税收筹划的外文文献及翻译

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税收筹划外文文献原文、翻译

外文译文Tax PlanningTax planning involves conceiving of and implementing various strategies in order to minimize the amount of taxes paid for given period. For a small business, minimizing the tax liability can provide money for expenses, investment, or growth. In this way, tax planning can be a source of working capital. According to The Entrepreneur Magazine Small Business Advisor, two basic rules apply to tax planning. First, a small business should never incur additional expense only to gain a tax deduction. While purchasing necessary equipment prior to the end of tax year can be a valuable tax planning strategy, marking unnecessary purchases is not recommended. Second a small business should always attempt to defer taxes when possible. Deferring taxes enables the business to use that money interest-free, and sometimes even earn interest on it, until the next time taxes are due.Experts recommend that entrepreneurs and small business owners conduct formal tax planning sessions in the middle of each tax year. This approach will give them time to apply their strategies to the current year as well as allow them to get a jump on the following year. It is important for small business owners to maintain a personal awareness of tax planning issues in order to save money. Even if employ a professional bookkeeper or accountant, small business owners should keep careful tabs on theirs own tax preparation in order to take advantage of all possible opportunities for deduction and tax savings.＂Whether or not you enlist the aid of an outsider, you should understand the basic provisions of the tax code.＂Just as you would not turn over the management of your money to another person, you should not blindly allow someone else to take complete charge of your tax paying responsibilities." In addition, as Frederick W. Dailey wrote in his book Tax Savvy for Small Business, "Tax knowledge has powerful profit potential. Knowing what the tax law has to offer can give you a far better bottom line than your competitors who don't bother to learn.General Areas of Tax PlanningThere are several general areas of tax planning that apply to all sorts of small businesses. These areas include the choice of accounting and inventory-valuation methods, the timing of equipment purchases, the spreading of business income among family members, and the selection of tax-favored benefit plans and investments. There are also some areas of tax planning that are specific to certain businessforms—i.e., sole proprietorships, partnerships, C corporations, and S corporations. Some of the general tax planning strategies are described below:ACCOUNTING METHODS.Accounting methods refer to the basic rules and guidelines under which businesses keep their financial records and prepare their financial reports. There are two main accounting methods used for record-keeping: the cash basis and the accrual basis. Small business owners must decide which method to use depending on the legal form of the business, its sales volume, whether it extends credit to customers, and the tax requirements set forth by the Internal Revenue Service (IRS). The choice of accounting method is an issue in tax planning, as it can affect the amount of taxes owed by a small business in a given year.Accounting records prepared using the cash basis recognize income and expenses according to real-time cash flow. Income is recorded upon receipt of funds, rather than based upon when it is actually earned, and expenses are recorded as they are paid, rather than as they are actually incurred. Under this accounting method, therefore, it is possible to defer taxable income by delaying billing so that payment is not received in the current year. Likewise, it is possible to accelerate expenses by paying them as soon as the bills are received, in advance of the due date. The cash method is simpler than the accrual method, it provides a more accurate picture of cash flow, and income is not subject to taxation until the money is actually received.In contrast, the accrual basis makes a greater effort to recognize income and expenses in the period to which they apply, regardless of whether or not money has changed hands. Under this system, revenue is recorded when it is earned, rather than when payment is received, and expenses recorded when they are incurred, rather than when payment is made. The main advantage of the accrual method is that it provides a more accurate picture of how a business is performing over the long-term than the cash method. The main disadvantages are that it is more complex than the cash basis, and that income taxes may be owed on revenue before payment is actually received. However, the accrual basis may yield favorable tax results for companies that have few receivables and large current liabilities.Under generally accepted accounting principles (GAAP), the accrual basis of accounting is required for all businesses that handle inventory, from small retailers to large manufacturers. It is also required for corporations and partnerships that have gross sales over $5 million per year, though there are exceptions for farming外文译文businesses and qualified personal service corporations—such as doctors, lawyers, accountants, and consultants. Other businesses generally can decide which accounting method to use based on the relative tax savings it provides.INVENTORY VALUATION METHODS. The method a small business chooses for inventory valuation can also lead to substantial tax savings. Inventory valuation is important because businesses are required to reduce the amount they deduct for inventory purchases over the course of a year by the amount remaining in inventory at the end of the year. For example, a business that purchased $10,000 in inventory during the year but had $6,000 remaining in inventory at the end of the year could only count $4,000 as an expense for inventory purchases, even though the actual cash outlay was much larger. Valuing the remaining inventory differently could increase the amount deducted from income and thus reduce the amount of tax owed by the business.The tax law provides two possible methods for inventory valuation: the first-in, first-out method (FIFO); and the last-in, first-out method (LIFO). As the names suggest, these inventory methods differ in the assumption they make about the way items are sold from inventory. FIFO assumes that the items purchased the earliest are the first to be removed from inventory, while LIFO assumes that the items purchased most recently are the first to be removed from inventory. In this way, FIFO values the remaining inventory at the most current cost, while LIFO values the remaining inventory at the earliest cost paid that year.LIFO is generally the preferred inventory valuation method during times of rising costs. It places a lower value on the remaining inventory and a higher value on the cost of goods sold, thus reducing income and taxes. On the other hand, FIFO is generally preferred during periods of deflation or in industries where inventory can tend to lose its value rapidly, such as high technology. Companies are allowed to file Form 970 and switch from FIFO to LIFO at any time to take advantage of tax savings. However, they must then either wait ten years or get permission from the IRS to switch back to FIFO.EQUIPMENT PURCHASES. Under Section 179 of the Internal Revenue Code, businesses are allowed to deduct a total of $18,000 in equipment purchases during the year in which the purchases are made. Any purchases above this amount must be depreciated over several future tax periods. It is often advantageous for smallbusinesses to use this tax incentive to increase their deductions for business expenses, thus reducing their taxable income and their tax liability. Necessary equipment purchases up to the limit can be timed at year end and still be fully deductible for the year. This tax incentive also applies to personal property put into service for business use, with the exception of automobiles and real estate.WAGES PAID TO FAMILY MEMBERS. Self-employed persons can also reduce their tax burden by paying wages to a spouse or to dependent children. Wages paid to children under the age of 18 are not subject to FICA (Social Security and Medicare) taxes. Under normal circumstances, employers are required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Employers are also required to match the 7.65 percent contributed by every employee, so that the total FICA contribution is 15.3 percent. Self-employed persons are required to pay both the employer and employee portions of the FICA tax.But the FICA taxes are waived when the employee is a dependent child of the small business owner, saving the child and the parent 7.65 percent each. In addition, the child's wages are still considered a tax deductible business expense for the parent—thus reducing the parent's taxable income. Although the child must pay normal income taxes on the wages he or she receives, it is likely to be at a lower tax rate than the parent pays. Some business owners are able to further reduce their tax burden by paying wages to their spouse. If these wages bring the business owner's net income below $62,700—the threshold for FICA taxes—then they may reduce the self-employment tax owed by business owner. It is important to note, however, that the child or spouse must actually work for the business and that the wages must be reasonable for the work performed.BENEFITS PLANS AND INVESTMENTS. Tax planning also applies to various types of employee benefits that can provide a business with tax deductions, such as contributions to life insurance, health insurance, or retirement plans. As an added bonus, many such benefit programs are not considered taxable income for employees. Finally, tax planning applies to various types of investments that can shift tax liability to future periods, such as treasury bills, bank certificates, savings bonds, and deferred annuities. Companies can avoid paying taxes during the current period for income that is reinvested in such tax-deferred instruments.Tax Planning for Different Business Forms外文译文"The first step in tax planning—for small business owners and professionals, at least—is to select the right form of organization for your enterprise," according to Albert B. Ellentuck in the Laventhol and Horwath Small Business TaxPlanning Guide. "You'll end up paying radically different amounts of income tax depending on the form you select. And your odds of being audited by the IRS will change, too." Many aspects of tax planning are specific to certain business forms; some of these are discussed below:SOLE PROPRIETORSHIPS AND PARTNERSHIPS. Tax planning for sole proprietorships and partnerships is in many ways similar to tax planning for individuals. This is because the owners of businesses organized as sole proprietors and partnerships pay personal income tax rather than business income tax. These small business owners file an informational return for their business with the IRS, and then report any income taken from the business for personal use on their own personal tax return. No special taxes are imposed except for the self-employment tax (SECA), which requires all self-employed persons to pay both the employer and employee portions of the FICA tax, for a total of 15.3 percent.Since they do not receive an ordinary salary, the owners of sole proprietorships and partnerships are not required to withhold income taxes for themselves. Instead, they are required to estimate their total tax liability and remit it to the IRS in quarterly installments, using Form 1040 ES. It is important that the amount of tax paid in quarterly installments equal either the total amount owed during the previous year or 90 percent of their total current tax liability. Otherwise, the IRS may charge interest and impose a stiff penalty for underpayment of estimated taxes.Since the IRS calculates the amount owed quarterly, a large lump-sum payment in the fourth quarter will not enable a taxpayer to escape penalties. On the other hand, a significant increase in withholding in the fourth quarter may help, because tax that is withheld by an employer is considered to be paid evenly throughout the year no matter when it was withheld. This leads to a possible tax planning strategy for a self-employed person who falls behind in his or her estimated tax payments. By having an employed spouse increase his or her withholding, the self-employed person can make up for the deficiency and avoid a penalty. The IRS has also been known to waive underpayment penalties for people in special circumstances. For example, theymight waive the penalty for newly self-employed taxpayers who underpay their income taxes because they are making estimated tax payments for the first time.Another possible tax planning strategy applies to partnerships that anticipate a loss. At the end of each tax year, partnerships file the informational Form 1065 (Partnership Statement of Income) with the IRS, and then report the amount of income that accrued to each partner on Schedule K1. This income can be divided in any number of ways, depending on the nature of the partnership agreement. In this way, it is possible to pass all of a partnership's early losses to one partner in order to maximize his or her tax advantages.What’s more, enterprises to carry out the correct tax, the need for the adoption of the following major route of transmission.First, reasonable means of financing options. In accordance with the provisions of China's current tax law, corporate interest payments on the loan within a certain range can be pre-tax expenses, and dividends can only be spending the after-tax profits of enterprise expenses. From a tax point of view, appropriate to the bank business loans and financing between enterprises, rather than directly to the fund-raising benefits.Second, a reasonable choice of trading partners. China's existing value-added tax system has a general taxpayers and small-scale taxpayers on the points, choose a different supplier object, the tax burden on enterprises is not the same. For example, when the Department of suppliers of value-added tax general taxpayer, the business after the purchase of goods, according to the amount of tax deduction of input tax amount of the corresponding balance after payment of value-added tax; if the purchase of goods for small-scale taxpayers, VAT can not be achieved Its not contain the amount of input tax deduction, the tax burden more than the former. Such as open invoices can also be part of deduction.Third, "the easy way out" tax conversion. Enterprises will be converted to high-tax low-tax, refers to economic activities in the same, there are a variety of revenue options to choose from, the taxpayers to avoid "high-tax point", choose the "low tax" and reduce the tax liability . The most typical example of this is to run non-taxable to the tax planning services. From the tax point of view, run mainly two: First, the same taxes, different tax rates. Systems such as supply and marketing enterprises, the general operating tax rate is 17% of the means of subsistence, but also the operating外文译文value-added tax rate of 13% of the agricultural means of production and so on. Second, different taxes, different tax rates. This usually refers to types of enterprises in their business activities, both value-added business project, the project also involves the business tax.Fourth, the cost of reasonable expenses. Enterprises does not violate tax laws and financial system under the premise of the full cost of the reasonable expenses, that may occur on the full estimated losses and narrow the tax base and reduce the amount of taxable income. Countries allow for costs incurred in the projects, such as wages, respectively, the total amount of tax by 2%, 14%, 1.5% extracts of trade union funds, staff welfare, staff education funding should be sufficient to mention as much as possible to the whole. For some of the losses that may occur, such as bad debt losses, businesses should be fully expected in the tax law as far as possible the extent permitted by the cap enough to reserve. This is in line with the national tax law and financial system, can receive the tax effect.Fifth, to reduce tax liability. Factors that affect the tax liability there are two, namely, tax base and tax rates, the smaller the tax base, lower tax rates, tax liability is also smaller. Tax planning can start from these two factors to find legitimate ways to reduce tax liability. For example, an enterprise December 30, 2005 estimated taxable income amounted to 100,200 yuan, the enterprise income tax liability 25050 yuan (100200 ×25%). If the corporate tax planning, tax consulting fees to pay 200 yuan, the corporate taxable income 100,000 (100200-200), income tax liability 27,000 yuan (100000 × 27%), can be found by comparing, for tax planning to pay only 200 yuan, 6066 yuan tax is (33066-27000).Sixth, to weigh the severity of the overall tax burden. For example, many value-added tax planning programs have the general taxpayer and the taxpayer to choose small-scale planning. If an enterprise is a non-tax-year sales of about 900,000 yuan of production enterprises and enterprises to buy the materials each year the price of non-value-added tax of 70 million or less. The company's accounting system, the conditions identified as the general taxpayers. If that is the general taxpayer, the company's products are value-added tax rate applies to 17% capital gains tax liability 34,000 yuan (90 × 17% -70 × 17%); If it is small-scale taxpayers, the rate is 6%, 5.4 VAT liability million (90 ×6%)> 3.4 million. Therefore, from the perspective of value-added tax general taxpayer should be selected. But, in fact, although small-scale外文译文公认的会计准则认为，所有库存商品的处理都应该使用权责发生制。

