纳税筹划文献综述及外文文献资料
《纳税人筹划研究的文献综述2100字》
纳税人筹划研究的国内外文献综述1.1 国外研究现状纳税人的筹划最早可能诞生于西方较发达国家。
19世纪中期,这一专业领域的税务专家首次主要出现在意大利,为中国企业和其他个人客户提供企业税务管理咨询服务。
这种企业税务政策咨询服务就是把企业纳税服务筹划和外来咨询作为其主要的服务内容,这样也便是原始传统意义上的企业纳税服务筹划。
Scott Rick(2022)笔者认为,也正是美国美国联邦企业所得税的高度复杂性,使得为提高企业会员提供纳税相关性的一系列企业纳税政策筹划咨询服务得以发展到成为一种专门的税务职业,且大多数的创业公司都已经聘请了一批具有丰富相关纳税专业知识的资深税务会计专家,研究相关税法对创业公司日常生产以及经营的直接影响,从而发现采取一定的减税措施可以减少企业税款的超额缴纳。
除一些税务咨询专家外,还有一些税务中介机构,比如说好像执业律师事务所、会计师助理事务所、审计师助理事务所等,他们提供的服务中纳税筹划占据很大的比重[3]。
Mario Morger(2022)通过系统性地梳理与分析归纳了跨国纳税公司每年纳税财务筹划的具体内容,其中所述的具体的公司纳税财务筹划管理技术对跨国纳税公司实际经营管理影响颇深。
markatkinson和mrdavidtywell(2023)从税收转让筹划定价的理论角度,对我国税收转让筹划问题进行深入研究。
对企业转移资产定价的基本理论、方法、具体操作性和技能以及定价相关实际问题案例进行了深入的理论阐述和案例分析。
Malhotra (2021)通过对国外企业购销业务的研究,认为税收筹划是企业经营活动成败的关键。
salvadorbarrios等(2020)税收探寻问题讨论国内和国际东道国的相关税收政策对亚洲地区经济选择和决策制定的重要影响。
manxiayuan(2021)本文解释了实行税收合理经济筹划在以后经济发展的巨大重要性,对实行税收合理筹划的主要原因后果进行重点强调。
企业纳税筹划文献综述
企业纳税筹划文献综述纳税筹划，有时也被称为税收筹划或税务筹划。
在19世纪中期的意大利就己经出现了纳税筹划。
但是，纳税筹划是在20世纪30年代得到社会上的关注和法律上的认可。
在1935年，英国上议院议员汤姆林爵士(Tom Lin Sir)在“税务局长诉温斯特大公一案”中声明:“任何个人都有合法行使纳税筹划的权利，依据法律这样做可以少缴纳税款。
为了确保可以从这些行为中得到利益，不能强迫他人多缴纳税款。
”Tom Lin Sir的观点最终赢得了法律界的认可，这也是第一次对纳税筹划做出了法律上的认可，在此之后，这一税收的审判原则也经常会被其它欧洲的国家所引用。
在20世纪50年代，纳税筹划真正形成了一套较为完整的理论和实务体系:其标志是1959年在欧洲成立的由包括英国、法国、比利时等20多个欧洲国家从事税务咨询业务的专业人士和团体组合而成的税务联合会，其明确提出了税务专家是以税务咨询为中心而展开的税务服务，并且从事于那些现代意义上的税务代理活动。
随之以纳税筹划为核心的研究也开始逐渐深化，相关的研究书刊和文章也如雨后春笋般不断的涌现。
有关与中小企业纳税筹划的研究也在这样的背景下逐渐开始发展起来的。
通过借鉴国外中小企业纳税筹划的研究，本文认为其对中国的中小企业纳税筹划的研究有很强的指导和借鉴意义。
迈伦·斯科维尔在其编著的《Tax and enterprise strategic planning methods》（纳税与企业战略筹划方法）中提出了如何有效进行纳税筹划的理论，并对其进行了深入的分析，他认为有效的纳税筹划会在实现利益最大化的决策过程中要考虑到纳税的作用。
当社会交易成本较为昂贵时，实施税负最小化的策略，有可能会因为非税因素导致成本大量的增加，使得有效纳税筹划同税负最小化相偏离。
另外，书中还提到由于每个组织的形式、规模、产权结构及管理水平存在差异，开展纳税筹划的具体方法也是不同的，具体情况具体分析。
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。
企业并购中的纳税筹划文献综述
企业并购中的纳税筹划文献综述企业并购中的纳税筹划文献综述【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。
为了探究企业并购的纳税筹划，国内外学者从不同角度做了大量的研究，本文对国内外有关企业并购中的纳税筹划重要文献进行了总结和梳理，并指出了并购中的纳税筹划现有研究的局限性和进一步值得研究的领域。
【关键词】并购纳税筹划文献综述一、国外研究现状1、税收对企业并购影响的相关理论莫迪利亚尼和米勒（1958）（Miller M.H.和Modigliani F）提出的MM 定理早期观点认为在没有所得税的情况下公司价值与企业资本结构没有关系，不会因为债权资本增加而增加，1963年加入了企业所得税因素后发现：由于企业的负债利息可以免税，负债增加，企业的加权平均成本就会降低，因此负债会因利息的抵税作用而增加企业价值，对投资者来说也意味着更多的可分配经营收入。
诺贝尔经济学奖得主之一迈伦?斯科尔斯（Myron Samuel Scholes）（1976）等人提出了“显性税收”和“隐性税收”，并研究了“税后收益最大化”与“税收套利”问题。
艾克堡（Eckbo）（1983）提出了税收对并购的一些具体作用，税制中尤其是所得税是激励公司并购的主要因素，并购更加突出了税盾效应，税法中的企业资产价值重估增值使折旧增加、亏损递延等都能使企业合理避税，人们会调整交易方式，尽可能减少税负。
Shrieves和Pashley（1984）认为企业在控制了规模与产业的影响后，财务杠杆比率显著增加，并购后公司的举债能力大于并购前的负债能力之和，使公司税盾效应增加。
斯莫劳克、贝蒂和梅耶德（Beatty Smirlock和Majd）（1986）认为，并购中降低税负同时影响税收动机，有些并购活动如转移税负、延长纳税时间等可能是考虑了税收最小化的影响。
迈伦?斯科尔斯与马克?沃尔夫森认为，美国在1986年《税收改革法案》颁布之前，企业在并购交易中可以利用目标企业净亏损结转和折旧挡板效应实现节税，1986年新法案取消了税收并购中的激励措施，潜在税收利益也就随之消失。
企业税收筹划外文翻译文献
企业税收筹划外文翻译文献企业税收筹划外文翻译文献(文档含中英文对照即英文原文和中文翻译)Corporate Tax-Planning Effectiveness: The Role of Compensation-BasedIncentives (Ⅰ)John D. Phillips University of ConnecticutABSTRACTThis study investigates whether compensating chief executive officers andbusiness-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 proxy for 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 greater than 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 expectedcosts 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 SBU managers 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, these studies 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。
企业纳税筹划外文文献翻译
文献出处：MUCAI G P, KINYA G S, NOOR A I, et al. Tax Planning and Financial Performance of Small Scale Enterprises in Kenya[J].2014：3：1236-1243.