Sverige genomförde vid årsskiftet 2012/2013 ytterligare en sänkning av bolagsskatten. Denna gång från 26,3 till 22 procent. Målet med sänkningen var att hamna under EU’s genomsnittliga bolagsskattenivå vilket skulle minska företags incitament till att fly Sverige för lågskatteländer. Samtidigt ville regeringen minska företagens skuldsättningsgrad. I teorin sjunker värdet på skatteskölden vid en bolagsskattesänkning och därmed också värdet på företagen. Från företagens och ägarnas perspektiv innebär sänkt skatt högre nettovinst och således en högre utdelning. Hur reagerar marknaden? Ett försök att besvara frågan görs genom att gruppera företagen efter skuldsättningsgrad och undersöka vad som händer med aktierna under den dag nyheten om bolagsskattesänkningen publiceras. Detta undersöks genom en eventstudie vilken avgränsas till Norden och andra marknader med liknande finansiellt system samt liknande lagstiftning. Till grund för undersökningen ligger aktier representerade på Stockholm OMX Large Cap. Studien finner en signifikant positivt reaktion sett till hela marknaden när nyheten om bolagsskattesänkningen blir offentlig. Vid indelning efter skuldsättningsgrad visar företagen med lägst skuldsättning den högsta positiva reaktionen, medan företagen med högst skuldsättning visar en negativ reaktion, dock inte signifikant. / At the end of 2012 Sweden implemented a further reduction in corporation tax, this time from 26.3 to 22 percent. The goal of the reduction was to reach a lower corporate tax level then the EU’s average. This would reduce the company’s incentive to flee Sweden for low-tax countries. At the same time, the Swedish Government wanted to reduce the debt ratio. In theory, the value of the tax shield is lowered and hence the value of the companies. From corporate and shareholder perspective this reduced tax means higher net income and thus a higher dividend. How does the market react? An attempt to answer this question is made by splitting the companies by leverage and examine what happened to the shares on the day the news of the company tax cut was published. This is examined through an event study, which is bounded to the Nordic countries and to other markets with similar financial systems and similar legislation. The study is based on shares represented at the Stockholm OMX Large Cap. The study finds a significant positive reaction over the entire market when the news about the corporate tax becomes public. On account of the debt-equity ratio, the firms with the lowest leverage show the highest positive response, while the companies with the highest debt show a negative reaction, however not a significant one.

This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.

EU har under lång tid sökt lösa de problem som finns på den inre marknaden avseende direkt beskattning. En rad riktade åtgärder har förverkligats genom praxis. Jämte riktade åtgärder har även kommissionen arbetat med en långsiktig lösning där bolag ska ges möjlighet att använda sig av en gemensam bolagsskattebas för hela unionen. Den 16 mars 2011 presenterade kommissionen slutligen ett förslag till direktiv om en gemensam konsoliderad bolagsskattebas.

邱俊榮與黃鴻 (2006) 一文在忽略租稅負擔的情況下，探討公營廠商民營化的最適釋股比例問題，文中發現：在開放體系下，廠商邊際成本固定並採Cournot數量競爭，唯在公營廠商生產效率較民營廠商生產效率低時政府才有動機將產業民營化，然而實際上租稅負擔會影響到廠商的有效邊際成本，進而影響其產出決策，最後再影響民營化的最適釋股比例。有鑑於此，本文在邱俊榮與黃鴻 (2006) 一文中導入利潤稅制與公司稅制，別探討此二種稅制的引進如何影響到最適的釋股比例。文中發現：利潤稅的存在將提高政府的最適釋股比例，而且最適釋股比例隨著稅率增加而增加，不過，在利潤稅制下唯在公營廠商生產效率較民營廠商生產效率低時政府才有動機將產業民營化。然而，公司稅對於最適釋股比例影響方向並不明確。比較有趣的是，在公司稅制下即使公營廠商生產效率與民營廠商相同，政府仍有動機將產業民營化，此部份有異於邱俊榮與黃鴻 (2006) 一文所獲致的結果。

