for a transaction with a nonfunctional currency. The functional currency should be translated into Korean Won by the exchange rate at the end of the taxable year for assets and liabilities, and the average exchange rate for the taxable year with the translation difference not recognized as a gain or a loss.
목차
Ⅰ. 서론
Ⅱ. 현행 외화환산제도의 개요
Ⅲ. 현행 법인세법상 외환환산제도의 문제점과 개선방안
Ⅳ. 결론
參考文獻
〈Abstract〉
참고문헌 (14)
참고문헌 신청
1. [학술지(정기간행물)] - 김문철 / 2008 / 국제회계기준의 도입에 따른 세법개정의 필요성 / 세무와회계저널 9 (2) : 155 ~ 185
2. [단행본] - 山本守之 / 2007 / 体系法人税法 / 稅務經理協會
3. [기타자료] - Alexander, Daphne / 1990 / Recent Regulatory Developments under Subpart J of the Internal Revenue Code / Columbia Business Law Review : 239 ~ 263
4. [단행본] - Bittker, Boris I / 2009 / Federal Taxation of Income, Estate and Gifts / Westlaw
5. [기타자료] - Henrey,Robert / 1988 / Tax Aspects of Foreign Currency Transactions / Tax Law and Estate Planning Course Handbook Series : 349 ~ 386
2. [단행본] - 山本守之 / 2007 / 体系法人税法 / 稅務經理協會
3. [기타자료] - Alexander, Daphne / 1990 / Recent Regulatory Developments under Subpart J of the Internal Revenue Code / Columbia Business Law Review : 239 ~ 263
4. [단행본] - Bittker, Boris I / 2009 / Federal Taxation of Income, Estate and Gifts / Westlaw
5. [기타자료] - Henrey,Robert / 1988 / Tax Aspects of Foreign Currency Transactions / Tax Law and Estate Planning Course Handbook Series : 349 ~ 386
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