原文Tax Planning and Financial Performance of Small Scale Enterprises in KenyaMUCAI G P, KINYA G S, NOOR A IAbstractIn order to ensure the efficiency and effectiveness of activities, reliability and compliance with applicable laws, small scale enterprises need to have adequate tax controls. The study sought to find out the extent to which expenditure on capital assets in tax planning, to determine how tax planning by Capital Structure influence performance of small enterprises, find out how tax planning through Advertisement expenditure influence performance of small enterprises and to assess how tax planning through Legal Forms of enterprise influence performance of small enterprises in Embu CBD. The study had a total population of one hundred and forty nine respondents and a sample of 30 percent was drawn from each stratum. The data was then presented in form of Percentages and Tables. The study found the influence of tax planning by capital structure, tax planning in investment, capital asset planning through advertisement expenditure and found that the Legal Forms of small enterprises in Embu CBD has no significant relationship. The study recommends that small scale enterprises should be ready to seek advice on tax planning. Further to this, the study recommends that there is need to have NGOs to sensitize the respondents as to the need to do formal tax planning as it could increase their Business profitability. Key Words: Tax Avoidance, Tax Evasion, Tax Planning, Capital Structure.IntroductionThe concept of taxation has been a concern of global significance as it affects every economy irrespective of national differences (Oboh et al., 2012). Within thecontext of Africa, tax, a concept as old as mankind can be described as an amount, effort, contribution or service rendered either in kind (goat, cow, farm produce, clearing of grass etc.) or monetary value contributed into a common purse for the running of the society. According to Omotoso (2001), in his definition of the modern taxes, defined tax as a compulsory charge imposed by a public authority on the income of individuals and companies as stipulated by the government decrees, acts or case laws irrespective of the exact amount of services rendered to the payer in return. Thus, taxes constitute the principal source of government revenue and the beauty of any government is for its citizen to voluntarily execute their tax obligations without much coercion and harassment (Adedeji and Oboh, 2012).Tax evasion and fiscal corruption have been a general and persistent problem throughout history with serious economic consequences, not only in transition economies, but also in countries with developed tax systems (Raza, 2011). In general, tax evasion and corruption can have ambiguous effects on Economic growth: tax evasion increases the amount of resources accumulated by entrepreneurs, but it also reduces the amount of public services supplied by the government, thus leading to negative Consequences for economic growth (Roy and Raffaella, 2011). Previous studies highlight reports of declining effective tax rates and a rising proportion of firms that report little or no tax liability. To date, the maintained assumption in much of the literature is that aggressive tax behavior, rather than economic trends, is the driving factor behind this decline (Desai and Dharmapala 2009).The Kenya Revenue Authority (K.R.A) is the tax collection agency of Kenya. It was formed July 1, 1995 to enhance tax collection on behalf of the Government of Kenya. It collects a number of taxes and duties, including: value added tax, income tax and customs. Since KRA's inception, revenue collection has increased dramatically, enabling the government to provide much needed services to its citizenry like free primary education and Health Services to all. Over 90% of annual national budget funding comes from local taxes collected by the KRA (GOK, 2010).It is however important to establish whether the observed increased revenue collection effectiveness has resulted from aggressive tax management by Kenya Revenue Authority (KRA) or whether it is, in part, due to increased use of the new economy business model. This is important because the sources of tax avoidance have distinct policy implications. The policy response to tax avoidance arising from aggressive tax schemes and investments in tax planning is likely to be very different from the response to tax avoidance stemming from a shift in many firms' organizational, operating, and