planification Wiktionary

In an interview broadcast by the British radio station BBC on May 27, 2013, Google Chief Executive Eric Schmidt claimed that the use of tax planning is the "fiduciary responsibility" of the American company towards of its shareholders, as long as the means used to reduce the tax burden remain within the framework of legality. Undoubtedly, such statements reinforce the widely accepted idea that shareholders value and even encourage tax planning.planification fiscale At first glance, this assertion is not surprising. Indeed, the financial consequences of a reduction in taxation are often comparable to those resulting from a substantial increase in activity. For exemple, a publication by Citigroup Global Market (2006) estimated that the reduction of 9 percentage points – from 34% to 25% – of the statutory corporate tax rate in Austria in 2005 had been equivalent, for the companies studied, to a 8.7% increase in sales. Similarly, a study conducted by PricewaterhouseCoopers (2004) evaluated the impact of a reduction in the tax burden for three firms - a British distribution company and two companies, one American and the other European, producing goods consumption – and shows that a reduction of one point in the tax rate was equivalent, in terms of value creation, to an increase in sales of 12 to 15%. Beyond its effects on the company's actual performance, tax planning can also have an impact on its stated performance. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) – an Anglo-Saxon concept which tends to acquire a decisive importance in the financial communication of listed companies –, which aim to translate the operational performance of the company. Consequently, by modifying EBITDA and EBITDA, tax planning is able to increase operating profit, but also the performance perceived by investors.