Making Deferred Taxes Relevant

Abstract

We analyse the conceptual problems in current accounting for deferred taxes and provide solutions derived from the literature in order to make International Financial Reporting Standards (IFRS) deferred tax numbers value-relevant. In our view, the empirical results concerning the value relevance of deferred taxes should find their way into the accounting standard-setting process. We conclude that deferred taxes should only be recognised for temporary differences that will result in real future tax payments and/or tax receipts. Temporary differences for which the tax cash flow has already occurred have valuation implications for the underlying asset or liability and should, therefore, be accounted for based on the valuation adjustment approach. Furthermore, we conclude that partial allocation should replace comprehensive allocation in order to better align deferred taxes with expected future cash flows and thus increase their relevance and understandability. Finally, we conclude that deferred tax balances should be measured on a discounted basis to address time value.     

The Aggregation and Valuation of Deferred Taxes

Review of Accounting Studies - This paper clarifies some of the conflicting arguments about the value relevance of deferred taxes. We address two questions. First, does accounting aggregation hold,...     

Discussion of: “On the Aggregation and Valuation of Deferred Taxes”

Review of Accounting Studies -     

Impairment of Goodwill and Deferred Taxes Under IFRS

This article discusses the effect of deferred tax liabilities (DTLs) on an impairment test of goodwill. While IAS 12.66 acknowledges that DTLs arising in a business combination influence the amount of goodwill an entity recognises, International Financial Reporting Standards are silent on the implications of this rule, in particular that DTLs trigger a ‘day one’ impairment of goodwill. To avoid this impairment charge, the professional literature suggests deducting DTLs from the carrying amount of the cash generating unit. This method appears contentious conceptually and is unable to shield the entity from an impairment in subsequent periods. The article discusses four proposed solutions to the problem, but recommends a conceptual re‐think of the mechanical recognition of deferred taxes in a business combination.     

Deferred Taxes and Bond Ratings: A Canadian Case

This paper explores the usefulness of the current Canadian Institute of Chartered Accountants standard on accounting for income taxes in bond rating decisions by credit analysts. Bond rating prediction models using accounting variables generated with alternate treatment of income taxes, have been developed. The analysis indicates that additional information presented by the above standard has not contributed significantly to the bond raters' decision making process.     

On the Costs of Excise Taxes and Income Taxes in the UK

This paper develops an analytical framework for estimating the marginal excess burden (MEB) of taxes on gasoline, alcohol, tobacco, and labor in the UK, accounting for externalities and interactions among the taxes. Under most scenarios the MEB of the gasoline tax exceeds that for the labor tax, the MEB of the alcohol tax is roughly the same, while the MEB of the tobacco tax is lower than for the labor tax. These preliminary findings suggest that the gasoline tax may be too high, the alcohol tax might be about right, and the tobacco tax might be too low.     

环境税的具体实施探析

为了维护和改善环境,环境税是主要的经济调节措施,有着理论基础的支持.但是在具体实施中存在一系列实施难点使得其有政策缺陷,并产生环境危害所以我国在具体实施环境税时要结合OECD成员国的经验,扬长避短地制定环境税.     

房产税对宏观经济的影响效应研究

本文扩展Dong et al.(2019)通过企业家对住房地产和实体经济投资进行资产组合决策,把房价、投资、消费和产出等重要经济指标纳入主流新凯恩斯框架,考虑银行能否区分贷款是投入实体经济还是房地产业两种情形,分析了房产税引入住房市场前后对宏观经济的影响效应。研究结果表明:开征房产税对房地产开发投资、房价和新住房生产具有明显的抑制作用,对实体经济投资则具有正挤入效应增加和负抵押效应减少的双重效应。从短期看,当银行无法区分企业贷款是投入实体经济还是房地产业时,因前期的负抵押效应大于正挤入效应,总实物资本减少,产出下降;当可清晰区分二者时,负抵押效应变为小于正挤入效应,总实物资本增加,产出上升。鉴于推出房产税对宏观经济影响较为复杂,应充分权衡利弊,采取必要辅助措施趋利避害。     

促进风险投资的企业所得税思考

风险投资是一个比较幼稚的产业，从某种意义上说，它在竞争中处于不利的地位，我国现行企业所得税制不利于风险投资事业的发展，因而有必要对现行企业所得税制进行改革，使之更有利于风险投资事业的发展。     

