文档介绍：Study on the Tax Planning of Enterprise Income Tax
Vogt Wollen
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Department of Accounting and Financial Afment and distribution.
1. Tax planning in the stage of enterprise financing
The tax planning of the income tax in the stage of enterprise financing mainly includes the contents about the financing mode and the financing channel.
Tax planning of financing mode
The 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 flexible 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 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, 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