financing attributes, which enable them to exploit their operating flexibility to naturally align with tax incentives that generate tax savings (Drucker 2006).The decreasing trend in effective tax rates may not be solely due to aggressive tax management but Rather, firms' modifications to their business models resulting from changing economic trends potentially enabling them to reduce tax burdens without additional investments in tax planning (Blouin, and Larcker 2011). Performance of Small EnterprisesDifferent approaches are used for performance evaluation in which goal approach, time frame approach, balanced scorecard , system approach, and ineffectiveness approach are included (Jean-Francois, 2004). In stakeholder approach, centre of attention is the ability of a business to meet the needs and expectations of its stakeholders (Daft, 1995).Competing values approach expands the range of other approaches.By using competing values approach, four other models are developed in which rational goal; internal process, open system and human relations are included (Quinn and Rohrbaugh, 1983). Performance of an organization can be evaluated by focusing on problems and retarding factors that inhibit the performance of organizations (Camaron, 1984). Out of the above mentioned approaches, goal approach is the superlative approach to evaluate the performance due to its straightforwardness (Pfeffer and Salancik 1978). Most trendy approach of performance evaluation ofSME's is balanced scorecard approach. Balanced scorecard has four dimensions in which financial growth, quality, customers and learning growth is built-in (Kaplan and Norton, 1992).Balance scorecard actually focuses on maintaining symmetry between monetary and non monetary measures (Neely et al. 1996).Book-tax differences, on average, are systematically related to earnings growth, future stock returns, and earnings persistence (Hanlon, 2005) and among other implications, book-tax differences are useful measures in evaluating firm performance. Consistent with these studies, Shevlin (2002) and Hanlon, Laplante, and Shevlin (2005) find that while book income explains a firm's annual stock returns better than estimated taxable income, estimated taxable income, on average, has incremental explanatory power for book income. However , there is little evidence regarding taxable income as an alternative performance measure and, in particular, cross-sectional differences in firms that mitigates or enhances the ability of taxable income to inform investors regarding firm performance (Lev and Nissim, 2004).Some SME's compare their performance with that of other SME's. They evaluate their performance by means of comparative analysis. Performance can also be evaluated by means of ineffectiveness approach. In ineffectiveness approach, focus is on the factors that hampers the feat of organizations. Therefore this study seeks to investigate the extent to which Tax Planning influences Financial Performance of Small Enterprises in Embu town CBDTax PlanningThe implementation situation of SME income tax planning is distorted tax planning, that is to say, on the one hand, more and more SME pay tax in accordance with the law, and on the other hand, because of the role of the interest mechanism and other various reasons, more and more SME tax-related cases appear (Karing and Wanjala, 2005). According to the survey, the vast majorities SME have not yet started or are considering carrying out tax planning, which can not fight for the legitimate tax interests and ruin financial interests leading to a large number of emerging additionaltax burden (Fjeldstad and Rakne, 2003). In addition, SME tax planning is treated unreasonable. Due to the limitations of the concept, SME tax planning activities often encounter misunderstanding, punishment and censor from some basic taxation law enforcement agencies (Karing and Wanjala, 2005).Tax law is said to be barely connected with the universe and with universal law as we