企业增值税纳税筹划外文文献翻译最新

外文文献翻译:原文+译文原文The research of corporate V AT planningPhillips J DAbstractEnterprise tax planning is very necessity. But most tax planning of enterprise is so difficult, the manager normally feel do not know how to start it. This is mainly because when doing tax planning personnel breadth and depth of thinking is limited. In fact, in view of the enterprise a certain business, as long as the tax personnel to all business related tax law research understand the relevant rules and regulations are in place, so companies when doing tax planning should be no problem. For example and to increase "camp" the tax planning, the categories of taxes that must be considered including the business tax and value-added tax, the relevant expenses such as urban maintenance and construction tax and educational expenses to add. Of course, the enterprise can not only consider when do tax planning; a business enterprise's business is very broad, so when doing tax planning to overall consideration. Keywords: value-added tax; the individual income tax; Tax rate; Tax planning1 IntroductionEnterprises between the increasingly fierce markets competitions, enterprises want to gain share in the market, a place, you must adapt to the evolution of natural law, has the stronger than other enterprise competitive power, and this kind of competition power depend mainly on market segment and reduce the cost. Undoubtedly tax is an important part in enterprise cost, the main body of enterprise tax include value added tax, income tax, business tax, consumption tax, etc., and occupy the largest proportion of is value added tax, accounting earnings and the realization of the goal of the enterprise plays an important significance. Because different countries have different social and economic development to its policy orientation, so differences exist in different countries and different industries, the tax policy and accounting system for the choice of accounting methods more flexible, which provides a choice of V AT tax conditions and space? The V AT tax planning forenterprise attention, recognition and more and more attention. Tax planning in gradually improve, already have a systematic and market characteristics. And the development of society, market economy unceasing prosperity, has prompted the company constantly innovate oneself production mode, operation concept, management style, etc.For the survival and development to adapt to market competition, enterprises will use every possible method to increase the interest, as far as possible to reduce the amount of unnecessary consumption, so how to reduce the tax burden is the problem that managers must consider carefully. Modern enterprises in pursuit of the enterprise value maximization as the goal development relative to evade taxes and tax risk of higher taxes, so business leaders can choose to reduce the tax, tax planning the implementation of reasonable overall planning can make the company a huge income.2 V AT descriptionsValue-added tax is the enterprise product in the process of production, circulation, and the value added part of the labor service or value added, the additional levy taxes. No matter which country, regardless of its power, as long as it is a value-added tax, to enact specific regulations on value-added tax. Generally divided into three kinds, one is the production, the second is income-producing, and three is a consumer.2.1 Production-type V ATProduction-oriented V AT has relationship with the company's production, it is well known that a mature enterprise need fixed plant, equipment, products used in the production of raw materials, transportation, fuel, fixed assets, product sales and production of profit, the sales revenue minus the production and operation of the balance of the raw materials, fuel and power as prescribed by the state of appreciation, this also is the basis of the production V AT, in principle, value added tax is not to be bought and depreciation of fixed assets, value added tax is a period of time limit, the tax basis by the tax unit labor balance, and used in the production of loss and the balance of sales revenue, which belongs to the category of value-added tax, fixed assets depreciation is used in the process of transfer value, is also a part of value-added tax levy, which is called double taxation. Based on this, with a largeenterprise as an example, the higher its value of fixed assets, to the payment of taxes, the more because of the wear and depreciation is not deducted, in the process of production is also repeat pay; This part of income is almost equivalent to the gross national product, so called the production-oriented V AT, it includes the rent, wages, profits, interest and depreciation of fixed assets, etc.2.2 Consumption-type V ATIn a word, it is not including the current depreciation of fixed assets and net income tax, including the taxpayers' wages, profits, interest, and rent, etc., in terms of a country, relative to the production-oriented V AT is gross national product, net national product. It is deducted for the production of all the value of fixed assets and depreciation forehead, purchased raw materials and labor value of net income, after is the income of the enterprise production and sales, including spending part, such as wages, so called income-producing V AT.2.2 Income-type V ATDue to the use of standard, advanced, has a legal basis, is engaged in the tax accounting practical operation is simple, popular among countries in the world. A category is a one-off deducted for production and operation of the fixed assets value and the value of the purchase raw materials in the tax, that is to say, the taxpayer’s tax products for production and operation, and are not all the outsourcing material to this category. Fixed assets has been imposed production V AT, of course, but the operator is used as a purchase of fixed assets, its tax gold when the purchase has been deducted, relatively, this part of the goods as fixed assets, there would be no tax, as the nature of the V AT collection does not include other production of raw materials, only including the management of all sales of consumer goods. Consumer is a use of special V AT invoices for V AT tax withholding of taxes, occupies a certain advantage, due to its treatment scope strictly enforced, standard, has certain advancement, and are applicable in many countries.3 The characteristics of added-value tax3.1 Wide taxEnterprise engaged in the work of production and sales for the main V ATcollection objects, individuals engaged in business also in the collection and processing, such as small restaurants, small articles of daily use operators, etc., are widely applicable to all kinds of ownership enterprises and individuals, embodies the fairness of the tax system.3.2 Indirect taxV AT calculation is not directly to value multiplied by the applicable tax rate to calculate the tax payable, but by buried output tax and tax balance to determine the tax payable. Although V AT is the value-added tax on appreciation forehead that increases the value or goods, but in the actual execution process, due to the added value of goods or services or goods value is a difficult to calculate the data, so the V AT only by way of indirect tax. Indirect tax measures increased the difficulty of the value-added tax calculation and collection management.3.3 Additional taxGoods have to be sold by pricing, V AT tax refers to the outside valence is not including commodity tax on the original price. When selling goods, should will receive all the money was divided into excluding V AT price sales and value added tax, and on the special V AT invoices to the tomb-sweeping day, respectively, in this way, the V AT on revenues, costs and profits will not occur, also need not collect V AT included in the income statement. Although it is important to note that the V AT is outside valence tax, but the sales direction while receiving payment from buyers tend to be merged charge, through a certain calculation formula of a sales tax were decomposed into will not sales tax and value-added tax, and fill in the V AT special invoice respectively, rather than in the place where has to determine the price of the total sales of value-added tax calculated separately again.3.4 Special invoiceV AT is absolute and levy, in order to avoid only partially and the phenomenon of double taxation, must carry on the effective control of each link, implement V AT is unified, special invoices, and according to the stated on the invoice amount to impose a tax deduction method, this is the main method for effective control. Countries introduced related management way, strengthen the management of the specialinvoice, the rules on the scope of the use of special V AT invoices, the invoice issued the purpose to make clear a regulation, also completed, enterprises have an obligation to give the buyer special invoices for value-added tax, and to do specialized tickets, taxable services shall be paid not, except duty-free goods also. All invoices shall be protected by law. Special invoices for specific use measures enterprises in strict accordance with the provisions of the calculation, on the basis of the in and out of balance of the current period by the enterprise, both reasonable and legitimate, is the duty of the taxpayer. Thus, to strengthen the taxpayer over the use of special V AT invoices highlighted the value-added tax levy management effect.4 The V AT tax planningV AT tax planning is the content of the enterprise according to their own economic activities, on the premise of not illegal, V AT tax matters to the enterprise to seek planning V AT tax minimization of planning and arrangement. It has the following features:4.1The result of V AT tax planningCity building duty and educational expenses to add belongs to attach tax, as the value-added tax falls. But at the same time, if the two tax drops, can lead to enterprise's total profits, so the enterprise income tax will rise. So, the result of the tax planning may be related to some deviation from the ultimate goal of enterprises to reduce tax burden.4.2 V AT special invoices for value-added tax planningInvoice buckle tax law is a common way to calculate the V AT payable taxes, so special invoices for value-added tax management is the key content of value added tax management. Enterprise product sales directly affected by the special invoices for value-added tax, can open will promote the further development of the enterprise; on the other hand, will affect the size of the enterprise. So, V AT tax planning is the need of the development of the enterprise, therefore in the process of V AT tax planning, to consider the problem of special V AT invoices to the enterprise development prospects.4.3 The planning of the tax burden onKnown to value added tax is a turnover tax, also proves that it is the identity ofthe indirect tax, from the nature of the object defined, flow from it this is the flow of goods, the circulation tax included in commodity prices, determines the turnover does not open automatically. And tax excluded in price, taxes are independent in accounting book, looks like has nothing to do with the price, but it is also part of the purchase price, income tax is directly understand hang, V AT tax on hidden is indirectly. Because of V AT qualitative, its scope covers almost all walks of life, can say all the goods in the column, but for taxpayers, because taxes will rise in price is not reasonable publicly, will be opposed by the consumers. So, the taxpayer can only secretly push up commodity prices, will tax include in the price, do not attract the attention of consumers, easy will be passed on to the purchaser, tax and consumers don't know, so don't oppose.文献出处：Phillips J D. The research of corporate V AT planning [J]. The Accounting Review, 2016, 1(3): 40-52.译文企业增值税纳税筹划研究Phillips J D摘要企业进行纳税筹划是非常有必要性的。

