This research reviews the existing Tax Planning (TP) measures and explores the consistency of UK firms’ engagement in TP; evaluates incentives for TP and its value relevance in a signalling theory framework; and studies corporate governance effects on TP for the firms in an institutional theory framework. It analyses a unique set of 1,482 hand-collected firm-year observations and proposes ‘undisclosed TP’ as a new TP measure. It finds that firms consistently engage in TP and their TP disclosures have improved; internationally oriented firms do not engage in TP to save taxes; risky firms, firms with low operating cashflows and growing firms, however, do not engage in TP to arrange funds internally – so they signal their non-engagement in TP to the market. Further findings confirm public awareness and market valuation of firms’ TP engagements. Boards’ tax affiliations result in reductions in tax payments (expenses) for strongly (weakly) governed firms. Professional accountancy qualifications on the board result in significantly higher tax payments for weakly governed firms. The auditors’ provided tax services (institutional ownership) result in higher tax payments for weakly (strongly) governed firms suggesting supplementary (complementary) role of auditors (institutional ownership) for the internal governance on TP. This research concludes that there is a need for further TP disclosures to reduce the information asymmetry associated with negatively valued TP activities; recommends auditors’ involvement in TP services; and recommends tax affiliates on the board to bring tax savings in a strongly governed environment. The current study’s findings have important theoretical and practical implications. / University of Bradford

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию налогового планирования и его методов; их применение в деятельности организации. Предметом исследования является налоговое планирование, виды и применение методов налогового планирования на практике. Основной целью магистерской диссертации является определение направлений налоговой политики актуальной для анализируемого предприятия и разработка мероприятий по их реализации. В заключении обозначены рекомендации по снижению налоговых рисков для исследуемого объекта и достижения оптимального баланса налоговой нагрузки. / Final qualifying work (master's thesis) is devoted to the study organization activities. The subject of the study is tax planning, types and application of tax planning methods in practice. The main goal of the master's thesis is to identify areas of tax policy relevant to the analyzed enterprise and the development of measures for their implementation. In the conclusion, recommendations for reducing tax risks for the investigated object and achieving the optimal balance of the tax burden are outlined.

Thesis (MBA)--Stellenbosch University, 1979. / INTRODUCTION: Inflation gives rise to higher monetary values for a constant quantity of inventory, thereby inflating corporate profits and the taxes on these reported profits.

For investors in a given tax bracket, bonds with certain combinations of price and maturity may dominate other bonds. If markets are complete, S. M. Schaefer proved that a prohibition on short sales will give rise to tax-induced clienteles. Thus, bonds classified into groups by price and maturity may be held by investors in different tax brackets. Because of the tax advantages associated with discount bonds, there should be a tendency for high tax bracket investors to hold discount bonds and for low tax bracket investors to hold par and near-par bonds. An empirical consquence of this is that the after-tax term structure and implied tax rates may be different across different sets of bonds. The objective of this study is to test empirically for tax-induced clienteles in the market for government bonds with a regression methodology. Nonlinear least squares is used to simultaneously estimate the after-tax term structure and the corresponding implied tax rates. The estimation is performed on each group separately and on the entire sample. The null hypothesis is that the sets of parameters describing the after-tax term structure are equal across the groups. The alternative hypothesis, which will be termed the tax clientele hypothesis, is that sets of parameters are not equal across the groups.

M.Com. (Taxation) / The transition of South Africa to a democracy signifies large-scale changes in the political and economic spheres. The public sector, one of the main participants in the economy, does not escape this transformation. A more democratic structure entails, inter alia, increased empowerment of sub-national levels of government. This means that various functions must be devolved to provinces along with certain revenue sources in a bid to increase their autonomy and efficiency in service delivery. The fundamental aim of this paper is to analyze the intended future constitutional order of South Africa according to theoretical principles of decentralisation and tax devolution, and to propose a suitable tax framework for the new order. A primary prerequisite for a new tax structure is that the economic return on the revenue absorbed by government should be maximised. The problem is that some taxes are suitable for devolution and some should remain in the control of the national government. Furthermore, existing tax structures have to be considered when devising new tax frameworks.