房产税对宏观经济的影响效应研究

本文扩展Dong et al.(2019)通过企业家对住房地产和实体经济投资进行资产组合决策,把房价、投资、消费和产出等重要经济指标纳入主流新凯恩斯框架,考虑银行能否区分贷款是投入实体经济还是房地产业两种情形,分析了房产税引入住房市场前后对宏观经济的影响效应。研究结果表明:开征房产税对房地产开发投资、房价和新住房生产具有明显的抑制作用,对实体经济投资则具有正挤入效应增加和负抵押效应减少的双重效应。从短期看,当银行无法区分企业贷款是投入实体经济还是房地产业时,因前期的负抵押效应大于正挤入效应,总实物资本减少,产出下降;当可清晰区分二者时,负抵押效应变为小于正挤入效应,总实物资本增加,产出上升。鉴于推出房产税对宏观经济影响较为复杂,应充分权衡利弊,采取必要辅助措施趋利避害。     

治理欠税的法律条款有哪些?

笔者在实际工作中感到应运用法律武器在欠税治理上狠下功夫，现将新《征管法》中的有关条款整理如下，供广大纳税人和执法人员学习运用。……     

实现环境利益公平分享的环境税机理

环境利益公平分享是改革发展成果分享的一项重要内容,但是现行的制度框架无法保障环境利益的公平分享。克服环境利益分享制度不公和矫正环境利益分享制度缺乏的诸多政策工具中,从环境利益分享不公的社会根源来看,环境税无疑是保障社会主体公平分享环境利益的理想的政策工具,因为环境税具有保护环境利益且公平分配环境利益的制度效应。     

WTO协定下的间接税问题

入世后,中国的有关间接税措施已受到其他成员方的质疑,有的甚至被直接诉诸WTO的争端解决机构。从建构符合WTO协定的税收体制角度着眼,有必要对该协定中的间接税规则加以深入研究。其中,尤以GATT1994的最惠国待遇和国民待遇条款以及《补贴与反补贴协定》最为突出。这些条款和协议基本上廓清了一国使用优惠税收政策促进贸易发展的边界。在制定相关税收优惠措施时,应灵活适用这些规则。     

论我国依法治税体系

依法治税问题是一个涉及税收问题、法制问题及社会诸多领域的深层问题。通过对我国几十年来的依法治税的发展及现状的研究,提出了一系列建议和策略,以完善依法治税体系。     

On the Weighted Average Cost of Capital with Personal Taxes

This paper considers the impact of personal taxation on the Miles and Ezzell (1980) result that the weighted average cost of capital is the appropriate rate for discounting after corporation tax cash flows in an MM (Modigliani and Miller, 1958, 1963) perfect capital market with corporation tax. An analogous result, incorporating a capital gains tax adjustment, is derived for the personal tax case, and its application to the UK tax system is considered.     

我国税收调节社会总供求平衡关系的政策选择

自决的税收政策在理论上并不科学，不一定能有效调节总供求的平衡关系，在实践中存在许多缺陷。我国不宜采用自决的税收政策，而应采用非自决的税收政策来调节社会总供求关系。基于此，我国目前不宜用减税政策刺激需求，而应保持或适当提高税收占GDP的比重。     

实质重于形式--对外商投资企业股权转让所得税争议的评析

对于外商投资企业股权转让如何课征所得税,是我国当前税务实践中的一个极富争议的问题.对此,<涉外税务>杂志围绕着杨力先生的<外资企业股权投资税收筹划之辨析>(以下简称杨文)①所展开的商榷(参见李伟、李蕴<也谈外商投资企业股权投资收益所得税的有关规定>,<涉外税务>2005年第1期,以下简称李文),无疑是这一争议的生动写照.显然,这样的商榷对于澄清外商投资企业股权转让税务处理中的一些误区有着积极的意义.     

关于构建我国能源税制的思考

目前,我国能源供求矛盾日益突出,已成为影响经济社会发展的重要制约因素。税收政策作为国家宏观调控的主要工具之一,在促进节约利用、合理开发能源方面具有独特的调节功能。为实现新世纪的经济社会发展战略目标,我国应考虑建立能源税收体系。深化税制改革,调整、完善现有税种,适时开征新税种,建立完整的能源税收制度。