外文翻译--保持税收筹划

本科毕业论文（设计）外文翻译原文：Planning forever tax savingsNow is the best time to think about reducing your business’s tax bill even lower than the point the economy may have driven it to ... and, of course, to keep that tax bill at its legal minimum for many years to come.While many of us rely on the advice and help provided by tax professionals or utilize software programs to ensure a low tax bill, the real goal should be a low tax bill not just for this tax year but also for years to come. The best guarantee of consistently low tax bills, this year, next year, and so-on down the road is, of course, tax planning.Tax planning refers to the taxpayers to reduce the tax burden and to achieve the purpose of taxation zero risk, to the extent permitted by the tax law, the operation of the business, investment, financial management, organization, transactions, and other activities arranged process.From the concept of tax planning can be seen in: the short term, the corporate tax planning purposes through the operating activities of the arrangement, reduce taxes, saving costs and expenditures, so as to enhance the economic efficiency of enterprises, from a long-term perspective, enterprise consciously to implement the requirements of the various tax laws to its business activities, which allow the enterprise tax concepts, have been enhanced awareness of the law. Therefore, whether in the long term or the short term, corporate tax planning are of great significance.Grasp the concept of tax planning on the basis of how the successful implementation of corporate tax planning？It is necessary to fully understand the country's tax policies, and to understand the tax authorities on "reasonable and legitimate" tax explain. Tax planning at the national tax policy within the system, therefore, a prerequisite for the plan is to have anational tax regulations, and policies, tax authorities understand the "reasonable and legitimate" tax explain. On the one hand, from the Constitution and the existing laws in clear what is "reasonable and lawful." On the other hand, tax authorities and tax management activities, as well as the judiciary and the trial admissible tax cases, the specific understanding of the executive and the judiciary in law enforcement and the judicial process to "reasonable and lawful" defined.Second, we should draw a clear tax planning, tax avoidance and tax evasion boundaries. From the country's financial point of view, though, tax evasion and tax avoidance, tax planning would reduce the country's tax revenue, but the reduction is fundamental to the nature of the distinction. In theory, tax evasion is a blatant violations and has subsequently; tax avoidance and tax planning has the purpose of planning in advance, for features, but both legitimacy of the existence of difference of tax avoidance is not illegal but with the tax laws legislative purpose contrary to the interests of not receive tax revenue legislators expect interest and tax planning is entirely legitimate, is entirely consistent with the government's policy orientation, follow the legislative intent.Third, we need to use brain, hiring professional tax planning experts. Tax planning is a high-level financial management and systems engineering, requirements planning staff proficient in tax, accounting, investment, finance, trade, and other professional knowledge, professionalism, more integrated. Therefore, those who are not competent their own projects, experts should be employed to carry out tax planning, tax planning to raise the standard and rationality of tax planning completed the formulation and implementation of the programme. In China, accounting firms, law firms and offices, and other intermediary agencies have gradually carry out tax planning in the business, with their strong professional services capabilities, a wide range of information channels, which can increase their probability of the success of tax planning .Fourth, we must accurately grasp the scale of tax planning. First, non-tax benefits should not be overlooked. Taxpayers in the course of business is not just the concern of tax-related interests, also concerned with the non-tax benefits. Taxplanning process, we need to pay attention to the taxpayers have a significant impact on political interests, environmental interests, the interests of economies of scale, economic benefits and other non-advertising tax benefits, not too much value on tax-related interests while ignoring important non-tax benefits. Second, we should not only tax planning staff "alone." Tax planning should not only the isolation of tax planning staff planning, "behind closed doors" and should be strengthened with other departments, other staff communication and coordination, gain their understanding and support. Third, it is tax-related risks should not be ignored. Corporate tax planning, it must take full account of the hidden tax-related risks and take steps to spread the risks, so that appropriate and balanced risk, seizing the opportunity to make a, and strive for greater tax receipts. Fourth, to enjoy preferential tax policies should not overlook the potential opportunity cost. Enterprises in the planning, the need to engage in serious cost-benefit analysis, determine economic viability, if necessary, can bring net economic benefits to the enterprise increase, only the dominant tax planning costs and hidden costs are lower than planned proceeds, the programme to be, otherwise we should abandon the plan.Tax planning is easy: The more tax deductions taken, the lower the business’s taxable income will be — at least for this tax year. Of course, ignoring potential tax deductions this year may mean signifi cant savings in later years when profi ts — and tax bills —are higher. Either way, in order to count, the time to make the moves necessary for those low tax bills is before the end of the tax year.Tax planning basicsWhen thinking about any type of tax planning, every business should keep in mind that although the IRS may occasionally disagree, the courts strongly back every taxpayer’s right to choose the course of action that will result in the lowest legal tax liability. Thus, as the end of the tax year fast approaches, every dealer faces several different options as to how to complete certain taxable transactions.Our tax system has graduated rates that increase along with the income of the business at various tax rates. Thus, one strategy for saving taxes means reducing the tax bracket of the business. Getting the most from the temporary 15% tax rate fordividends means fi nding another way to reduce corporate level income … and taxes.Obviously, no business owner can literally reduce the federal income tax rate. They can, however, take actions that will have a similar effect. For example: ✔Choosing the optimal form of organization for the business –such as sole proprietorship, partnership, corporation, or S corporation – while not a year-end tax planning strategy, deserves attention in the overall tax planning process, especially in light of the current (and temporary) 15% tax rate on dividends paid by incorporated businesses.✔Structuring transactions so that payments received are capital gains. Long-term capital gains earned by noncorporate taxpayers are subject to lower tax rates than other income.✔Shifting income from a high-tax bracket individual (such as you, the business owner), to a lower-bracket individual (such as your child). One fairly simple way to accomplish this is by hiring your children. Another possibility is to make one or more children partners in the business, so that net profi ts are shared among a larger group.While the tax laws limit the usefulness of this strategy for shifting “unearned” income to children under the age of 14, some opportunities to lower tax rates still do exist. Remember, however, the time to think about those strategies is during the course of the tax year.Be consistentAlthough the goal is usually to reduce taxes this year, to be really effective the tax bracket should be consistent year after year. If income is up this year but expected to be down next year, for instance, a dental equipment manufacturer might want to postpone asset sales or other unusual transactions until next year when the additional profi ts may not be as likely to put the operation into a higher tax bracket. Or, conversely, if income and profi ts are down this year, disposing of unneeded equipment or business assets via a profitable sale just might generate extra income, income taxed at the business’s current low tax rates.Depending on the circumstances, a number of legitimate strategies a manufacturer or dealer can employ before year’s end will help them remain in thesame bracket this year, next year, and for many years thereafter. Those basic year-end savings strategies include:Delaying collections: A cash-basis business can delay year-end billings until late enough in the year so payments will not come in until the following year.Accelerate payments: Wherever possible, prepay deductible business expenses, including rent, interest, taxes, insurance, etc. Also, keep in mind that the tax rules limit tax deductions for some prepaid expenses.Accelerate large purchases: Close the purchase of depreciable personal property or real estate within the current year.Accelerate operating expenses: If possible, accelerate the purchase of supplies or services or the making of repairs.Accelerate depriciation: Elect to expense or immediately write off the cost of new equipment instead of depreciating it. Remember, the new Section 179 tax rules now permit as an expense up to $250,000 in expenditures for new equipment.Naturally, what a business can do depends a great deal on the accounting method used by the operation. A cash basis business, for example, deducts expenses as paid and receipts become income when received, or made available. An accrual-basis equipment business realizes income when billed and expenses when incurred, regardless of when income is actually received, or when payment is made.This year’s law changesThe American Recovery and Reinvestment Act (ARRA) earlier this year extended a number of expiring provisions and created a few more that will affect the year-end planning process. For example:✔First-year 50% bonus depreciation: ARRA extended the 50% bonus fi rst-year depreciation allowance available for 2008 to 2009.✔Increased Section 179 expensing: During 2009, businesses can choose to expense and immediately deduct up to $250,000 of the cost of qualifying property and equipment. The $250,000 maximum expensing amount is reduced if the cost of all Section 179 property placed in service in 2009 exceeds $800,000.✔S corporation built-in gains holding period: For tax years beginning in 2009 or 2010, ARRA eliminates the corporate level tax on the built-in gains of an S corporation that converted from regular C corporation status at least seven tax years before the current tax year.Going, going, goneMaking year-end planning more urgent than usual, a number of provisions in our tax law expire in 2009. Among the expiring provisions are:✔The tax credit for research and experimentation expenses✔Increased alternative minimum tax (AMT) exemption amounts✔15-year straight-line cost recovery for qualified leasehold improvements, qualifi ed restaurant buildings and improvements, and qualifi ed retail improvements ✔Additional fi rst-year depreciation for 50% of basis of qualifi ed property✔Increase in expensing to $250,000/$800,000✔Expensing of “Brown Fields” environmental remediation costs✔Empowerment zone tax incentives✔Tax incentives for investment in the District of Columbia✔Renewal community tax incentives✔The FUTA surtax of 0.2%✔65% subsidy for payment of COBRA health-care coverage continuation premiums✔Reduced estimated tax payments for small businesses .Tax tail should not wag the dogThere is a great deal of pressure in many businesses to continue cutting costs, including taxes. This coincides with increased scrutiny of tax returns on many levels of government. Identifying opportunities for tax deductions without running afoul of cash-strapped state and local tax authorities should play a role in the planning process.On a similar note, the fi nancial or operational strengths of a business transaction should always stand on their own, aside from any tax benefi ts derived from them. There is also the question of whether a tax deduction should be taken or, if legally feasible, ignored.An excellent illustration of the fl exibility of our tax rules are those governing bonuses. A business operating on the accrual basis has the opportunity to fi x the amount of employees’ bonus payments before January 1 — but to pay them early next year. Generally, the bonuses are not taxable to employees until 2010, but are deductible on the operation’s 2009 tax return — so long as announced before the end of 2009, and paid before March 16, 2010.On the other hand, while few businesses are in a position to pay employee bonuses, a business may benefi t by delaying income until next year. Remember, however, there is constructive receipt when income is made available to the business.Tax planning all the timeAlthough tax planning should be a year-round process, a number of year-end strategies can reduce not only this year’s tax bill, but future tax bills as well.The owners and managers of every business should also be taking additional steps to ensure the success of the operation in 2010. Whether or not the business is facing a large tax bill or severely lower taxable income, professional advice is almost a necessity. There should, however, be no uncertainty regarding the need for planning to minimize the bite of taxes this year as well as in future tax years.Source:Mark E.Battersby,2009.“Planning tax savings”.Ornamental&Miscellaneous Metal Fabricator,vol.92,no.2,november,pp.72-73.译文：保持税收筹划现在是最好的时机去考虑把企业的税收减少，使其甚至低于经济驱使它到达的那个点。

