상증법상 비상장주식 평가제도의 문제점과 개선방안

초록

A stock valuation on the tax law is based on the valuation by market price. But, unlike the listed stocks, the unlisted stocks mostly have the unclear market price. Accordingly, it is necessary to calculate the fair value which corresponds to the market price. In the present inheritance and gift tax act, the market price basis is the basic principle. If the market price doesn’t exist, the stocks are valuated through weighted average of net profit value per share and the net asset value per share by net income for the past 3 years. However, because the appropriateness of complementary valuation method is a matter of debate, this study is intended to provide the problems and solutions relating to the valuation of unlisted stocks through analysis of foreign legal systems and actual disputes. First, when the actual profit/loss data are used to calculate the net profit/loss value on the present regulations, it has the different weight on the latest 3 years’net profits and losses uniformly. Because it does not consider the changes in the company’s profits, it is necessary to change the uniform weight. Second, in calculating the net profit/loss value, the period of calculation before the valuation base date is 3 years but the flexible calculation period may be better to measure the value of unlisted stocks to reality by considering many factors including the industry, financial conditions and company history of unlisted company. Third, the extraordinary profit/loss should be excluded from the calculation of profit/loss value, like the extraordinary income items which may unusually arise by the management’s discretion. Fourth, major countries have used the estimated income in principle. Accordingly, if easing the requirements for applying the estimated income and using the estimated income by taxpayers is more reasonable, it is necessary to permit that the calculation of profit/loss value by estimated income basis. Finally, the present appraisal council system has very strict requirements,so that its application is very low. Therefore, to extend the range of unlisted stocks valuation and to show the independent and high professionalism of appraisal council not the subsidy appraisal agency of the National Tax Service, it is necessary to change the current rule that the commissioner of the National Tax Service unilaterally appoints the private members into the method of public offering.

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