Diplomová práce Ondřej Martínek Abstract Tax havens are thorn in the eye of the OECD countries, nonetheless they emerged originally on europian soil and on the ruins of british empire. Classical accusation argues, the tax havens are supposed to earn on luring foreign capital that is enabled to evade taxation and by that they breach the balance of national budgets and tax justice in developed countries, enwiden social imbalance and speed up global tax competition. There are many forms of tax avoidance via tax havens: transfer pricing, holding structures, trusts, foundations or offshore business. Although many of these forms remain illegal, for certain other ones the states are the ones responsible for - e.g. generous web of double tax treaties. Global shortage to national budgets is estimated at around 3% of total revenues. Tax competition exists and global tax rates are in fact decreasing, however national tax revenues are, in absolute terms, rising. Because of this ambiguous effect on global economy and near impossibility to distinguish "real" tax havens, the developed countries are choosing rather careful policy to the tax havens and concentrate on negotiations and concluding TIEA's.

O mercado pet vem crescendo continuamente, sendo considerado um ramo de atividade em sintonia com a vida moderna. São diversas as mudanças sociais e de comportamento dos tutores de animais de estimação. O aumento de afetividade dessa relação, traz diversos benefícios mutuamente. Os animais de estimação assumem um papel diferenciado e isto se reflete no consumo e principalmente na compra do alimento. Logo, percebe-se o aumento da competitividade, gerada pela atratividade e globalização deste mercado, sendo necessária a implementação práticas modernas de gestão e definição de estratégias. Este trabalho visou analisar e compreender a tributação da ração para cães e gatos e calcular a carga tributária que incide ao consumidor final. As estratégias de gestão tributária são relevantes e influenciam na competitividade empresarial. O STN possui concentração mais elevada na tributação das bases de bens e serviços se comparado a média dos países da OCDE. O governo procura manter sua arrecadação através da política fiscal. Esta pesquisa foi desenvolvida com base em levantamento bibliográfico e documental, sendo uma abordagem qualitativa, descritiva e exploratória. Elaborou-se uma simulação da carga tributária ao longo da cadeia produtiva da ração pet com base na legislação pertinente, obteve-se um percentual de carga tributária na indústria de 52,63%, sobre o distribuidor de 6,61% e sobre o pet shop de 7,30%. Em 2016 a carga tributária média nacional foi de 32,38% do PIB, enquanto que na simulação elaborada obteve-se que o consumidor pagou ao comprar a ração pet, 41,86% de impostos, acumulados ao longo da cadeia produtiva. Notou-se que a tributação da ração pet está 9,48 p.p. maior que a média nacional daquele ano. A tributação da ração vêm sendo apontada constantemente por empresários e entidades do setor como excessiva e um dos principais obstáculos de desenvolvimento. Outrossim, percebe-se que o governo ainda não reconhece os benefícios trazidos por estes animais de estimação para sociedade, visto os aumentos constantes na carga tributária destes produtos. / The pet market has been growing continuously, being considered a branch of activity in tune with modern life. There are several social and behavioral changes of the tutors of these pets. The increased affectivity of this relationship brings several benefits mutually. Pets play a distinct role and this is reflected in consumption and especially in the purchase of food. Therefore, the increase in competitiveness generated by the attractiveness and globalization of this market is evident, and it is necessary to implement modern management practices and define strategic planning. This work aimed to analyze and understand the taxation of ration for dogs and cats and calculate the tax burden on the final consumer. Tax management strategies are relevant and influence business competitiveness. The STN has a higher concentration in the taxation of the bases of goods and services when compared to the average of the OECD countries. The government seeks to maintain its revenue through fiscal policy. This research was developed based on a bibliographical and documentary survey, being a qualitative, descriptive and exploratory approach. A simulation of the tax burden along the pet food production chain was made based on the pertinent legislation, obtaining a percentage of tax burden in the industry of 52.63%, on the distributor of 6.61% and on the pet shop of 7.30%. In 2016 the national average tax burden was 32.38% of GDP, while in the elaborated simulation it was obtained that the consumer paid by buying the pet ration, 41.86% of taxes, accumulated along the productive chain. It was noted that the taxation of pet food is 9.48 pp higher than the national average for that year. The taxation of the ration has been constantly pointed out by businessmen and entities of the sector as excessive and one of the main obstacles of development. Also, it is noticed that the government still does not recognize the benefits brought by these pets to society, given the constant increases in the tax burden of these products.

