Discount rate in tax law

Investitionen (Investment calculation in tax law) können mit Hilfe eines vollständigen Finanzplans getroffen werden, der alle Ein- und Auszahlungen enthält und die Vorteilhaftigkeit des Projekts nach seinem Endwert beurteilt. Der Kalkulationszinsfuß trägt zur Übersichtlichkeit eines Investitionsrechenmodells bei; er verdichtet alle Zahlungen, die aus der Anlage eines Periodenüberschusses oder der Deckung eines Periodendefizits resultieren.
Its formal task is to relate the surpluses and deficits occurring at different points in time to a reference point in time. In economic terms, it represents the interest on the surpluses and the financing costs of the deficits. To simplify matters, the premise of a perfect money and capital market is assumed. Income taxes are taken into account as follows:

is = is X i = i (1-Se) [with is = discount rate after taxes; se = income tax rate]

If taxes on assets are also included in the consideration, the changes in the unit value of the business assets caused by the investment of surpluses or the coverage of deficits must also be taken into account in the discount rate:

is = i (1-ss) -ss [with ss = property tax rate]

In addition to the interest on the surpluses and deficits, the interest rate of the optimal alternative investment is also expressed in the calculated interest rate, if the investment object is financed with equity capital or, in the case of external capital financing, the external capital cost rate.

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