株式
韓国では、配当性向によって投資家の税率が変わります In Korea, your dividend tax rate now depends on how generous the company was
韓国でこの夏、配当の話が急に増えています。証券会社が8月の配当シーズンの解説を相次いで出していて、高配当ETFに資金が入っているという記事も今月に入って何度も出ました。2026年の支払い分から配当所得の分離課税が始まったので、今年が初年度にあたります。
面白いのは税率そのものよりも、その条件のほうです。高配当銘柄を持っていれば低い税率になる、という話ではありません。その会社が利益の40%以上を配当に回した場合にかぎって、投資家の税率が下がります。総合課税のままなら合計で49.5%に達しうるものが、いちばん下の区分では14%になります。株主の税負担が取締役会の判断に連動する仕組みで、日本にも米国にもありません。配当性向を確認する作業が、企業分析ではなく節税の計算に変わったわけです。
日本は同じ目的地に逆側から向かいました。税制を書き換えるかわりに、取引所が資本効率を問題にして企業に迫り、今年の自社株買いは記録的なペースで積み上がっています。税で株主を動かすか、取引所で企業を動かすか、という違いです。
日本でも配当性向で税率が変わる制度になったら、銘柄の見方は変わると思いますか。Ask a Korean retail investor what is interesting at the moment and there is a good chance you get an answer about dividends, which would have been an odd answer two years ago. Korean companies paid out little, the discount that came with it had a name, and dividend investing was something you did in somebody else's market. This year is the first one where the new rule actually applies: dividends paid from 2026 are taxed on their own schedule instead of being stacked onto ordinary income, where the combined rate could climb to 49.5%. The lowest bracket is 14%.
The condition attached to it is the part with no equivalent I can think of anywhere else. Holding a dividend stock does not get you the lower rate. You get it only if the company handed over at least 40% of its profit. So a shareholder's tax bill now moves with what the board decided, and checking the payout ratio has quietly turned from analysis into tax planning. Korean brokerages have been publishing August dividend-season explainers all month, and the flow stories about high-dividend ETFs keep coming.
Japan has been walking toward the same place from the opposite side. Instead of rewriting the tax code, the exchange leaned on companies about capital efficiency, and buybacks this year are piling up at a record pace. Move the shareholder with taxes, or move the company with the exchange.
Most of us treat the tax rate as fixed furniture and payout policy as the company's own business. Would a stock look different to you if your own bill depended on its payout ratio?
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