纳税筹划文献综述及外文文献资料

纳税筹划文献综述及外文文献资料本文档包括改专题的：外文文献、文献综述一、外文文献文献信息标题：Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in Ghana 作者：Kawor, Seyram; Kportorgbi, Holy Kwabla期刊：International Journal of Economics and Finance第6卷，第3期，页码：162-168，2014年Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in GhanaKawor, Seyram; Kportorgbi, Holy KwablaAbstractThe study sought to ascertain the level of tax planning of firms and to explore the relationship between tax planning and firms' market performance. The study used 22 non-financial companies listed on the Ghana Stock Exchange over a twelve year period from 2000. The longitudinal correlative designed was used. The results indicate that that firms' tendency to engage in intensive tax planning activities reduces when tax authorities maintain low corporate income tax rates. Secondly, tax planning has a neutral influence on firms' performance. This finding challenges the general perception that every cedi of tax savings from tax planning reflect in the pocket of investors. It is concluded that investors must institute systems to ensure tax planning benefits reflect significantly in their pockets.Keywords: Ghana stock exchange, tax planning, market performance, longitudinal correlative design, investors1. IntroductionOver the years and throughout the world, the history of taxation brings out one fact; that taxes are coercive in nature and therefore economic units which are assigned the tax liability never wholly intend to bear the actual tax burden (Commonwealth Association of Tax Administrators (CATA), 2007). Economic units, more specifically, corporate bodies are always adopting ways to minimise, postpone, or avoid entirely, the payment of tax. The attempts by the economic units to reduce, postpone or avoid tax payment can be legal or illegal. The legal means is called tax planning while the illegal means is called tax evasion. The dire consequence of tax evasion makes it an unattractive option for listed companies (Murphy, 2004).The practice of tax planning dates back to 1947 when learned judge Hand, in the case Commissioner v Newman, held that there is nothing sinister in arranging ones affairs so as to keep taxes as low as possible. Hoffman's (1961) tax planning theory supports this argument. According to Hoffman, it is a necessity for firms to understand the prevailing tax laws and apply the laws in a manner that ensures the firms minimise their tax exposure. Hoffman posits that it makes no economic sense to pay more tax than what the law demands. Scholes and Wolfson's (1992) tax planning framework also underscores the need for corporate bodies to engage in tax planning. According to Scholes and Wolfson, a successful company is the one that is properly attuned to its tax environment.International governmental organizations, such as CA TA (2009), suggest that corporate bodies in Ghana, especially the large entities, engage in complex tax planning activities. Research by civil society groups such as Christian Aid (2008), Action Aid (2011), and Dan Watch (2011), confirm this assertions made bythe Domestic Revenue Division. The missing element in the findings is thequantitative expression of the tax planning activities of the firms.The traditional thinking is that firms that derive maximum benefit from tax planning perform better than those that do not plan their taxes (Murphy, 2007). From the empirical perspective, tax planning is positively associated with firms' performance. For instance, Desai and Hines (2002); Chen, Chen, Chen and Shelvin (2010) reported positive association between tax planning savings and firm performance. The argument is that tax represents cost of doing business, and any action that has the potential of minimising tax cost reflects in higher firm performance. This argument presupposes that tax planning cost and risk does not exceed the savings from the planning.Few studies in the UK dispel the traditional relationship between tax planning and firm performance. While admitting that tax planning has a positive association with accounting performance, Desai and Dharmaphala (2007) reported that tax planning has a neutral association with market performance. Indeed Abdul-Wahab (2010) found a negative association between tax planning and firm performance. Kportorgbi (2013) suggested that corporate governance strength plays a mediating factor in the tax planning-firm performance relationship.A study of the effect of tax planning savings on firms' market performance is crucial for all stakeholders in the emerging security markets such as the Ghana stock Exchange. In fact each possible relationship has a unique implication for the players. For instance, a positive association implies that tax planning produces a win-win situation for both management andshareholders (investors). A negative association connotes that tax planning benefits may not eventually trickle to the pocket of the shareholder. Indeed, a negative association may be an indicative of the existence of agency problem, where management is inclined to pursue tax planning to enhance their own lot rather than advancing the interest of the investor. Where a neutral association is established, it will invoke a follow up study on the possible factors that could influence the relationship either positively or negatively. Secondly, the study is necessary to inform tax planning agents and investors on the dynamics of tax planning1.1 Objective of the StudyThe primary objective of this study is to explore the relationship between tax planning savings of firms listed on the Ghana Stock Exchange and firm market performance. The study also seeks to examine the simultaneous influence of other firm specific variables on the tax planning-market performance relationship.1.2 Tax Planning Intensity of Firms in GhanaCommentators on tax behaviour of firms in Ghana paint a picture that suggests that large firms engage in tax planning activities. For instance CATA (2009) posits that Ghana Revenue Authority lost seventy-four million pounds between 2005 and 2007 to the European Union (EU) in tax revenue as a result of tax avoidance by several multinational companies. Murphy (2004) also reported that firms have complex gamut of arsenals to reduce their tax burden. The reports indicate that the tax avoiding mechanism of firms are largely allowed by the tax laws. There are also indications that the firms take advantage of the loopholes in the tax laws to derive unintended tax benefits. Theavenues for tax planning usually revolve around locational reliefs, industry-specific concessions and capital allowance provitions. Others are time variables and entity variables.Most of the reports are not precise in their estimation of the benefits that firms achieve through tax planning. The lack of precision in measuring tax planning intensity is largely attributed to the insufficient reporting of issues of taxation by firms. Aside the mandatory disclosures to tax authorities, firms are reluctant in disclosing much on tax behaviours. This is due to the perceived thin line that exist between tax planning and tax evasion. Listed companies, however, provide provide adequate information necessary to estimate the tax savings of the firms. This is made possible by virtue of the financial reporting guidelines provided by the security exchange commision.2. Review of Related LiteratureThis section is subdivided into theoretical review and empirical review. The theoritical review encapsultes the Hoffman's (1961) tax planning theory. Three main empirical studies are reviewed. They are Desai and Hines (2002), Desai and Dharmaphala (2009) and Abdul-Wahab (2010).2.1 Hoffman's Tax Planning TheoryAccording to Hoffman (1961) tax planning seeks to divert cash, which would ordinarily flow to tax authorities, to the corporate entities. Tax planning activities are desirable to the extent that they reduce taxable income to the barest minimum, without sacrificing accounting income. The theory is premised on the fact that firms tax liability is based on taxable income rather than accounting income. The idea is thus to intensify activities that reduce taxable income but has no indirect relationship on accounting profit. The theory thus recognised a positiveassociation between firm tax planning activity and firm performance.Hoffman (1961) also recognised the role of tax cost in the tax planning activities. The theory thus provided that the positive association between tax planning and corporate performance is on a basic assumption that tax benefits from the tax planning exceed tax cost. The scope of the Hoffman's tax planning theory does not address the dynamics of tax planning and market performance. As capital markets develop and the separation of ownership and control of corporate bodies become well-spread, the need for a comprehensive tax planning theory is imperative. This need is rather addressed through the empirical perspective than through theoretical perspective (Inger, 2012).2.2 Empirical Review and Development of HypothesisDesai and Hines (2002) provide evidence on firm performance and tax planning behaviour of firms. Again, the study investigates the relationship between tightening of tax systems and market value of firms. The study was based on 850 listed US firms. The study sample was purposively selected to reflect the characteristics desired by the researchers. The study was cross sectional and the data relates to year 2000. Correlative-description design was adopted. Simple regression and t-tests were used to establish the relationships. Desai and Hines established that intensive tax planning is associated with higher firm performance. On the other hand, the study reported that tightening of the tax system is positively associated with higher market performance of firms. The findings of Desai and Hines (2002) are similar to that reported by Chen, Chen and Chen (2010). Desai and Dharmapala (2007) provided a comprehensive study that incorporates tax planning, corporate governance andfirm performance. The study used 4,492 observations on 862 firms over the period 1993 to 2001. This panel data was drawn from the Compustat and Execucomp databases, merged with data on institutional ownership of firms from the CDA/Spectrum database. Firms' performance is measured using Tobin's q and governance quality is proxied by the level of institutional ownership. Tax planning is measured by inferring the difference between the income reported to capital markets and tax authorities (the book-tax-gap). Two analysis models were adopted-the OLS model and the IV estimation model. The OLS results shows that the average effect of tax planning on corporate performance is not significantly different from zero. In other words, there is no relationship between tax planning and firm performance. The study howeverreports a positive association between tax planning savings and performance for well-governed firms. Desai and Dharmapala (2007) thus concluded that corporate governance mediates the tax planning-firm performance relationship. The IV estimate shows a higher effect of corporate governance on firm performance.Abdul-Wahab (2010) provides a result that differs from the findings of Desai and Hines (2002), Desai and Dhamarpala (2009), and Chen, Chen, Chen and Shelvin. Abdul-Wahab's (2010) study sought to establish a relationship between tax planning savings of firms and their value. The study simultaneously investigates the moderating influence of corporate governance. Abdul-Wahab's study employed 240 firms listed on the London stock exchange from 2005 to 2007. Tax planning was proxied by the difference between the effective tax rate of the entities and the applicable statutory tax rates. Self-constructed governance indexwas constructed using corporate governance mechanisms. Firms' value was represented by the Tobin's Q. The data was analysed using panel regression analysis model. As a check, the OLS model was also used.The results indicate a negative relationship between firm value and tax planning activities. Abdul-Wahab (2010) explains the relationship with reference to tax planning cost and risk. The study suggested that tax planning cost and risks associated with tax planning have the potential of derailing the benefits that should have accrued to shareholders. The researcher maintains that as tax planning activities increase, the tax costs and risks outweighs the benefits.Due to the diversity of the relationships found between tax planning and firms' market performance, it is right to develop a null hypothesis as:H1: There is an association between tax planning and firms' market performance.It is unreasonable to suggest that tax planning is the only determinants of firm performance. Baring the existence of multicollinearity between (among) the explanatory variables, sales growth, financial leverage, firm size and age of the firms will be introduced into the regression models. Several studies, including Desai and Hines (2002), Desai and Dharmaphala (2007), Abdul-Wahab (2010) reported positive association between firm performance and sales growth, firm size and financial leverage. It is thus clear to develop the null hypothesis that:H2: Firm performance and sales growth and firm size are positively associated.Firms' age, according to Desai and Dharmapala (2007) and Abdul-Wahab (2010) has a negative association with marketperformance of firms. This gives rise to the third null hypothesis that:H3: Firms age and financial leverage are negatively associated with firms' market performance. 3. Methodology Longitudinal correlative design is adopted for the study. Longitudinal design is essential if the same research entities sampled in a cross section are then re-sampled at different times (Creswell, 2009; De Vaus, 2001). According to the authors, the design helps overcome limitations associated with the "snap shot" approach of cross sectional designs.The study population comprises all non-financial firms listed on the Ghana stock exchange. As of June 2013, twenty-three (23) out of thirty-five (35) firms listed on the Ghana Stock Exchange were non-financial companies. Financial companies are excluded from the population. Previous researchers posit that the financial sector is a highly regulated sector and as such regulations blur the relationship that exist among the variables to be studied (O'Hamon & Taylor, 2007; Desai & Dharmapala, 2009; Abdul-Wahab, 2010).The study uses a panel data for twelve-year period, from 2000 to 2011. Data for the study is collected from the database of the Ghana Stock Exchange. Panel regression model is adopted fordata analysis and the Ordinary least square (OLS) been the method of regression.The regression model is summarized as:(1)α = (alpha) shows the constant affecting net profit margin on corporate tax.Tobin's q (market performance) = (market capitalization ofentity) ÷ (book va lue of shareholders fund).Tax savings = Statutory tax rate -Effective tax rate.Statutory tax rate = flat rate as mandated by the Ghana Revenue Authority.Effective tax rate = Corporate income tax expense/profit before tax.Sgrowth (sales growth) = (Previous Sales revenue -Current sales revenue) ÷Previous sales revenue.Fsize (firm size) = Natural log of firm's total assets.fLev (Financial leverage ) = Long term debt/shareholders fund.Age (Age of firms) = log(the difference between the year of establishment and years of observation).4. Results and DiscussionFigure 1 and Table 1 presents the descriptive statistics for two key variables, namely tax planning of firms and market performance over the twelve year period.Like the statutory rate, tax savings of firms show a decreasing trend. As tax authorities take steps to reduce the tax burden on firms, the leakages in tax revenue due to firms tax planning activities reduce. From figure 1, the statutory tax rate reduced from about 32% to 25%. Tax savings of firms reduced also from 15% to 8% by 2011. That is to say each percentage point decrease in the statutory rate leads to a corresponding decrease in firms' tax planning savings.The policy implication of this finding is two-fold. Firstly, the notion of increasing tax rate in order to rake in more tax revenue may not hold. As tax rates increased, the motivation of firms to deny the state of revenue through intensified tax planning machinery is enhanced. Secondly, as the tax rate is decreased, thenet benefit of planning tax is derailed. The way forward for tax revenue optimisation is to maintain lower tax rates and drag more firms into the tax net.Table 1 provides the market performance of the firms over the twelve year period.The farther the Tobin's Q is from unity, the better the company performance. From Table 1, all the company groups recorded an average score higher than 1.00. The overall average score is 1.78 (the median represents the average as skewness is negative). The high average market performance by the firms is driven by only the mining sector and the manufacturing companies. All the remaining classes of companies recorded lower than the average score.This finding confirms the observation of business persons in Ghana that business climate in Ghana gives unmatched advantage to the mining sector. The service sector records the lowest market performance. This raises a major concern as the sector is the major contributor to gross domestic product (GDP) in Ghana. Another sector to watch out for is the oil and gas. This sector has the most recent history. It was expected that the high hopes of investors in the sector after the discovery of oil in commercial quantities in Ghana would have positive influence on the performance. It is expected that the sector will be one of the major drivers of firms' market performance in the future.Table 2 provides correlation results on the variables. This result is essential for at least two reasons. Firstly, it shows basic association between the dependent variable (market performance) and theindependent variable. Secondly, it shows if the "so-called" independent variables are indeed independent. In other words, ittests the multicollinearity status of the independent variables. From Table 2, the correlation co-efficient between tax savings and Tobin's Q is 0.112. This is however significant at 0.097. This significant level is compared with the default alpha of 0.05. As rule of thumb, we reject the null hypothesis if the actual significant level is higher than the expected alpha and do not reject if the actual significant is less than the expected alpha. In this instance p-value of 0.097 is greater than the expected alpha of 0.05. The null hypothesis that:H1: There is an association between tax planning and firms' market performance is rejected.The correlation results do not suggest causation but gives an indication of association between the variables. The "no relationship" finding between tax planning and firms' market performance supports the reports of Desai and Dharmapala (2007) but differ from the findings of Desai and Hines (2002) and Abdul-Wahab (2010). The findings suggest that although savings from tax planning reflect in higher profit after tax, it does not necessarily reflect in the pocket of shareholders. This finding ignites studies aimed at uncovering factors that mediate the tax planning-firm performance relationship. Indeed, it might be the reasons behind the works of Desai and Dharmapala (2007), Desai and Dharmapala (2009) and Abdul Wahab (2010).Another finding in table 3 is the relationship between market performance (proxied by tobin's Q) and the firm specific variables. Sales growth and firm size shows positive and significant association with firms' market performance. On the other hand financial leverage and age of the firms shows a negative association with firm performance. The findingsWe do not reject the null hypotheses (H2 and H3) stated asH2: Firm performance and sales growth and firm size are positively associatedH3: Firms age and financial leverage are negatively associated with firms' market performance. Further Table 3 gives an indication that multicollinearity among the independent variables does not exist. The rule of thumb is that if the correlation coefficients between any two of the variables is above 0.50 (either positive or negative), those two variables are multi-correlated and should not be simultaneously included in the regression model. From Table 3, this condition does not exist. The variables can be regressed against the dependent variables.Table 3 shows the regression of Tobin's Q (proxy of firms' market performance) and all the independent variables.The adjusted R2 connotes that the five independent variables explain 55.3% of the variations in the dependent variable. The model is significant at 0.0001. This is a strong indicator that the variables used in the model have sufficiently explained the firms' market performance.The regression results found a relationship that is largely consistent with the correlation results shown in table 3. The results affirm that tax planning plays an insignificant role in the determination of firms' market performance. Again this supports the agency theory's argument that it not all actions of management that help achieve the wealth maximisation objective of management. From the results sales growth and the financial leverage are the two most influential variables. Firms should maintain low financial leverage ratio and pursue sales growth strategies in order to boost their market performance.5. ConclusionsThe study sought to ascertain the level of tax planning offirms and to explore the relationship between tax planning and firms' market performance. The study used 22 non-financial companies over a twelve year period from 2000. The longitudinal correlative designed was used. Thefollowing conclusions are reached.Firstly firms' tax savings decrease as tax authorities reduce the statutory corporate income tax rates. This indicates that leakages in tax revenue as a result of intensive tax planning of firms reduce when tax authorities maintain low corporate income tax rates.Secondly, tax planning has a neutral influence on firms' performance. This finding challenges the general perception that every cedi of tax savings from tax planning reflect in the pocket of investors. Agency problem is much present in the issue of tax planning. The efforts of management to reduce tax burden of firms benefit other stakeholders rather than shareholders. There may be other factors that could ensure that substantial benefits of tax planning accrue to shareholders. Some researchers arguably, root for good corporate governance. This falls outside the scope of this study.Finally, sales growth, firm size, age of firms, financial leverage and tax planning simultaneously play a major role in determining firms' market performance. These variables explain 55.3% of the variations in firms' market performance. Sales growth and financial leverage are the two most influential variables that determine firm market performance.References二、文献综述企业纳税筹划文献综述摘要：20 世纪以来并购已经成为企业快速扩张和整合的重要手段之一。