understand it. However, tax law is founded not only on principles but also on practicality. There is no element of perpetuity about tax law, only the constant clash of the immediate and semi permanent (Kibua and Nziok, 2004). A State cannot run a democracy well without taxation and a taxation system cannot be run well without democracy. Oliver Wendell Holmes has said on one occasion, "Taxes are what we pay for civilized society" (Neely et al. 1996).Statement of the ProblemTax reform today has been moving towards considering new legislation, such as whole new taxes or reliefs, rather than patching of existing taxes by either increasing or decreasing the amount of taxation. This breaks down into the fact that there are ongoing considerations of widening the tax base. Kenya is no exception to this and there are ongoing considerations into taxing the informal or "jua kali' sector including the taxation of the "mitumba', the second hand clothing industry as well as the taxation of all informal tax payers of small amounts.A question that appears to generate surprisingly little debate in Kenya is the scope for legally mitigating taxes payable by individuals and corporate entities. Tax planning is bound to gain increasing significance with the ever greater aggressiveness and sophistication of the Kenya Revenue Authority and other tax collecting bodies. The trend of increased aggressiveness and sophistication in tools and methods is occurring against a backdrop of a public policy of domestic sources being the primary sources of revenues for budgetary purposes. This results in governmental pressure on tax collecting agencies to improve their revenue collection performance. The result of this trend is the more stringent enforcement of taxation laws. The past and presentpractice by many of outright evasion is, and likely will continue to be, fraught with risk.Examining the relation between the new economy business model, tax avoidance and investments in tax planning is important as previous Studies in the tax avoidance literature generally examine how specific firm attributes are related to tax avoidance independently, rather than investigating how firms' overall business models facilitate or hinder effective tax planning (Frank, Lynch, and Rego 2009). Hanlon and Heitzman (2010) argue that despite the much literature, these do not explain the variation in tax avoidance very well. Therefore due to this and such seemingly inexorable trends, the question of tax mitigation by legitimate avoidance naturally occurs. This study intends to find out the influence of small Enterprises tax planning within the current legal environment so as so minimize their tax burden. ConclusionDue to the corruption levels, low business growth, and management of public finances in the economy, where there is a great extent of corruption, has a related to a high level of tax evasion and the study concluded that there was no relationship between tax planning in investment in capital asset and performance of small enterprises in Embu CBD. The study concludes no significant relationship. The study concludes also that no significant relationship exists between tax planning through advertisement expenditure and performance of small enterprises in Embu CBD and also concluded there was no significant relationship the Legal Forms of enterprise tax planning and performance of small enterprises in Embu CBD. RecommendationsThe tax authorities should address the lack of formal tax planning as this may be a way of evading taxation in the name of tax avoidance. The small scale enterprises should also be ready to open up to advice on tax planning to make savings lather than playing a hide and seek game with tax authorities. Further to this, the study recommends that there is need to have NGOs to sensitize the respondents as to theneed to do formal tax planning as it could increase their Business profitability Implications on Policy Theory and PracticeThis study though confined to investigate the influence of tax planning on financial performance of small scale enterprises has established that little tax planning take place among the small enterprises and therefore tax Authorities and the chamber of commerce should write a position paper to address the awareness and use of tax planning by small scale enterprises. This would improve the growth rate of the small enterprises and there after the growth of the economy.译文肯尼亚小规模企业的纳税筹划与财务业绩保罗，萨洛姆，努尔摘要为了确保活动的效率和有效性，适用性法律的可靠性与遵从性，小规模企业需要有足够的税收管制。
