外文参考文献及翻译.docx

1、外文参考文献及翻译Study on the Tax Planning of Enterprise Income TaxVogt WollenE-mail: chc0910.Department of Accounting and Financial Affairs, Washington UniversityTel: 86-24-8168-1354 E-mail: agjie126.AbstractThe enterprise income tax occupies very important status in the tax paying of enterprise, and it ha

2、s 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 fina

3、ncing 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

4、in the stage of investment of enterprise from three aspects including correctly selecting the investment direction, 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

5、 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

6、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 ta

7、x 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

8、 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 di

9、fferent 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

10、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 flexible cost of bonus stock which can be reported after tax. The mode that the enterp

11、rise 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 liabi

12、lity equity is higher, and the saving effect of the tax cost is more significant. So under the premise that the rate of or return on investment is higher than the liability cost rate, enhancing the proportion of liability financing will bring extra economic benefits for the owner of the enterprise,

13、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 abnormality of the enterprise equity structure,and the liability crisis will make the financial status of the en

14、terprise 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-accumulat

15、ion of enterprise, inter-enterprise lending, interior collection of enterprise, 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 interior collection of e

16、nterprise. The principle 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

17、 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 of investment mode.2.1 Selecting correct investment directionTh

18、e 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 investment industry to reduce the tax burden according to the regulations abou

19、t the national industrial policies and tax preference, and response the industrial policy guidance of the government. First, because the industrial select possesses strategic meanings for the development trend of the enterprise, so when the investors make the decision of industrial investment, they

20、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 i

21、ndustries 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 enterprise should study out multiple selectable invest

22、ment 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 various regional investment programs, which c

23、an 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

24、, 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 comp

25、any 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 w

26、hen 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 enterprise to redu

27、ce 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 la

28、w 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

29、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 comprehensively consider the profit ability

30、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. A

31、ccording 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-making enterprise can pay the income tax by 20%, so the middle and small-sized enterprise can adopt the division measure to separate the branch fr

32、om the enterprise to reduce the taxable income and the tax burden. The enterprise income tax regulates that the profitable enterprise annexes unprofitable enterprise, it can use the accumulated loss of the unprofitable enterprise to counteract the profit of the profitable enterprise and reduce the t

33、axable 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, tang