L'évasion fiscale consiste en l'action du contribuable à obtenir un bénéfice, de manière à réduire ou à éviter le paiement de l'impôt, contrairement aux intentions du législateur, sans pour autant violer la loi. L'évasion fiscale représente un problème particulier pour l'intégrité du système fiscal en matière d'impôt sur les sociétés, un constat justifié par le fait que la lutte contre ce phénomène se trouve dans les programmes politiques des États membres de l'Union européenne, ainsi que dans le Plan d'action concernant l'érosion de la base d'imposition et le transfert de bénéfices de l'OCDE. L'objet de cette thèse, écrite en co-tutelle, est d'analyser dans un premier temps l'état actuel des mesures du système croate de lutte contre l'évasion fiscale internationale en matière d'impôt sur les sociétés, pour le comparer ensuite au système des mesures du droit fiscal français, afin de proposer des solutions d'amélioration du système national. Puisque la diversité des formes que l'évasion fiscale peut prendre nécessite une approche compréhensive, cette recherche sera concentrée non seulement sur l'amélioration du cadre législatif, mais aussi sur l'exécution de la lutte contre l'évasion fiscale. / Tax avoidance is generally used to describe the arrangement of a taxpayer's affairs that is intended to reduce his tax liability in accordance with the letter of the law, but contrary to the intention of the lawmaker. A special problem for the integrity of the tax system is avoidance of corporate tax, the importance of which is reflected in the presence of measures for its curbing in political programmes of EU countries as well as the OECD which elaborated the Action Plan on Base Erosion and Profil Shifting (BEPS). This double degree thesis will investigate the current state of Croatian measures for combatting corporate tax avoidance, by performing a comparative analysis with the French system, in order to propose enhancements of the national system of measures. Given the fact that corporate tax avoidance appears in a multitude of forms and that tackling it requires a comprehensive approach, the research will aim at enhancing not only Croatian material but also procedural tax rules for curbing corporate tax avoidance.

The thesis deals with the accounting and tax legislation with focus on professional sport not only from the perspective of sport clubs but also of individual sportsmen. The aim of the thesis is to identify accounting and tax specificities of professional sport, including the definition of differences in keeping accounts of non-profit organisations and business entities, and to analyse the current state of the income taxation of professional sportsmen in selected countries of the EU and in the Czech Republic. Significant differences were found not only in the keeping accounts of non-profit organisations and business entities but also in the area of the income taxation of professional sportsmen. In the Czech Republic professional sportsmen are considered to be an independent profession while in the other selected countries of the European Union they are classic employees. The thesis is based on legislation valid on 1st January 2016.

This diploma thesis is focused on employee benefits. At the beginning of the work there is shortly described history and importance of employee benefits. After that the work continues with motivation, rewarding and basic concepts of labour relations. There is also described difference between profit and non-profit sector. At the end of theoretical part of the work are described employee benefits and ways of dividing in detail. Emphasised is mainly tax advantages for employees and employers. In practical part of the work are evaluated results of own survey. The survey deals with employee benefits and its importance for them as well as with comparison of profit and not-profit sector in terms of employee benefits and how much are they provided. The survey confirms hypothesis, that in no-profit sector are provided less benefits than in profit sector and that the most important part of rewarding are considered wages by employees.

The theoretical part is focused on the definition of the basic concepts of the assets, cash and accrual bases. In addition to profit, its components and its differences from the tax base. Much of the work deals with different concepts of costs and revenues in accordance with accounting regulations and tax law. The work deals with the various costs and revenues in terms of tax efficiency and impact on adjustments to the tax base.The practical part is devoted to empirical research, the proportion of tax on profit for the sampled companies.

Short term assignments to other countries are increasing and it is important to take note of the associated potential tax compliance requirements. South Africa is part of the Southern African Development Community (SADC) whose main objective is to advance the development and economic growth of the member countries through regional integration. It is difficult for persons with limited or no international tax background to identify potential taxes when going on short term assignments to other SADC countries as very little has been published with regard to the procedure to follow. The procedure to follow and the main tax concepts (corporate tax, personal tax, VAT and withholding tax) have not been published in a user friendly, holistic format to enable such persons to identify potential tax implications. In this research a conceptual tax-compliance framework was created and tested to enable persons to follow the procedure to identify potential taxes that could be triggered when going on short term assignments. It also enables them to have an understanding of the concepts of the main tax principles applicable in SADC countries that have double tax agreements in place with South Africa. / Dissertation (MCom)--University of Pretoria, 2013. / lmchunu2014 / Taxation / unrestricted

No description available.