Title in English: Legal aspects of tax planning in the direct tax area Abstract: In 2012, the European Commission published its Recommendation on aggressive tax planning (2012/772/EU). To counteract aggressive tax planning, Member States should adopt a general anti-abuse rule (GAAR), which is drafted in the Recommendation. At that time, no one knew that GAARs would become obligatory for member states from 2019. In 2013, Organization for Economic Co-operation and Development (OECD) started the BEPS Project, which is considered the biggest revolution in the international tax law system since its creation in the 1950s. I introduce these initiatives and the legal instruments they bring. I focus on GAARs, which I consider to be the most important instruments. Their vagueness allows them to tackle any tax planning scheme. Their importance in the direct tax area grows as they become part of tax treaties based on the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting signed on 7 July 2017 and part of the national legal systems of the EU member states based on the Council Directive (EU) 2016/1164 of 12 July 2016, laying down rules against tax avoidance practices that directly affect the functioning of the internal market. First part of this thesis focuses on...

The footprint firms leave behind on this planet is widely discussed, and the topic of corporate social responsibility is constantly receiving additional attention. The gravity of working towards a more sustainable way of conducting business is illustrated by the incentivized tax system in various countries, where CSR can render tax deductions. It is widely debated if CSR and tax aggressiveness can live in symbiosis, and what relationship the two areas have. However, the literature investigating thisrelationship is scarce, which has left a research gap for the authors of this study to fill.This study does through a quantitative method investigate the relationship between CSR and tax aggressiveness of 3899 firms from 68 different countries, measuredat the end of 2018. By equivalating the level of social responsibility of a firm with the widely accepted ESG-score and the level of tax aggressiveness of a firm with the ETR-index created by the authors, the statistical testing of the relationship was enabled. Further, the control variables country, industry, leverage, beta, and size were included to account for variance in tax aggressiveness which is not captured by the ESG-score.To guide the authors through the establishment of hypothesis and statistical testing,a theoretical framework was established, concluding theories speaking for the implementation of tax aggressiveness, against it, and theories which reconciles the two contradicting views. The data was thereafter processed to investigate which statistical model to utilize. The robust OLS was found to be the best suited model, which was used to test the relationship between the aggregated ESG-score, as well as its components, relationship to the ETR-index.The statistical results in this study did not exhibit a significant relationship between the aggregated ESG-score, nor for the two components S and G, and the ETR-index. There is however a significant positive relationship between the E-score and the ETR-index, showing that environmentally friendly firms are less tax aggressive in general. This relationship could be explained by the stakeholder theory, which indicates that a firm's objective should be to maximize the value creation for all its stakeholders, as well as by the legitimacy theory, stating that firms seek to conduct proper business within socially constructed norms. Furthermore, the results show that tax aggressiveness depends on the country of headcounter, the industry, and the beta of a firm.

O objetivo deste trabalho visou à apresentação de uma abordagem multidisciplinar para a gestão tributária com vistas à maximização do valor da firma em contraponto à abordagem tradicional do planejamento tributário que visa à minimização dos tributos. As estratégias para a minimização dos tributos aumentam o custo em outras dimensões que devem ser analisadas para posicionar a gestão tributária na gestão estratégica da empresa. Para se efetuar a análise da gestão tributária muldisciplinar, propõe-se a utilização do Framework de Scholes e Wolfson, que se baseia em três focos: todas as partes, todos os tributos e todos os custos. Dessa forma é possível não limitar os ângulos de visão, mas sim criar uma sistematização para a gestão tributária multidisciplinar. Como recurso metodológico utilizou-se a pesquisa bibliográfica e análise de casos de estudos que contemplam o uso de instrumentos financeiros derivativos, frequentemente utilizados em planejamentos tributários e que envolvem volumes expressivos de recursos. Restou evidenciado, neste trabalho, que a gestão tributária deve ser realizada de modo integrado na empresa, analisando todos os itens propostos pelo Framework de Scholes e Wolfson, assim, muito mais que minimização de tributos, obtém-se a maximização do valor da empresa / The aim of this paper is to present a multidisciplinary approach for the tax management aiming to maximize the value of the company in relation to the traditional approach of tax planning aiming to minimize taxation. Strategies for minimizing taxes increase the cost in other dimensions, which must be analyzed in order to position the tax management in the company\'s strategic management. In order to conduct the analysis of multidisciplinary tax management, the usage of Scholes and Wolfson\'s Framework is proposed. This framework is based on three focuses: all the parties, all the taxes and all the costs. In this manner, it is possible not to limit the points of view, but to create systematization for the multidisciplinary tax management. As methodological resource, bibliographic research and the analysis of case studies contemplating the usage of derivate financial instruments commonly used in tax planning and which encompass great volume of resources were used. It could be concluded, in this paper, that tax management must be conducted in an integrated manner in the company, analyzing all the items proposed by Scholes and Wolfson\'s Framework. By doing so, it is possible not only to minimize the taxes, but also maximize the company\'s value.