企业税收筹划外文翻译文献

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。

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。

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ns XXX and report VAT。

as well as training XXX.XXX。

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

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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。

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。

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。

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.。

企业所得税税收筹划研究外文翻译文献(文档含中英文对照即英文原文和中文翻译)Study on the Tax Planning of Enterprise Income TaxHongceng Cao & Xiaohui XuCollege of Economics, Shenyang UniversityShenyang 110044, ChinaGuojie AoDepartment of Accounting and Financial Affairs, Shenyang UniversityShenyang 110044, ChinaAbstractThe enterprise income tax occupies is very important status in the tax paying of enterprise, and it has large space of tax planning. Under the background that the new enterprise income tax law was issued, we discussed the problem how to use tax planning to reduce the tax burden of enterprise and realize the maximization of the total profit for the enterprise. In this article, we studied the tax financing in the stage of enterprise financing from the selection of financing mode and the confirmation of financing channel, and put forward that the enterprise should select the liability financing mode to the largest extent in the critical risk range of equity structure. We studied the tax planning in the stage of investment of enterprise from three aspects including correctly selecting theinvestment direc tion, confirming proper enterprise organization form and selecting tax saving investment subject. We studied the tax planning from two aspects such as income and charge deduction. We studied the tax planning in the distribution stage of enterprise management result from first utilizing taxable income to compensate the loss, the loss recovering sequence of domestic investment profit return and the profit distribution strategy in the low tax region. For above aspects, we all put forward our own new theoretical opinions.Keywords: Enterprise income tax, Tax planning, Tax preferenceComparing with the old enterprise income law, the new enterprise income law changed in many aspects such as the taxpayer, the pre-tax deduction, and the tax preference, which put forward new task for the tax planning of the enterprise income tax. Under the background of new enterprise income tax, we will discuss the tax planning in the main stages such as the enterprise financing, investment, management and distribution.1. Tax planning in the stage of enterprise financingThe tax planning of the income tax in the stage of enterprise financing mainly includes the contents about the financing mode and the financing channel.1.1 Tax planning of financing modeThe financing modes of enterprise mainly include the equity financing and liability financing, and two different financing modes will produce different tax results. Generally speaking, under the fixed tax rate level, the liability financing can produce the interest rigid cost which can be reported before tax. When the account profit is adjusted as the taxable income, the tax law allows that the interest expenditure induced by the liability can be deducted before tax in the same interest rate regulated by the Bank in the same period, which equals that the state finance assumes a quarter of interest cost fro the enterprise. The equity financing is the flexi ble cost of bonus stock which can be reported after tax. The mode that the enterprise provides bonus stock and dividend to the investors is only one item of the distraction of post-tax profit (net profit), and it must be distributed after tax. The tax saving difference between two financing modes is very obvious. In the equity structure of enterprise, the proportion of the liability equity is higher, and the saving effectof the tax cost is more significant. So under the prem ise that the rate of or return on inv estment is higher than the liability cost rate, enhancing the proportion of liability financing will bring extra economic benefits for the owner of the enterprise, and finally increase the value of the enterprise. But we should also pay attention to that will increase the financial risk of the enterprise, and excessive liability will even induce the ab normality of the enterprise equity structure, and the liability crisis will make the financial status of the enterprise fall into collapse. Therefore, before the enterprise makes the tax planning of financing mode, it must ensure that the equity structure is in the critical risk range.1.2 Tax planning of enterprise financing channelThe financing channels of enterprise mainly include bank loan, self-accumulation of enterprise, inter-enterprise lending interior collection of en terprise, bond or stock issuance and commercial credit. Under usual situation, the sequence of the tax burden from heavy to light is self-accumulation of enterprise, bank loan, inter-enterprise lending and interio collection of enterprise. The prin ciple of tax planning of financing channel is that under the premise that the equity structure is to select the channel with higher profit and lower harm in the critical risk range, through comparing the advantages and disadvantages of various financing channels.2. Tax planning in the investment stage of enterpriseFor the tax planning in the investment stage of enterprise, we mainly consider three aspects, i.e. the selection of investment direction, the selection of enterprise organization form and the selection ofinvestment mode.2.1 Selecting correct investment directionThe new enterprise income tax