企业增值税纳税筹划外文文献翻译

外文文献翻译:原文+译文文献出处：Phillips J D. The research of corporate V AT planning [J]. The Accounting Review, 2016, 1(3): 40-54.原文The research of corporate V AT planningPhillips J DAbstractEnterprise tax planning is very necessity. But most tax planning of enterprise is so difficult, the manager normally feel do not know how to start it. This is mainly because when doing tax planning personnel breadth and depth of thinking is limited. In fact, in view of the enterprise a certain business, as long as the tax personnel to all business related tax law research understand the relevant rules and regulations are in place, so companies when doing tax planning should be no problem. For example and to increase "camp" the tax planning, the categories of taxes that must be considered including the business tax and value-added tax, the relevant expenses such as urban maintenance and construction tax and educational expenses to add. Of course, the enterprise can not only consider when do tax planning; a business enterprise's business is very broad, so when doing tax planning to overall consideration. Keywords: value-added tax; the individual income tax; Tax rate; Tax planning1 IntroductionEnterprises between the increasingly fierce markets competitions, enterprises want to gain share in the market, a place, you must adapt to the evolution of natural law, has the stronger than other enterprise competitive power, and this kind of competition power depend mainly on market segment and reduce the cost. Undoubtedly tax is an important part in enterprise cost, the main body of enterprise tax include value added tax, income tax, business tax, consumption tax, etc., and occupy the largest proportion of is value added tax, accounting earnings and the realization of the goal of the enterprise plays an important significance. Because different countries have different social and economic development to its policyorientation, so differences exist in different countries and different industries, the tax policy and accounting system for the choice of accounting methods more flexible, which provides a choice of V AT tax conditions and space? The V AT tax planning for enterprise attention, recognition and more and more attention. Tax planning in gradually improve, already have a systematic and market characteristics. And the development of society, market economy unceasing prosperity, has prompted the company constantly innovate oneself production mode, operation concept, management style, etc.For the survival and development to adapt to market competition, enterprises will use every possible method to increase the interest, as far as possible to reduce the amount of unnecessary consumption, so how to reduce the tax burden is the problem that managers must consider carefully. Modern enterprises in pursuit of the enterprise value maximization as the goal development relative to evade taxes and tax risk of higher taxes, so business leaders can choose to reduce the tax, tax planning the implementation of reasonable overall planning can make the company a huge income.2 V AT descriptionsValue-added tax is the enterprise product in the process of production, circulation, and the value added part of the labor service or value added, the additional levy taxes. No matter which country, regardless of its power, as long as it is a value-added tax, to enact specific regulations on value-added tax. Generally divided into three kinds, one is the production, the second is income-producing, and three is a consumer.2.1 Production-type V ATProduction-oriented V AT has relationship with the company's production, it is well known that a mature enterprise need fixed plant, equipment, products used in the production of raw materials, transportation, fuel, fixed assets, product sales and production of profit, the sales revenue minus the production and operation of the balance of the raw materials, fuel and power as prescribed by the state of appreciation, this also is the basis of the production V AT, in principle, value added tax is not to be bought and depreciation of fixed assets, value added tax is a period of time limit, the tax basis by the tax unit labor balance, and used in the production of loss and thebalance of sales revenue, which belongs to the category of value-added tax, fixed assets depreciation is used in the process of transfer value, is also a part of value-added tax levy, which is called double taxation. Based on this, with a large enterprise as an example, the higher its value of fixed assets, to the payment of taxes, the more because of the wear and depreciation is not deducted, in the process of production is also repeat pay; This part of income is almost equivalent to the gross national product, so called the production-oriented V AT, it includes the rent, wages, profits, interest and depreciation of fixed assets, etc.2.2 Consumption-type V ATIn a word, it is not including the current depreciation of fixed assets and net income tax, including the taxpayers' wages, profits, interest, and rent, etc., in terms of a country, relative to the production-oriented V AT is gross national product, net national product. It is deducted for the production of all the value of fixed assets and depreciation forehead, purchased raw materials and labor value of net income, after is the income of the enterprise production and sales, including spending part, such as wages, so called income-producing V AT.2.2 Income-type V ATDue to the use of standard, advanced, has a legal basis, is engaged in the tax accounting practical operation is simple, popular among countries in the world. A category is a one-off deducted for production and operation of the fixed assets value and the value of the purchase raw materials in the tax, that is to say, the taxpayer’s tax products for production and operation, and are not all the outsourcing material to this category. Fixed assets has been imposed production V AT, of course, but the operator is used as a purchase of fixed assets, its tax gold when the purchase has been deducted, relatively, this part of the goods as fixed assets, there would be no tax, as the nature of the V AT collection does not include other production of raw materials, only including the management of all sales of consumer goods. Consumer is a use of special V AT invoices for V AT tax withholding of taxes, occupies a certain advantage, due to its treatment scope strictly enforced, standard, has certain advancement, and are applicable in many countries.3 The characteristics of added-value tax3.1 Wide taxEnterprise engaged in the work of production and sales for the main V AT collection objects, individuals engaged in business also in the collection and processing, such as small restaurants, small articles of daily use operators, etc., are widely applicable to all kinds of ownership enterprises and individuals, embodies the fairness of the tax system.3.2 Indirect taxV AT calculation is not directly to value multiplied by the applicable tax rate to calculate the tax payable, but by buried output tax and tax balance to determine the tax payable. Although V AT is the value-added tax on appreciation forehead that increases the value or goods, but in the actual execution process, due to the added value of goods or services or goods value is a difficult to calculate the data, so the V AT only by way of indirect tax. Indirect tax measures increased the difficulty of the value-added tax calculation and collection management.3.3 Additional taxGoods have to be sold by pricing, V AT tax refers to the outside valence is not including commodity tax on the original price. When selling goods, should will receive all the money was divided into excluding V AT price sales and value added tax, and on the special V AT invoices to the tomb-sweeping day, respectively, in this way, the V AT on revenues, costs and profits will not occur, also need not collect V AT included in the income statement. Although it is important to note that the V AT is outside valence tax, but the sales direction while receiving payment from buyers tend to be merged charge, through a certain calculation formula of a sales tax were decomposed into will not sales tax and value-added tax, and fill in the V AT special invoice respectively, rather than in the place where has to determine the price of the total sales of value-added tax calculated separately again.3.4 Special invoiceV AT is absolute and levy, in order to avoid only partially and the phenomenon of double taxation, must carry on the effective control of each link, implement V AT isunified, special invoices, and according to the stated on the invoice amount to impose a tax deduction method, this is the main method for effective control. Countries introduced related management way, strengthen the management of the special invoice, the rules on the scope of the use of special V AT invoices, the invoice issued the purpose to make clear a regulation, also completed, enterprises have an obligation to give the buyer special invoices for value-added tax, and to do specialized tickets, taxable services shall be paid not, except duty-free goods also. All invoices shall be protected by law. Special invoices for specific use measures enterprises in strict accordance with the provisions of the calculation, on the basis of the in and out of balance of the current period by the enterprise, both reasonable and legitimate, is the duty of the taxpayer. Thus, to strengthen the taxpayer over the use of special V AT invoices highlighted the value-added tax levy management effect.4 The V AT tax planningV AT tax planning is the content of the enterprise according to their own economic activities, on the premise of not illegal, V AT tax matters to the enterprise to seek planning V AT tax minimization of planning and arrangement. It has the following features:4.1The result of V AT tax planningCity building duty and educational expenses to add belongs to attach tax, as the value-added tax falls. But at the same time, if the two tax drops, can lead to enterprise's total profits, so the enterprise income tax will rise. So, the result of the tax planning may be related to some deviation from the ultimate goal of enterprises to reduce tax burden.4.2 V AT special invoices for value-added tax planningInvoice buckle tax law is a common way to calculate the V AT payable taxes, so special invoices for value-added tax management is the key content of value added tax management. Enterprise product sales directly affected by the special invoices for value-added tax, can open will promote the further development of the enterprise; on the other hand, will affect the size of the enterprise. So, V AT tax planning is the need of the development of the enterprise, therefore in the process of V AT tax planning, toconsider the problem of special V AT invoices to the enterprise development prospects.4.3 The planning of the tax burden onKnown to value added tax is a turnover tax, also proves that it is the identity of the indirect tax, from the nature of the object defined, flow from it this is the flow of goods, the circulation tax included in commodity prices, determines the turnover does not open automatically. And tax excluded in price, taxes are independent in accounting book, looks like has nothing to do with the price, but it is also part of the purchase price, income tax is directly understand hang, V AT tax on hidden is indirectly. Because of V AT qualitative, its scope covers almost all walks of life, can say all the goods in the column, but for taxpayers, because taxes will rise in price is not reasonable publicly, will be opposed by the consumers. So, the taxpayer can only secretly push up commodity prices, will tax include in the price, do not attract the attention of consumers, easy will be passed on to the purchaser, tax and consumers don't know, so don't oppose.译文企业增值税纳税筹划研究Phillips J D摘要企业进行纳税筹划是非常有必要性的。