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企业税收筹划中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)1、Enterprises of the major means of tax planningTax planning is the premise of strict enforcement of tax laws to minimize tax, customs tax called. 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 thefund-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 businessafter 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 tohigh-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 runnon-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 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 taxableincome 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, manyvalue-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, althoughsmall-scale VAT taxpayers pay 20,000 yuan, but the input tax amount of 119,000 yuan (70 × 17%), although it can not offset the costs, thereby increasing the cost of 119,000 yuan, the income tax reduction of 2.975 million (11.9 × 25%), than pay a 20,000 yuan of value-added tax. Therefore, the business tax planning in the selection of programs, not only to look in a certain period of time watching the program on tax less, and to consider business development goals, to choose to increase their overall revenue program.Seventh, take full advantage of preferential taxation policies. For taxpayers, the use of tax incentives for tax planning focuses on how the rational use of tax policies and regulations shall apply to the lower or more favorable tax rates, a well-planned production and operation activities, the actual tax burden to a minimum in order to achieve Festival tax effect. For example, according to China's Law of the State Council for approval of high-tech industrial development zone of the high-tech enterprises, since the production from the fiscal year income tax exemption for 2 years. To-business use of wastewater, waste gas, waste residue and other waste as themain raw materials for production, 5 years in the income tax reduction or exemption. In addition, to support agriculture and the development of UNESCO Wei investment, countries have different tax incentives. Business operators should refer to policy, comparing the investment environment, investment income, investment risks and other factors, decided to invest in the region, investment direction, as well as investment projects, a reasonable tax planning, in order to reduce the corporate tax burden.企业税收筹划的主要途径纳税筹划是在严格执行税法前提下，尽量减少缴税，习惯称其为节税。
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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 by the 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 and shareholders (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. The avenues 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 perceivedthin 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 positive association 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 and firm 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 index was 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 market performance 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. MethodologyLongitudinal 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 of entity) ÷ (book value 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, the net 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, it tests 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 of firms 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。