established the new tax preference which gave priority to the industrial preference assisted by the regional preference, giving attention to the social advancement . Investors should select the investmen industry to reduce the tax burden according to the regulations about the national industrial policies and tax preference and response the industrial policy gui dance of the government. First, because the industrial select possesses strategicmeanings for the development trend of the enterprise, so when the investors make the decision of industrial investment they should scientifically demonstrate the investment and carefully make the decision, and they should consider not only their own industrial advantages, but also national industrial support policies, industrial tax preference policies, and make the rare resources of the enterprise to the green sunrise industries such as the agriculture, scientific technology environment protection and energy saving. Second, the enterprise income tax regulated regional preference for Chinese western regions, minority regions and special economic zones, and the enterp rise should study out multiple selectable investment programs in possible investment regions, and it should not only compare the cost incomes of various regional investment programs, but compare the tax levels of various programs, and make the comprehensive evaluation for the comprehensive benefits of variou s regional investment programs, which can not only reduce the tax burden, but find the regional investment program with maximum economic benefit.2.2 Selecting proper enterprise organization formThe tax planning of enterprise organization form should mainly consider four parts including establishment, expansion, division and merger. First, we will study the tax planning when the enterprise is established and select the organization form. According to the organization form, the enterprise types include individual proprietorship enterprise, partnership enterprise and limited corporation which can be divided into limited liability company and joint stock limited partnership, and because the tax system regulates different tax burden levels for the enterprises with different organization forms, so the establishment costs and advantages of different organization forms are different, and the tax is one of factors we should consider when we select the organization form of the enterprise. Especially when the organization form of the enterprise has large influence to the production and management, the tax will be the important factor which we should consider, and investors can select the organization form of the ent erprise to reduce the tax burden for the enterprise. Second, we will research the tax planning when the enterprise is expanded and needs to select the organization form. Enterprise always actualizes the scale expansion by increasing branches, but the tax policies for the branches with different forms in the tax law are obviously different, so enterprise should select the organization form of the branch. For the filiale and the subsidiary company, they respectively have their advantages and disadvantages for the tax, so the loss of the branch can counteract the gain of the parent company and reduce the total taxable income of the company. The subsidiary company and the parent company are regarded as two entities in the law, but the subsidiary company can obtain various tax preference policies regulated by the laws or local government. So the enterprise should comprehen sively consider the profit ability of the branch when it selects the form of the branch, and it should adopt the form of filiale when the branch is in the loss period, and adopt the form of subsidiary company when the branch is in the profit period. Third, we will study the tax planning in the division and merger of the enterprise. According to the regulations of the enterprise income law, enterprises should pay the income tax by 25%, but it also regulates that the small-sized profit-mak ing enterprise can pay the income tax by 20%, so the middle and small-sized enterprise can adopt the division measure to separate the branch from th e enterprise to reduce the taxable income and the tax burden. Theenterprise income tax regulates that the profitable enterprise a nnexes unprofitable enterprise, it can use the accumulated loss of the unprofitable enterprise to counteract the profit of the profitab le enterprise and reduce the taxable income and the tax burden. Therefore, in the merger of enterprises, the profitable enterprise can reduce the enterprise income tax by annexing unprofitable enterprises.2.3 Selecting the investment subject of tax savingAccording to different forms of investment subject, the investment of enterprise can be divided into monetary investment, tangible investment and im material investment. The monetary investment doesn’t increase the tax burden of investors, but it w ill influence the cash flux and payment ability of the enterprise. Different tax regulations aim at different tangible investment types, for example, fo r the estate investment, investors need not pay relative sales tax (if investor belongs to the real estate enterprise, the land value increment tax needs not be paid temporarily), and the depreciation of the estate can be deducted before tax to reduce the tax base of the en terprise income tax. For the sock-in-trade investment, the tax law will regard it as the sales goods and increase the tax bases of the value increment tax and the enterprise income tax, and the enterprise need pay the increment tax and the enterprise income tax. The immaterial investment can deduct the withholding income tax for the enterprise, and realize the deduction before tax through amortization year by