外文文献翻译Tax Planning

Tax PlanningAbstract:This paper highlights the tax planning issues in the context ofbusiness environment in Bangladesh. Given the complexity and the tax law ambiguity prevailing in Bangladesh, this paper encompasses the traditional tax planning devices along with a brief overview of tax planning strategies. The fiscal plans are referred to the related tax law provisions (mentioned in the appendices in a very organized manner), which are expected to be very useful for the existing and potential businessmen.Keywords: Tax compliance, Tax minimization Effective tax planning, Taxstrategy, Tax incentives.1. IntroductionThe term ‘tax planning in business’ consists of three main words: tax, planning, and business. Tax is “a contribution exacted by the state” – Chambers English D ictionary (1992). “The term taxes is confined to compulsory, unrequited payments to general government” – (OECD, 1988: 37; vide Wilkinson, 1992: 2). Planning is “the process of determining in advance the factors necessary to achieve a set of goals; designing an effective means of achieving some future goals (ends)” –Kohler’s Dictionary for Accountants (Cooper and Ijiri, 1984: 383). Business means “the carrying on of trade or commerce, involving the use of capital and having, as a major objective, income derived from sales of goods or services” –Kohler’s Dictionary for Accountants (Cooper and Ijiri, 1984: 78). According to section 2(14) of the Income Tax Ordinance (ITO), 1984, “business” includes any trade, commerce or manufacture, or any adventure or concern in the nature of trade, commerce or manufacture. Thus, ‘tax planning in business’ means dealing with the tax matters of a business entity with a view to maximizing the after-tax rate of return on investments after ensuring voluntary tax compliance. For this purpose, each business entity has to –1. ensure that it keeps proper records;2. deduct tax at source where it is necessary;3. pay advance tax in time, if applicable;4. file returns in time;5. comply with notices received from the tax authorities;6. be aware of legal remedies where it does not have its rights under the law recognized.Tax function activities of a business entity are those activities which are concerned with fiscal issues. These functions are of two types: (1) tax compliance activities, and (2) tax planning activities. Tax compliance activities are those activities which include the functions or obligations according to the provisions of various fiscal statutes. Tax planning activities means dealing with the tax matters of a taxpayer with a view to maximizing the after-tax rate of return on investments after ensuring voluntary tax compliance.2.Forms of business vs. tax payingA business entity may be of three types: sole-proprietorship, partnership firm and company. “Sole-pro prietorship” has not been defined by the Income Tax Ordinance.Under section 2(32) of the ITO, “firm” has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932). Under section 4 of the Partnership Act, 1932, “Partnership” is the re lation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”.Under section 2(20) of the ITO, “company” means a company as defined in the Companies Act, 1913 (VII of 1913) or Companies Act, 1994 (Act No. 18 of 1994) and includes –(a) a body corporate established or constituted by or under any law for the time being in force;(b) any nationalised banking or other financial institution, insurance body and industrial or business enterprise;(bb) an association or combination of persons, called by whatever name, if any of such persons is a company as defined in the Companies Act, 1913 or Companies Act, 1994;(bbb) any association or body incorporated by or under the laws of a country outside Bangladesh; and;(c) any foreign association or body, not incorporated by or under any law, which the National Board of Revenue may, by general or special order, declare to be a company for the purposes of the Income Tax Ordinance.For preferential tax purpose, from assessment year (AY) 2002-2003 [vide the Finance Act 2002 to the Finance Act 2006] companies are classified into following groups:(1) Company being bank, insurance or financial institution;(2) Other companies:(a) Company not publicly traded; and(b) Publicly traded company.From AY 2002-2003, as per the Explanation given in the relevant Schedule for income tax rates in the Finance Act, “publicly traded company” means a company which fulfills the following conditions:(a) The company is registered in Bangladesh under the Companies Act 1913 or 1994;(b) The company is enlisted with the Stock Exchange before the end of the concerned income year in which income tax assessment will be made.Taxpayer’s Status: Under the Income Tax Ordinance, 1984, a taxpayer has two types of status: personal status and residential status. A sole-proprietorship has no separate tax paying identity and individual owner running the sole-proprietorship will have “Individual” status of the owner and not of the business entity, but both partnership firm and company have distinct personal status –“Firm” and “Company” respectively. Residential status may be resident [defined u/s 2(55), ITO] or non-resident [defined u/s 2(42), ITO]. Under section 17, resident assessee (taxpayer) has to pay income tax on total global income including foreign income, but non-resident taxpayer has to pay income tax only on his total domestic (Bangladeshi) income as determined u/s 18 (income deemed to accrue or arise in Bangladesh). Under section 2(55), an individual is to be a resident if his period of stay in Bangladesh is at least 182 days in the concerned income year, or at least 90 days in the concerned income year, and at least 365 days in the preceding 4 income years. A partnership firm is considered as resident, if the control and management of its affairs situated wholly or partly in Bangladesh in the concerned income year. A company will be a resident, if control and management of its affairs situated wholly in Bangladesh in the concerned income year. Otherwise, a taxpayer will be treated as non-resident [u/s 2(42)].Levels of Taxation: Question regarding whether the entity itself and/or the owner(s) of the entity is(are) taxable is explained on the basis of two concepts: pass-through entity (or flow-through entity) and non-pass-through entity:• Pass-Through Entity: This entity is not taxable itself. The income of the entity will pass through the owners and is taxable after its accumulation with the owner’s other income. Sole-proprietorship is a pass-through entity. The owner of the entity is taxable for the entire income of the business entity (whether withdrawn or not) along with his/her other income.• Non-Pass-Through Entities: This entity is taxable itself. The income of the entity may be distributed to the owners and is usually again taxable in the hands of owners after its accumulation with his/her other income. Partnership firm and company are non-pass-through entities.A partnership firm is taxable for its income in first instance as a non-pass-through entity. The partners of the firm shall include the share of total income of the firm in the income year [to be computed u/s 43(3)] and butto avoid double taxation, the share of income will be treated as tax-free income subject to “tax rebate at average tax rate (ATR)” if the fi rm has already paid tax on its income. But where any tax payable by any partner of a firm in respect of his share of income cannot be recovered from him, then DCT (Deputy Commissioner of Taxes) shall collect it from the firm . In case of discontinued business of a firm or if the firm is dissolved, the partners are jointly and severally liable to pay due tax, if any.A company is taxable for its total income always as a non-pass-through entity. The shareholders of the company are taxable for the income of the entity, only if distributed to them as dividend, which is subject to a source-tax. At the time of sale/transfer of shares, the shareholder may require to pay tax on capital gain arising from the sale or transfer. Thus, shareholder-level of tax(ts) usually includes tax on dividend distributed and tax on capital gain on sale/transfer of shares. However, capital gain on transfer of shares of a company established under the Companies Act 1994 is subject to a reduced rate of 10% [S.R.O. No. 220-Ain/Aykar/2004 dated 13.07.2004], but the capital gain on transfer of stocks and shares of public companies listed with a stock exchange in Bangladesh is fully exempted.In case of a non-pass-through entity, there is at least double-level taxation. First, a tax is paid by the entity and then a second tax is paid by the owners of the entity (partners of a firm or shareholders of company). In case of firm which has duly paid its tax, double taxation is avoided by considering the share of firm’s income as tax-free and allowing a tax rebate thereon to the partners. But in case of a company, the company has to pay tax on its income at 30%, 40% or 45% and then the individual shareholders have to pay source-tax at 10%, which will be treated as advance income tax (AIT) and then considering the marginal tax rate of the concerned shareholders, tax rate on dividend may be up to 25% for high-income taxpayers. In case of a company investing in shares of another company, there will be triple taxation. The company of which shares have been purchased has to pay first-level tax on its income at 30%, 40% or 45%. Then the investing company has to pay second-level tax on distributed dividend at 15% and when it will distribute its income as dividend, its individual shareholder has to pay third-level tax (source-tax and possible extra tax).3.Tax evasion,tax avoidance,and tax planningTax reduction strategies are often tainted with legality. Income tax statutes have provisions for charging tax on “any income, profits or gains, from whatever source derived” u/s 2(34)(a) and hence, according to the spirit of this provision, legality of the source may not be questioned if tax is duly paid. Suffice it to say, in the Income Tax Ordinance, there are several sectionswhere investment out of undisclosed income can be legalized by paying tax at a stipulated rate not always on the invested amount and the tax rate is often very low [e.g., specific tax rate at Taka 300 or Taka 500 or Taka 200 per square meter for investment in house property u/s 19B, 7.5% of the deed value in case of investment u/s 19BB, and 10% or 15% of the purchase value in case of investment in motor vehicle]. Income by way of winnings from “card games and other games of any sort or from gambling or betting” referred to in section 19(13) is subject to source-tax of 20% (u/s 55) and this tax deducted at source is a “final discharge of tax liability” u/s 82C(4). However, given these moral issues, while dealing with any sort of strategy regarding tax, we must be aware about the distinctions among tax evasion, tax avoidance and tax planning.3.1Tax EvasionTax evasion has the objective of reduction of tax illegally. Sometimes, it is referred to as ‘tax cheating” through acts of commission or omission. Deceit, concealment, and/or misrepresentation are common elements in most illegal tax plans (Sommerfeld et al., 1980: 28/1). As stated by Webley et al. (1991: 2-3), “Noncompliance is a more neutral term than evasion since it does not assume that an inaccurate tax return is necessarily the result of an intention to defraud the authorities and it recognizes that inaccuracy may actually result in overpayment of taxes. … In evading tax one is knowingly breaking the law. This has social and psychological consequences such as stigma and guilt and involves confronting different costs since there is a risk of being caught and fined or sent to prison.”According to Lakhotia and Lakhotia (1998: 9), “The expression ‘Tax evasion’ means illegally hiding income or concealing the particulars of income or concealing the particular source or sources of income or in manipulating the accounts so as to inflate the expenditure and other outgoings with a view to illegally reduce the burden of taxation. Hence, tax evasion is illegal and unethical.”3.2Tax AvoidanceTax avoidance and tax evasion usually both have same objective of reduction of tax, but tax avoidance encompasses only legal means of achieving the objective.Justice Jagadisan J. has mentioned in the verdict of Aruna Group of Estate v. State of Madras (1965) case, “Avoidance of tax is not tax evasion and it carries no ignominy with it, for, it is sound law and, certainly, not bad morality, for anybody to so arrange his affairs as to reduce the brunt of taxation to a minimum.” (Palkhivala and Palkhivala 1976: 46).Avoidance involves ‘every attempt by legal means to prevent or reduce tax liability which would otherwise be incurred, by taking advantage of someprovision or lack of provision in the law … it presupposes the existence of alternatives, one of which would result in less tax than the other’ (Report of the Royal Commission of Taxation 1966: 538; vide Webley et al. 1991: 2).Tax avoidance “is the art of dodging taxes without breaking the law. ……tax avoidance means of traveling within the framework of the law or acting as per the language of the law only in form, but murdering the very spirit of the law and thus acting against the intention of the law and defeating the purpose of the particular legal enactment” (Lakhotia and Lakhotia 1998: 10).Perhaps the most celebrated statement made in defense of tax avoidance came from the pen of Judge Learned Hand. In a dissenting opinion, in Commissioner v. Newman case, he once said: Over and over again courts have said that there is nothing sinister i n so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor, and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.[Commissioner v. Newman, 159 F.2d 848 (CA-2,1947), vide Scholes et al., 2002: 5].税务筹划摘要：本文强调在营商环境在孟加拉国的背景下的税收筹划问题。

浅析新时期个人所得税纳税筹划外文资料及翻译(可编辑)

