Investment calculation in tax law

With the help of the investment calculation, companies can decide whether an investment object is so successful with regard to the goal of maximizing profit while observing secondary conditions that the investment should be carried out. Taxation is based on the company's financial targets, which can change the advantageousness of an investment property.
Particular attention should be paid to income taxes, inventory taxes and consumption taxes. In addition to this influence of taxation on the company's investment policy, taxation also affects financing options and the willingness to take risks. These multi-dimensional effects are taken into account in simultaneous planning models, which, however, are not always used in practice due to their complexity. Rather, partial models are used that do not include taxes or that include taxes based on different criteria.

In a simple model for considering taxes in the investment calculation, these are only taken into account in the discount rate, the cash flows of the investment remain unaffected (discount rate in tax law). This model is refined with the mapping of tax payments in the investment payment series (standard model for taking profit taxes into account). In order to make the models calculable, a number of simplifying assumptions must be made, with the assumption of a complete money and capital market contributing most to the unreality.

Auch die Berücksichtigung der Ergebnissteuern ist problematisch. Die Einzahlungsüberschüsse der einzelnen Perioden stimmen auf Grund von Abschreibungen und Rückstellungen nicht mit dem steuerpflichtigen Gewinn überein. Außerdem ergeben sich wegen der gewerbesteuerlichen Hinzurechnungs- und Kürzungsvorschriften Unterschiede zwischen einkommen- oder körperschaftsteuerpflichtigem Gewinn und gewerbesteuerpflichtigem Trade income.
The calculation with proportional, constant income tax rates over time does not correspond to the differentiated income taxation. A uniform, proportional tax rate dependent on the assessment rate is applied to the trade income subject to trade tax. The corporate income tax law charges profits with a proportional tax rate.

the Income tax rate ist progressiv, sodass die durch die untersuchte Investition zusätzlich hervorgerufene Einkommensteuerbelastung einschließlich Kirchensteuer und Solidaritätszuschlag ermittelt werden muss. Unter der vereinfachenden Annahme der Konstanz aller Einflussfaktoren im Zeitablauf kann ein einheitlicher Ergebnissteuersatz errechnet und ein proportionaler Gewinnsteuertarif angenommen werden.

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