year, which can reduce the tax base of the enterprise income tax. So when the enterprise selects the investment subject, it can select the tangible investment and immaterial investment which are better than the monetary investment from the view of the invested enterprise. Certainly, for the view of investing enterprise, it will assume more tax burdens such as the enterprise income tax, the increment tax and the consump tion tax when it selects the tangible investment and immaterial investment, so the investing enterprise should comprehensively consider the tax burdens of two parties to select the proper investment form.3. Tax planning in the production and management stage of enterpriseThe tax base of the enterprise income tax is the taxable income amount which equals to that an enterprise’s total income amount of each tax year deducts the tax-free incomes, tax-exempt incomes, each deduction items as well as the permitted remedies for losses of the previous years. And the income items, tax-free incomes and tax-exempt incomes and each deduction items are all generated in the production and management of the enterprise. So the tax planning of the enterprise income tax in the production and management can be implemented from two items such as the income items and the deduction items.3.1 Tax planning of incomeThe total income amount of the enterprise in the present term is decided by the sales amount of the product, the unit sales price of the product and the selected sales mode of the product, so the tax planning of the enterprise income tax about the income mainly includes the scale of production and sale, the sales price and the sales mode. First, for the planning of production and sale scale, under the premise of certain sale unit price, the income scale of the enterprise is decided by the sales amount. The scale of production and sale belongs to the item independently controlled by the enterprise, and the scale of production and sale will influence the tax burden of the enterprise which will influence the scale of production and sale in the same way. Therefore, when the enterprise confirms the scale of production and sale, it must consider the tax burden at term. According to the en terprise’s self management ability, the enterprise should find the critical point of profit and loss, and seek the scale of production and sale with maximum profits. Second, for the planning of sales price, under the premise of certain production and sale amount, the income scale of the enterprise is decided by the price level which is also the item independently controlled by the enterprise. The enterprise should consider many factors such as the cost level, the market de mand and thecompetition strategy, and the tax burden level is the important factor which should be considered by the enterprise, and the confirmation of the sales price can not only include the pre-tax income and income tax of the enterprise, but will directly influence the increment tax and other relative taxes. In the tax planning of income, we should take the sales price as the factor we should mainly considered. Third, for the planning of sales mode, in the sales proce ss of the product, the enterp rise possesses the independent selection right to the sales mode, and different sales mode always apply in different tax policies, i.e. the treatment difference of tax exists in this aspect, which offers the possibility to utilize different sales mode to plan the income tax. In a word, under the premise disobeying the tax law, the enterprise should compress the income scale which has exceeded the critical point of the tax rate from the sales scale and the sales price, and make the enterprise obtain the preference policies of low tax rate. For the selection of sales mode, the enterprise should delay the implementation of the income and the tax obligation to the best, which will not only compress the income scale in the present term to make the enterprise obtain the preference policy of low tax rate, but also make the enterprise obtain the profit of interest-free loan because of delaying the implementation of tax obligation.3.2 Tax planning of cost charge deductionThe payout of the enterprise can be divided into the profitable payout and the capital payout according to the time of the profitable term. The profitable payout should be reported in th e present cost charge, and the capital payout is divided and respectively reported in the cost charges of the present and future terms. For these two sorts of payout, the planning of the enterprise income tax should treat them differently.3.2.1 Tax planning of profitable payoutBecause different situations of profit and loss, and different tax preferences will differently influence the tax planning of enterprise, so we should respectively plan the tax of the profitable payout aiming at different situations of profit and loss. First, suppose the enterprise is profitable, because the profit able payout can be deducted from the enterprise income tax, the enterprise should select the planning method with large prophase cost. To make the tax deduction effect of the cost exert its function as soon as possible, and delay the realization of the pr ofit, then enterprise should delay the tax obligation time of the income tax. Second, suppose the enterprise is in loss, the planning method should be combined with the loss remedy of the enterprise. The enterprise should try to make the cost charge in the year with pretax loss remedy higher and make the cost charge in the year w ithout or incompletely with pretax loss remedy lower, and accordingly ensure the tax reduction effect of the cost charge will be exerted to the largest extent. Finally, suppose the enterprise is enjoying th e preference policy of