浅析新时期个人所得税纳税筹划外文资料及翻译Superficial analysis of the design of new ear personal income taxBy Jody BlazekAbstractWith China's economic development, personal income increased dramatically, followed by personal income tax burden will increase significantly. Personal income tax planning it caused widespread concern. So the premise of how the tax law, through planning, reduce the tax burden, the article introduced in detail the significance of personal income tax planning and the necessity, personal income tax planning major tax-related items.Keywords: Individual income tax; tax planning; significance; necessity; major tax-related itemsWith the economy growing, gradually raise the living standards of our people, the sources and forms of personal income are becoming increasingly diverse, more and more people become personal income taxpayers. Accordingly, revenue from personal income tax in the proportion also showed a rising trend year by year, to maintain the vitalinterests of the perspective of reducing the tax burden, personal income tax planning more and more taxpayers are highly valued. So how to make the taxpayers under the premise of not against the law, reduce the tax burden as much as possible, to gain imum benefit has become an important research content, the personal income tax planning has become increasingly important.The significance of personal income tax planning and the necessity Many taxpayers from the past secretly or unconsciously adopt various methods to reduce their tax burden, development of active tax planning through to reduce the tax burden. However, in some tax planning ideas and knowledge are often opportunistic together. At the same time some people puzzled: "Tax Planning in the premise is not illegal, but the plan itself is not a violation of the spirit of national legislation and tax policy-oriented it? Desirable tax planning it?" In this context, the correct income tax guide taxpayers on tax planning and tax of the economic development of the more important practical significance, great deal of research necessary.1. Personal income tax planning is conducive to long-term development units.2. Helps to reduce the unit's tax expenditures.3. Helps to reduce the individual's own tax evasion, tax evasion and other illegal acts occur, and enhance tax awareness and realizationof tax honesty.Third, personal income tax planning for tax-related itemsPlanning ideas. First of all, develop a reasonable tax avoidance scheme. Is through the study of the current tax law, income of individuals expected in the near future to make the revenue arrangements, through the time and amount of income, payment, and reaches purpose of reducing the amount of nominal income, thus reducing tax level to reduce the tax burden or exempt taxes. Second, take reasonable tax avoidance strategy. Personal income tax planning can be reasonable to consider the following aspects: improving the level of employee benefits and reduce the nominal income; equilibrium level of wage income each month; can deduct the cost of seizing all opportunities and make full use; use of tax incentives.2. The main tax-related project planning application.1 wage and salary income planning. Progressive tax rates from the nine tables can be seen over, because of the wage and salary income is taken over nine progressive tax rate, so the higher the income, the higher the tax rate applicable to the tax burden heavier. In the periphery of each level, the income may be only a difference of a dollar, but the personal income tax borne by the tax burden will be very different. However, by taking some of the legitimate means of planning, can avoid such an unfair place. There are many specific methods, are:Equilibrium income method. Personal income tax with progressiverates usually, if the taxpayer's taxable income the more, the highest marginal tax rate applicable to the higher, so the average taxpayer's income tax rate and effective tax rate may increase. Therefore, the total income of the taxpayer a period of time given the circumstances, its contribution to the income of each tax period should be balanced, not ups and downs, in order to avoid increasing the tax burden of taxpayers. For example: a staff of 1,500 yuan monthly salary, the company usually taken to the payment of wages, end of year performance-based management approach to implement the pay award. Assuming that the end of the year employees 12 month and get a bonus of 6,000 yuan, then the employee's personal income tax to be paid throughout the year as [1500 +6000 - 2000] × 20% - 375 725 dollars. If the company will be 500 yuan per month by year-end awards along with the payment of wages, the wages of employees for 2000 yuan a month, the annual income for tax purposes.Use of employee benefits planning. Tax payable Taxable income × Applicable tax rate - quick deduction. In the file under the conditions of constant tax rates, reducing their income by way of making their use a lower tax rate, while the tax base is also smaller. Approach is feasible and units agreed to change their payment method of wages and salaries, which some of the units to provide the necessary benefits, such enterprises to provide shelter, it is reasonable tax personal income tax effective way. Enterprises can also provide holiday travel allowance,provide staff welfare facilities, free lunches, etc., to offset their wage and salary income.Cost difference between using the standard deduction. Tax law, deduct the cost of wage and salary income amounted to 2,000 yuan, labor income from more than 4,000 yuan a single 20% of the costs incurred. In some cases, the wage and salary income and income from remuneration for separately, and in some cases the wages and salaries combined with the services will save the tax return, and thus its tax planning to have some possibilities.Cases, Lee February 2006 A company from wages and salaries of 1,000 yuan, the unit wage is too low, the same month in the B Lee to find a part-time company achieved income of 5,000 yuan. If Li and B company does not have fixed employment relationship, in accordance with tax law, wage and salary income and income from remuneration for personal income tax should be calculated separately. A company has made from the wages, salaries did not exceed the deduction limit, do not pay taxes. Obtained from the B company taxable amount of remuneration: 5000 × 1 - 20% × 20% 800 yuan, the Wang in February were 800 individual income tax to be paid; if Mr. Lee and the existence of a fixed B Company the employment relationship, the two should be combined by income wage and salary income to pay personal income tax: 5000 +1000- 2000 × 15% - 125 475 million.Clearly, in this case, the use of wage and salary income tax payablecalculated is wise, therefore, Lee B should be signed with a fixed employment contract, will the income from B Company to the way wages and salaries paid to Lee.2 income from remuneration planning. On income from remuneration of a 20% rate applies, but for the case of a one-time implementation of high income plus collection, in effect amounts to three levels of progressive rates. Income from remuneration has its own characteristics, the following for its characteristics, the analysis of tax planning. Number of planning law. With different wage and salary income, income from remuneration for taxation is based on the number of the standard, rather than months, so the number of times to determine the income tax paid, which is critical to planning for the labor income tax return as a factor when the first considerationRemuneration is based on the standard number of times, deducted a fee each time, so that within one month, the number of labor remuneration paid more the more deductible expenses, the tax should be paid less. So when the taxpayers in the provision of services, reasonable arrangements for tax time, the number of monthly remuneration received, you can deduct legal fees many times, reducing the amount of taxable income each month to avoid the higher tax rates apply, so that their net increased.For example: a public listed company of an expert advisory services, according to the contract, each of the listed company of the expertadvisory fees paid 60,000 yuan. If a tax declaration by a person if their taxable income as follows:One-time reporting taxable income 6-6 × 20% 4.8 million Tax payable 4.8 × 20% × 1 +50% 1.44 millionIf it is 3 times per month, every 2 million tax returns, the amount of tax payable as follows:Payable monthly reporting 2 - 2 * 20% 1.6 millionTax payable 1.6 × 20% 0.32 millionMonthly tax payable 0.32 * 3 0.94 millionWhen comparing the two tax saving 1.44-0.94 0.5 millionCosts offset method. That by reducing the nominal income from remuneration in the form of planning, will cost the taxpayers should be replaced by the owners, to achieve the reduction in nominal labor compensation purposes. Wage and salary income conversion method. Through the wage and salary income into income from remuneration, pay personal income tax by labor income, is more conducive to reducing tax expenditures.Example: Mr. Song is a senior engineer, May 2008 to obtain a company income of 63,700 yuan of wages. Song and the company if the existence of a stable employment relationship, according wage and salary income tax, the tax payable 63700-2000 × 35% -6375 15220 yuan. If the Song and the company a stable employment relationship does not exist, this income istaxed according to perjury.Amount of tax payable 63700 × 1-20% × 40% -7000 13384 yuan. If he can save taxes 1,836 yuan.Summary:As China's economic development, the personal income tax impact on our lives will become increasingly large, and its position will become increasingly important. Making tax planning, each taxpayer must be the extent permitted by laws and regulations reasonably expected taxable income, which is the basic premise. On the basis of protection of interests of the taxpayers through the tax planning to imize personal income tax for the improvement and popularity, with significant practical significance.浅析新时期个人所得税纳税筹划By Jody Blazek摘要随着中国经济的发展,个人收入也急剧增加,随之而来的个人所得税负担也就明显加重。

企业增值税纳税筹划外文文献翻译最新

企业增值税纳税筹划外文文献翻译最新This article discusses the importance of value-added tax (VAT) XXX is a tax on the value added to a product or service at each stage of n and n。

ns pliance.The first step in XXX includes identifying the VAT rates。

ns。

XXX。

It is also XXX.Once the VAT rules are understood。

ns XXX and report VAT。

as well as training XXX.XXX。

This can include taking advantage of VAT ns and ced rates。

as well as optimizing the timing of VAT payments and refunds.Overall。

XXX their financial performance。

It requires a thorough understanding of the VAT rules and ns。

as well as a XXX.译文本文讨论了对于公司而言，增值税规划的重要性。

增值税是对于每个生产和分销阶段所增加的产品或服务价值的税收。

公司可以通过增值税规划来最小化其税务责任，并避免违规行为的罚款。

增值税规划的第一步是了解公司运营所在国家的增值税规则和法规。

这包括确定增值税率、免税和门槛。

同样重要的是确定增值税注册要求和截止日期。

一旦了解了增值税规则，公司可以制定增值税合规策略。

这包括实施系统和程序来准确计算和报告增值税，以及培训员工以确保合规性。

增值税规划还涉及识别增值税节省的机会。

这可以包括利用增值税免税和减税，以及优化增值税支付和退款的时机。

税收筹划分析英文外文

Tax planning refers to the extent permitted by laws and regulations, through business, investment, financial activities and arrangements in advance planning to minimize tax costs, to maximize the tax benefits of an economic act. The expectation of any taxpayer to reduce tax burden because they often require a minimum of input, maximum output, in order to achieve the goal of maximizing enterprise value, which is the demand for tax planning motives and economic base. In recent years, people have come to understand that although the importance of tax planning, but often as a result of tax planning provisions in the tax laws of the edge of the operation, and the state’s tax policy, tax laws and regulations and changing risk estimates of tax planning not enough, resulting in a tax were economic, such as a waste of time, more harm than good, and they even find stolen, the abyss of tax fraud. Therefore, the risk of all times.For enterprises, the only fully aware of the existence of tax planning risks and understand their motives have, in accordance with the current tax law, combined with their own conditions, with the preferential policies the state fully in order to make effective tax planning measures, The ultimate goal to reduce corporate tax burden, improving economic efficiency.。

