As far as the financing process is concerned, it involves financing channels, financing methods and financing structure. How to choose the best financing mode, financing channel and financing structure on the basis of reducing financing cost must be carried out within the legal scope in combination with the relevant provisions in the tax law, and then tax planning is needed.
As far as the investment process is concerned, the tax amount is a discount to the investment income of enterprises, and the tax policies based on different investment fields, methods and periods are quite different. Based on this, tax planning becomes necessary.
As far as business processes are concerned, the production, supply and sales of enterprises are all related to tax factors and also inseparable from planning.
As far as the process of income distribution is concerned, the way of distribution and the arrangement of making up for losses are directly restricted by the tax law, and must be planned within the scope permitted by the tax law.
Tax planning and financial management are not only integrated, but also interactive.
This interaction is mainly manifested in two aspects: first, through tax planning, the financial management level of enterprises can be improved; Second, good financial management of enterprises provides great convenience for enterprise tax planning.
Because of the integration and interaction between tax planning and enterprise financial system, it is impossible to discuss the goal of tax planning without considering the goal of enterprise financial management.
From the perspective of the evolution of financial management objectives, it has gone through the stages of financing and profit maximization, and has now moved towards the stage of enterprise value maximization.
The so-called enterprise value maximization is to maximize the total value of the enterprise through reasonable financial management, adopting the optimal financial policy, fully considering the time value of funds and the relationship between risk and reward, and ensuring the long-term stable development of the enterprise.
Under the condition that the goal of enterprise financial management is to maximize enterprise value, the goal of tax planning should undoubtedly be to maximize enterprise value. Otherwise, the inconsistency between the two objectives will inevitably lead to the disorderly operation of the enterprise financial system.
The leading goal of tax planning: maximizing enterprise value defines the goal of tax planning, that is, maximizing enterprise value. Then we can analyze the internal relations between various viewpoints of tax planning objectives.
From the calculation principle of enterprise value, enterprise value is the discounted value of enterprise's future cash flow. It can be seen that there are two main factors that affect the value of an enterprise: first, the future cash flow of the enterprise; The second is the discount rate used in the discount process. Based on these two factors, we can introduce three methods to improve enterprise value: increasing future cash flow, advancing future cash flow and reducing discount rate.
Increasing future cash flow can directly increase the discounted value of future cash flow, that is, enterprise value; Advance the future cash flow, although it can't increase the total cash flow, but because it changes the distribution of cash flow, the early cash flow increases and the later cash flow decreases, it will undoubtedly increase the discounted value of future cash flow, that is, the enterprise value; Reducing the discount rate in enterprise value calculation is to improve enterprise value under the condition that other conditions remain unchanged.
The above three ways to enhance enterprise value are reflected in tax planning, as follows: First, directly reduce tax burden.
Reducing the tax burden directly means reducing the tax payable. Taxpayers' pursuit of direct tax reduction is the initial motivation of tax planning.
Paying taxes will reduce the cash flow of enterprises, and reducing the tax expenditure of enterprises through tax planning will undoubtedly directly increase the cash flow of enterprises, thus increasing the value of enterprises.
Taking enterprise income tax as an example, the current enterprise income tax rate is divided into three grades: the taxable income is below 30 thousand yuan, and the tax rate is18%; The taxable income is between 30,000 yuan and 654.38+10,000 yuan, and the tax rate is 27%; The taxable income is more than 654.38 million yuan, and the tax rate is 33%. Suppose that the taxable income of an enterprise calculated according to 65438+February 30th is exactly 100 100 yuan. If tax planning is not carried out, the taxable amount of the enterprise is = 100 100 × 33%. If the enterprise has made tax planning and paid 65,438+000 yuan for tax consultation on February 20 10, the taxable income of the enterprise is 65,438+000,000 yuan, and the taxable amount is 65,438+000,000× 27.
Through comparison, we can find that through tax planning, the expenses paid are only 100 yuan, but the tax savings are 33033~27000=6033 yuan. Undoubtedly, through tax planning, the cash flow of the enterprise in that year increased by 5933 yuan.
Second, the time value of obtaining funds.
The time value of capital refers to the appreciation of capital over time.
If you have 100 yuan in cash now, you can get 1 10 yuan one year later at the interest rate of 10%. The difference between 1 10 yuan one year later and 100 yuan now is the time value of funds.
In the case that the tax payable cannot be directly reduced, through tax planning, the taxable income in the current period should be reduced as much as possible and the tax payable in the current period should be delayed, so as to change the distribution of tax payable in each year, advance the cash flow of enterprises and improve the value of enterprises.