the enterprise income tax, because the taxdeduction effect of the cost charge in the tax deduction period will completely or pa rtly be deducted through the deduction preference, so the enterprise should select the planning method which has few costs in the tax deduction period and has more costs in the non-tax-deduction period.3.2.2 Tax planning of capital payoutAs the modernization degree of enterprise is gradually enhanced, the proportion of the purchase payout of the long-term assets such as the fixed assets and immaterial assets which reflect the progress of the technology of the enterprise is higher and higher, and the tax planning of the fixed assets depreciation and the immaterial assets salesmanship possesses special importance in the tax planning of th e enterprise income tax. First, the tax law doesn’t recognize the devaluation preparation of long-term assets which the enterprise picks up, but the taxpayer can utilize the relative regulations about the subseq uent expenses of the long-term assets to adjust the depreciation base. The enterprise should combine the long-term development, rebuild the fixed assetsdesignedly, enhance the technical level of the enterprise, and improve the comprehensive competition strengthen of the enterprise. At the same time , the enterprise can put the subsequent expenses acco rding with the capitalization cond itions into the fixed assets cost, increase the depreciation picking base, and accordingly increase the depreciation amount of the deduction, reduce the taxable inco me of the present term and save the tax. For various payouts which don’t accord with the confirmation conditions of long-term assets, they should be counted into the profit and loss of th e present term. Second, the “Chinese Enterprise Income Tax Law” regu lated that the fixed assets of the enterprise needed to be depreciated quickly because of technical progress, the enterprise could reduce the depreciation fixed number of year or adopt the method of quick depreciation. To reduce the depreciation year can quicken the withdrawal of the costs, move the anaphase cost charges to the anterior period, and move the prophase account profit to the latter period. When the tax rate is fixed, the delayed payment of the income tax equals to obtain an interest-free loan from the country. When the tax rate is not fixed, the extension of the depreciation term can also reduce the tax burden for the enterprise. And the selection of the depreciation method of the long-term assets should be scientific, reasonable and legal. Finally, when the enterprise is in the non-deduction period of the income tax, taxpayer should apply for reducing the residual proportion for the tax department in time according to the characters of the assets. When the residual proportion is reduced , the depreciation tax de duction will increase, which could not only maintain the taxpayer’s right, but bring large tax benefit for the taxpayer.4. Tax planning in the management result distribution stage of enterprise4.1 First utilizing the taxable income to compensate the lossFor the yearly loss of the enterprise, the tax law regulates to allow the enterprise uses the pretax profit in the next year to compensate it. And if the profit in the next year is not enough to compensate, the enterprise is allowed to compensate the loss year after year, but the longest term should be limited in 5 years. In this way, the enterprise can use the selection right of the assets price counting and amortization method allowed by the tax law, and the selection right of the expenses reported range standard to more report the pretax deduction items and deduction amount, and continue to induce the loss before the term of five years is at term, accordingly to prolong the term of the preference policy.4.2 Arranging the domestic investment return to compensate the loss according to the sequence from low tax rate to high tax rateAccording to the enterprise income tax, the investors’ after-tax profits returned from the associated enterprise should pay the income tax, but if the enterprise which is the investor has loss or past yearly loss which has not be remedied, the returned profit can be used to remedy the loss, and for the surplus part, the enterprise should pay the income tax. Therefore, if the investor is the enterprise which can be applicable for different income tax rates, the enterprise can select the sequence from low tax rate to high tax rate, to use th e returned investment profit remedy the loss and make the taxpayer’s income tax reduce to the least level.4.3 Keepin g that the investment return in the low tax region doesn’t be distributedIn the existing enterprise income tax, for the taxpayer’s profit returned from other enterprise which has paid the income tax, the tax amount of the tax payment can be adjusted when computing the income tax of the enterprise. If the profit of the invested enterprise has not be distributed to the investors, the investors need not to pay the income tax, and in this way, to keep that the investment return in the low tax region doesn’t be distributed and turn it into the investment capital can reduce investors’ tax burden.ReferencesChinese CPA Association. (2008). Tax Law. Beijing: Economic Science Press.The Fifth Session of the Tenth NPC. (2007). Enterpri se Income Tax Law of China. Mar. 16, 2007.Wang, Xinjian. (2006). The Method of Enterprise Tax Planning. Shandong Commercial Accounting. No.2.Zhou, Yan. (2008). Influences of New Enterprise Income Tax Law on Enterprise Tax Planning. Friends of Accounting.No.15.Zhuang, Fenrong. (2007). Hundred Classic Practical Examples of Tax Planning.Beijing: Mechanical Industry Press.企业所得税税收筹划研究曹宏层、徐晓慧（沈阳工业大学经济学院）、敖国杰（沈阳工业大学会计财务部）摘要企业所得税的税收空间很大，在企业的纳税额中占有很大的比重。

