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| Author(s): |
Luciano Marques Caldeira
Total Authors: 1
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| Document type: | Master's Dissertation |
| Press: | Ribeirão Preto. |
| Institution: | Universidade de São Paulo (USP). Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (PCARP/BC) |
| Defense date: | 2006-04-07 |
| Examining board members: |
Alberto Borges Matias;
Silvio Hiroshi Nakao;
Ernesto Fernando Rodrigues Vicente
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| Advisor: | Alberto Borges Matias |
| Abstract | |
There have been few in-depth studies of the impact of income tax on the generation of value in the theory of finances. However, there is a growing need to investigate the issue, since taxation is a major variable affecting the value composition of companies. This study asks whether the income tax structure stipulated by the specific legislation of a certain country may account for gains in the value of companies in this country compared to other countries with different legislation. The aim of this study is to determine the impact of income tax on the value of the companies in different countries. It initially uses bibliographical and documentary techniques to analyze income tax legislation affecting companies in the selected countries (Brazil, the USA, Spain and Japan), in order to demonstrate and compare different ways of reflecting these taxes in accounting terms. Having shown this, it proceeds to perform statistical analysis of average actual tax rates and taxable income parameters for publicly traded companies in the countries analyzed, and compares the results obtained with forms of income taxation. In conclusion, and as the final analysis of the study, a practical simulation is devised to show the effects of income tax on value of companies. The findings point to significant differences between actual rates in these countries and marginal rates as defined by legislation, and further show that Pre-Tax Income is statistically different from Taxable Income. (AU) | |