企业税收筹划外文翻译

外文文献翻译2011 届译文一：企业税收筹划的有效性：基于对报酬的激励作用（上）译文二：企业税收筹划的有效性：基于对报酬的激励作用（下）学生姓名周伟学号07062136院系经济与管理学院专业会计指导教师许庆高完成日期2010年12月2日Corporate Tax-Planning Effectiveness: The Role of Compensation-BasedIncentives (Ⅰ)John D. Phillips University of ConnecticutABSTRACTThis study investigates whether compensating chief executive officers and business-unit managers using after-tax accounting-based performance measures leads to lower effective tax rates, the empirical surrogate used for tax-planning effectiveness. Utilizing proprietary compensation data obtained in a survey of corporate executives, the relation between effective tax rates and after-tax performance measures is modeled and estimated using a two-step approach that corrects for the endogeneity bias associated with firms' decisions to compensate managers on a pre- versus after-tax basis. The results are consistent with the hypothesis that compensating business-unit managers, but not chief executive officers, on an after-tax basis leads to lower effective tax rates.KEYWORDS tax planning; performance measures; endogenous treatment effects.I. INTRODUCTIONEffective tax planning, defined by Scholes et al. (2002) as tax planning that maximizes the firm's expected discounted after-tax cash flows, requires managers to consider their decisions' after-tax consequences. In this paper, I investigate whether after-tax accounting-based performance measures lead to lower effective tax rates (ETR), my empirical surrogate for tax planning effectiveness.1 The ETR, an income-statement-based outcome measure calculated as the ratio of total income tax expense to pre-tax income, generally measures the effectiveness of tax reduction strategies that lead to higher after-tax income. A lower ETR, however, can only proxyfor tax savings and does not always imply that after-tax income and/or cash flows have been maximized.2 Despite this limitation, the ETR has been used to measure the effectiveness of spending on the tax function (Mills et al. 1998) and corporate tax department performance (Douglas et al. 1996). Also, lowering the ETR is frequently cited as a way to increase earnings (e.g., Ziegler 1997) and increase share price (e.g., Mintz 1999; Swenson 1999).Accounting research has addressed the relation between accounting-based compensation and managers' actions (e.g., Larcker 1983; Healy 1985; Wallace 1997). This paper is the first to address whether after-tax accounting-based performance measures motivate managers to take actions that help lower their firms' ETR and does so at both the chief executive officer (CEO) and business-unit (SBU) manager levels. Prior after-tax performance measure research has focused only on the determinants of compensation CEOs using pre- versus after-tax earnings (e.g., Newman 1989; Carnes and Guffey 2000; Atwood et al. 1998; Dhaliwal et al. 2000) and provides no evidence concerning after-tax compensation's effectiveness in lowering a firm's tax liability. Extending this investigation to the SBU level is motivated out of the apparent conflict between arguments that taxes should be allocated to SBU for incentive compensation purposes (e.g., McLemore 1997) with empirical observations that a majority of firms do not do so (e.g., Douglas et al. 1996).4 The current investigation provides evidence concerning the incremental effectiveness of explicitly motivating CEOs and SBU managers to incorporate tax consequences into their operating and investment decisions.A common issue in cross-sectional studies that attempt to link a particular management accounting choice to an outcome measure is that all sample firms may be optimizing with respect to the choice being investigated (Ittner and Larcker 2001). Without addressing the endogeneity of a firm's choice, it is difficult to provide evidence consistent with this choice leading to an improved outcome. To address this issue, the relation between ETR and CEO and SBU-manager after-tax performance measures is estimated using a two-step approach that helps correct for the potential endogeneity bias associated with these two choice variables. As a first step in implementing this approach, the Antle and Demski (1988) controllability principle is used to model a firm's decisions to adopt after-tax CEO and SBU-manager performance measures. To include a particular measure in a manager's compensation contract, this principle requires that the expected benefits from holding a manager responsible for a measure must be greaterthan the additional wage that must be paid to compensate the manager for the resulting additional risk and effort. Accordingly, an after- tax performance measure should be used as a contracting variable in a manager's incentive compensation contract only if the manager's involvement in tax-planning efforts leads to a difference between pre-tax and after-tax accounting results, which is generally reflected in the ETR. Consistent with prior research, the pre- versus after-tax CEO and SBU-manager selection models include variables that control for a firm's tax-planning opportunities because the presence of such opportunities reflect the extent to which a manager's actions can be expected to lower the ETR.Even if a manager's efforts are expected to lead to a lower ETR, a firm will use an after-tax performance measure only if the expected benefits exceed the expected costs of doing so. An after-tax performance measure is expected to lead to a lower ETR because it motivates the manager's increased cooperation with tax professionals to help identify, develop, and execute tax-planning strategies. McLemore (1997, 1) cites Hewlett Packard's tax director to support the need for SBU-manager involvement in tax-planning efforts:Tax planning is only as good as being involved in the early stages of such things as business planning, strategic planning, and merger and acquisition work....Your tax department has to be represented at the table when those decisions are made. The evolving model for the future is the tight integration of tax people with business unit planning.Costs associated with using after-tax performance measures include the additional wage that must be paid to compensate the manager for the increased risk due to potential tax law changes and the increased effort that results from including income tax expense in the compensation contract. Other potential costs associated with after-tax compensation include the administrative cost of allocating tax expense to a firm's SBU, increased tax examination costs, and increased tax authority scrutiny. Contrary to measuring after-tax compensation's benefits via observed ETR, there are no clear empirical surrogates for after-tax performance measures' costs. This study thus focuses on the realized benefits of compensating managers on an after-tax basis but does not provide evidence of the associated costs' magnitude.Proprietary data obtained in a survey of corporate executives are used to construct certain test variables, including those indicating whether CEOs and SBUmanagers are compensated using after-tax accounting-based performance measures. Publicly available data are used to construct ETR and other test variables. The results are consistent with the hypothesis that compensating SBU managers, but not CEOs, on an after-tax basis leads to lower ETR, resulting in an estimated median tax savings of $13.3 million annually. Sensitivity tests performed on a subsample of firms with high simulated MTR (Graham 1996) provide further evidence that low-MTR firms' potential ETR-lowering actions that could have ambiguous effects on cash flows and after-tax profits are not driving this result. Further sensitivity tests help rule out the proportion of tax function outsourcing as an alternative explanation for the statistically and economically significant negative relation between after- tax SBU-manager compensation and ETR.The results contribute to the accounting-based compensation literature by linking after- tax accounting-based performance measures to SBU-manager involvement that is incrementally effective in lowering firms' ETR. Consistent with Guidry et al. (1999) who document bonus-induced earnings management at the SBU level, this finding provides additional insight into the effect that SBU-manager accounting-based incentives have on managers' actions. Also, the estimated explicit tax savings resulting from after-tax performance measures provide corporate decision makers with information relevant to the design of SBU-manager incentive compensation plans.The paper proceeds as follows. The next section sets forth the hypotheses tested in this study. Section III outlines the empirical models and estimation procedures used in testing these hypotheses. Section IV provides a discussion of the data and sample, including a brief overview of the survey used to obtain proprietary compensation data. Results are presented in Section V. The final section provides the conclusion and a discussion of the study's limitations.II. HYPOTHESIS DEVELOPMENTNewman (1989), Cares and Guffey (2000), and Atwood et al. (1998) investigate firms' choices of after-tax earnings as the contracting variable in CEO bonus plans. These studies hypothesize that firms with greater tax-planning opportunities, consistent with the Antle and Demski (1988) controllability principle, are more likely to use after-tax performance measures. Using proxies for tax-planning opportunities, thesestudies collectively find that multinational status, number of operating segments, firm size, and capital intensity are positively associated with after-tax CEO compensation. Atwood et al. (1998) also presents evidence that leverage is negatively associated with this choice.企业税收筹划的有效性：基于对报酬的激励作用（上）约翰D·菲利普斯康涅狄格大学摘要本研究探讨首席执行官是否修正主管和业务部门经理利用税后会计为基础的绩效措施，导致较低的实际税率，以报酬激励用于税收筹划的有效性。

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Planning forever tax savings●Learn how to keep your tax bill at the legal minimum…and keep it there!By Mark E.BattersbyNow is the best time to think about reducing the ornamental and miscellaneous metal operation’s tax bill even lower than the point the economy may have driven it to.And,of course,aim to keep that tax bill at its legal minimum for many year to come.While many of us rely on the advice and help provided by tax professionals or utilize software programs to ensure a low tax bill,the real goal should be a low tax bill for not just this tax year but year-after-year.The best guarantee of consistently low tax bill,this year,next year,and so-on down the road is,of course,tax planning.Tax planning is easy:the more tax deductions taken,the lower the fabricating operations taxable income will be----at least for this tax year.Of course,ignoring potential tax deductions this year might mean significant savings in later years when profits----and tax bills---are higher.Either way,in order for deductions to count,the time to make the moves necessary for those low tax bills is before the end of the tax year.Tax Planning BasicsWhen thinking about any type of tax planning,every metal fabricator should keep in mind that although the IRS may occasionally disagree,the courts strongly back every taxpayer’s right to choose the course of action that will result in the lowest legal tax liability.Thus,as the end of the tax year quickly approaches,every fabricator faces several different options as to how to complete certain taxable transactions.Out tax system has graduated rates that increase along with the income of the metal fabrication business at various tax rates.Thus,one strategy for saving taxes means reducing the tax bracket of the fabricating operation.Getting the most from the temporary 15-percent tax rate for dividends,means finding another way to reduce corporate level income----and taxes?Obviously,neither an ornamental metal fabricating business nor any business owner can literally reduce their federal income tax rate.They can however,take actions that will have a similar effect.For example:●Choosing the optimal from of organization for the business(such as soleproprietorship,partnership,corporation or S Corporation).Although not ayear-end tax planning strategy,this option deserves attention in the overall taxplanning process especially in light of the current,and temporary,15 percenttax rate on dividends paid by incorporated metalworking businesses.●Structuring transactions so that payments received are capitalgains.Long-term capital gains earned by non-corporate taxpayers are subjectto lower tax rates than other income.●Shifting income from a high-tax bracket individual(such as you,the businessowner),to a lower-bracket individual(such as your child).One fairly,simpleway to accomplish this is by hiring your children.Another possibility is tomake one or more children partners in the business,so that net profits areshared among a larger group.While the tax laws limit the usefulness of this srtategy for shifting “unearned”income to children under the age of 14,some opportunities to lower tax rates still do exist.Remember,however,the time to think about those strategies is during the course of the tax year.Consistently ConsistentAlthough the goal is usually to reduce taxes this year,to be really effective the tax bracket should be consistent year-after-year.If income is up this year but expected to be down next year,for instance,an ornamental metal business might want to postpone asset sales or other unusual transactions until next year when the additional profits may not be as likely to put the operation into a higher tax bracket.Or,conversely if income and profits are down this year,disposing of unneeded equipment or business assets via a profitable sale just might generate extra income,income taxed at the operation’s current low tax rates.Depending on the circumstances,a number of legitimate strategies a metal fabricating business can employ before year’s end will help them remain in the same bracket this year,next year,and for many year thereafter.Those basic year-end savings strategies include:●Delaying Collections:A cash basis metal fabricating operation can delayyear-end billings until late enough in the year so payments will not come inuntil the following year.●Accelerate Payments:Wherever possible, prepay deductible businessexpenses,including rent,interest,taxes,insurance,etc.Also,keep in mind thatthe tax rules limit tax deductions for some prepaid expenses.●Accelerate Large Purchases:Close the purchase of depreciable personalproperty or real estate within the current year.●Accelerate Operating Expenses:If possible,accelerate the purchase ofsupplies or services or the making of repairs.●Accelerate Depreciation:Elect to expense or immediately write-off the costof new equipment instead of depreciating it.Remember,the new Section 179tax rules now permit every metal fabricator to deduct,as an expense,up to$250,000 in expenditures for new equipment.Naturally,what a particular business can do depends a great deal on the accounting method used by the operation.A cash basis metal fabricating operation,for example,deducts expenses as paid and receipts become income when received----or made available.An accrual-basis business realizes income when billed and expenses when incurred----regardless of when income is actually,received,or when payment is made.This year’s law changesThe American Recovery and Reinvestment Act (ARRA) earlier this yearextended a number of expiring provisions and created a few more that will affect the year-end planning process.For example:●First-year 50% bonus depreciaton:ARRA extended the 50% bonus first-yeardepreciation allowance available for 2008 for 2009.●Increased Section 179 expensing:During 2009,ornamental metal businessescan choose to expenses and immediately deduct up to $250,000 of the cost ofqualifying property and equipment.The $250,000 maximum expensingamount is reduced if the cost of all Section 179 property placed in service in2009 exceeds $800,000.●S corporation built-in gains holding period.For tax years beginning in either2009 or 2010,ARRA eliminates the corporate level tax on the built-in gainsof an S corporation that converted from regular‘C’corporation status atleast seven tax years before the current tax year.Going,going,goneMaking year-end planning more urgent than usual,a number of provisions in our tax law expire in 2009.Among the expiring provisions are:●The tax credit for research and experimentation expenses.●Increased alternative minimum tax (AMT) exemption amounts.●15-year straight-line cost recovery for qualified leasehold improvements,qualifiedrestaurant buildings and improvements,and qualified retail improvements.●Additional first-year depreciation for 50% of basis of qualified property.●Increase in expensing to $250,000/$800,000.●Expensing of “Brownfield’s”environmental remediation costs.●Empowerment zone tax incentives.●Tax incentives for investment in the District of Columbia.●Renewal community tax incentives.●The FUTA surtax of 0.2 percent.●Sixty-five percent subsidy for payment of COBRA health care coveragecontinuation premiums.●Reduced estimated tax payments for small businesses.●Use of single-employer defined benefit plan’s prior year adjusted fundingtarget attainment percentage to determine application of limitation on benefitaccruals.Tax tail should not wag the dogThere is a great deal of pressure in many metal fabricating businesses to continue cutting costs,including taxes.This coincides with increased scrutiny of tax returns on many levels of government.Identifying opportunities for tax deductions without running afoul of cash-strapped,state and local tax authorities should play a role in the planning process.On a similar note,the financial or operational strengths of a business transaction should always stand on their own,aside from any tax benefits derived from them.There is also the question of whether a tax deduction should be taken or iflegally,feasible,ignored.An excellent illustration of the flexibility of our tax rules are those governing bonuses.A metal fabricating business operating on the accrual basis has the opportunity to fix the amount of employees’ bonus payments before January 1 --- but to pay them early next year.Generally,the bonuses are not taxable to employees until 2010,but are deductible on the operation’s 2009 tax return –so long as announced before the end of 2009,and paid before March 16,2010.On the other hand,while few businesses are in a position to pay employee bonuses,an ornamental and miscellaneous metalbusiness may benefit by delaying income until next year.Remember,however,there is constructive receipt when income is made available to the fabricating business.Tax planning all the timeAlthough tax planning should be a year-round process,a number of year-end strategies can reduce not only this year’s tax bill,but future tax bills as well.The owners and managers of every metal fabrication business should also be taking additional steps to ensure the success of the operation in 2010.Whether or not the metalworking operation is facing a large tax bill or severely lower taxable income,professional advice is almost a necessity.There should however,be no uncertainty regarding the need for planning to minimize taxes this year as well as in future tax years.For your informationThe goal:You should always strive to keep your tax bill at the absolute minimum.The key is good tax planning,and looking at what decision work best in the long-run.For instance,sometimes it’s better to ignore a potential tax deduction one year to save more in a later year when tax bills are higher.Optimize your company:Do you have the best structure for your company,such as a partnership,proprietorship,or S corporation?Other tips:Have you structured transactions so that payments received are capital gains?Can you shift income from a high-tax bracket individual,such as yourself,to a lower-bracket individual,such as a child?One way to accomplish this is to hire your children or make them a partner in the business, which allows the next profits to be shared among a larger group.While the tax laws limit the shifting “unearned”income to children under age of 14,some opportunities do exist.永久节税筹划■学会怎样在合法范围内将税额减少到最低并一直保持下去现在是考虑降低金属饰品和五金经营税额的最好时机，因为那甚至可以比自然经济趋势下所能达到的税额更低。