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。

纳税筹划毕业论文英文版Title: Tax Planning: An Effective Strategy for Minimizing Tax LiabilitiesAbstract:Tax planning is a critical process that enables individuals and businesses to optimize their tax liabilities, comply with legal obligations, and achieve long-term financial goals. This paper explores the concept of tax planning, its significance, and various strategies that can be employed to minimize tax liabilities. The analysis considers both individual and corporate tax planning, highlighting the key factors to consider and the potential benefits that can be achieved through effective tax planning. The study also examines the ethical considerations surrounding tax planning and provides insights into the role of tax professionals in assisting taxpayers with their tax planning efforts.Introduction:Tax planning is an essential aspect of personal and corporate financial management. It involves the careful analysis of tax laws, regulations, and availabletax exemptions, credits, and deductions to minimize tax liabilities. Effective tax planning can help individuals and businesses save significant amounts of money, redirecting those resources towards achieving their financial goals. This paper aims to provide a comprehensive understanding of tax planning and its importance in various financial contexts.Individual Tax Planning:Individual tax planning involves strategies and techniques implemented by individuals to reduce their tax burdens. It includes various elements, such as income management, deductions and credits utilization, retirement planning, charitable giving, and estate planning. By understanding the tax laws and regulations applicable to their situation, individuals can make informed decisions about how to structure their finances in a manner that legally minimizes their tax liabilities.Corporate Tax Planning:For businesses, tax planning is an integral part of strategic financial management. By engaging in tax planning, companies can optimize their tax positions and maximize after-tax profits. Strategies such asincome shifting, offshore tax planning, mergers and acquisitions, and investment in tax-exempt securities are commonly employed to minimize corporate tax liabilities. However, it is crucial for businesses to comply with tax laws and regulations and avoid engaging in aggressive tax avoidance practices.Benefits of Tax Planning:Effective tax planning can yield several advantages for individuals and businesses alike. It helps individuals maximize their after-tax income, accumulate wealth, and secure their financial future. For businesses, tax planning enhances their competitiveness, improves cash flow, and encourages investments in growth and expansion. Ultimately, it allows taxpayers to utilize the tax incentives and benefits provided by the government to their advantage.Ethical Considerations:While tax planning is a legal and established practice, ethical considerations arise when taxpayers exploit loopholes in the tax system or engage in aggressive tax avoidance practices. It is essential to strike a balance between legally minimizing tax liabilities and adhering to the principles of fairnessand social responsibility. Tax professionals play a crucial role in ensuring ethical tax planning practices and assisting taxpayers in making informed decisions.Conclusion:Tax planning is a vital process for individuals and businesses to optimize their tax liabilities and achieve their financial goals. By understanding the tax laws, utilizing available exemptions, deductions, and credits, and seeking professional assistance, taxpayers can effectively minimize their tax burdens. However, it is crucial to ensure that tax planning is conducted ethically and within the confines of legal boundaries. With proper tax planning, individuals and businesses can navigate the complexities of the tax system and maximize their financial success.。