If the taxable income of the enterprise is 6,543,800 yuan, which is directly included in the taxable income of the current period, the income tax of 330,000 yuan shall be paid at the income tax rate of 33%. If the income is evenly distributed to the next five years through tax planning, the annual taxable income will be 200,000 yuan, and only 66,000 yuan (20×33%) of income tax will be paid each year.
Although the total tax payment of this business remains unchanged, the present value of tax payment in five years is only 278,000 yuan according to the annual interest rate of 6%, saving 52,000 yuan relatively, that is, increasing the enterprise value by 52,000 yuan.
There are many planning methods to realize deferred tax payment. Taking the choice of depreciation method as an example, there are two depreciation methods: straight-line depreciation method and accelerated depreciation method. Under the condition of proportional tax payment, if the accelerated depreciation method can be adopted, more depreciation can be extracted in the initial year, thus realizing the purpose of deferred tax payment.
In fact, the method of deferred tax payment can not only advance the cash flow and improve the enterprise value, but also increase the cash flow, thus improving the enterprise value. Because the enterprise obtains an interest-free fund from the government through deferred tax payment, the enterprise can also obtain certain income through the operation of this fund, thus increasing the cash flow and enterprise value of the enterprise.
Third, realize tax-related zero risk.
Tax-related zero risk means that taxpayers have clear accounts, correct tax returns, pay taxes in full and on time, and there will be no tax punishment, that is, there is no tax risk or the risk can be ignored.
The benefits of tax-related zero risk to enterprises are mainly reflected in two aspects: First, unnecessary economic losses can be avoided.
Although this kind of planning will not directly benefit taxpayers in paying taxes, it is actually equivalent to obtaining certain economic benefits, because taxpayers can make their own corporate accounts clear and pay taxes correctly after operating the necessary planning, which will not lead to economic punishment by tax authorities. If taxpayers fail to make the necessary planning arrangements, there may be unclear accounts and false tax payment, which may easily be identified as tax evasion by tax authorities.
The determination of tax evasion will not only bring certain economic losses (plus late fees) to taxpayers, but also be considered as a crime if the circumstances are serious, and the main person in charge will be subject to criminal punishment.
Second, unnecessary reputation loss can be avoided.
Once a taxpayer is identified as tax evasion or even a crime by the tax authorities, the taxpayer's reputation will suffer serious losses.
With the rapid development of commodity economy, people's brand awareness is getting stronger and stronger. A good brand means good economic benefits and social status. The better the brand of the enterprise, the easier it is for the products to be accepted by consumers, and the better the income of the enterprise.
Of course, sometimes the taxpayer's accounts are unclear or the tax payment is incorrect, which may be caused by the taxpayer's ignorance or insufficient understanding of the tax law. But in any case, it will lead to the loss of taxpayers' reputation.
In addition, the identification of tax evasion may also lead to stricter inspection by tax authorities, stricter tax declaration conditions and procedures, thus increasing taxpayers' declaration time and economic costs, so it is extremely important to achieve tax-related zero risk.
The impact of tax-related risks on enterprise value is reflected by the discount rate. If the tax-related risk of the enterprise is very low, the discount rate is relatively low, so as to improve the enterprise value under the condition of other conditions unchanged; If the tax-related risk of an enterprise is high, the discount rate will be relatively high, thus lowering the value of the enterprise under the condition that other conditions remain unchanged.
At this point, the goal of enterprise tax planning has been clarified. Although people have put forward various tax planning objectives, there are certain internal relations between them. Among them, the maximization of enterprise value is the leading goal, which can be called the leading goal, and other goals are in an auxiliary position, which can be called the auxiliary goal.
The realization of the leading goal needs the cooperation of all the auxiliary goals, but there are both consistency and differences between the auxiliary goals and the leading goals.
When other factors remain unchanged, pursuing an auxiliary goal will help to achieve the leading goal, but if other factors are changed in the process of pursuing the auxiliary goal, the realization of the auxiliary goal may not necessarily lead to the realization of the leading goal.
For example, in the process of tax planning, we pursue the direct reduction of tax burden. When other factors remain unchanged, it will increase the value of the enterprise, but if directly reducing the tax burden increases the tax-related risk of the enterprise, it will lead to an increase in the discount rate. In this case, the direct reduction of tax burden does not necessarily lead to the increase of enterprise value.
Therefore, in the process of tax planning, we should not only consider the realization of auxiliary objectives, but also consider the influence of auxiliary objectives on leading objectives, and take the realization of leading objectives as the basis for tax planning scheme selection.