This paper analyzes the tax planning in enterprise financing decision-making for your reference.

The tax planning of modern enterprises is beneficial to realize the financial objectives of enterprises to the maximum extent. Under the premise of not breaking the law, enterprises should carry out tax planning from fund-raising activities, investment activities and business activities in order to maximize their wealth. Successful enterprises are often rational taxpayers, who not only know how to make profits with wisdom, but also know how to avoid taxes reasonably with wisdom. In modern times? Small profits but quick turnover? In the buyer's market environment, tax planning has become the decisive focus of modern enterprise financial management.

China has joined the WTO. With the further development of China's market economy, enterprises have become independent accounting subjects and legal subjects. Under the background of global economic integration, with the profit-seeking, rationalization and autonomy of enterprise behavior, tax planning has become the right of every taxpayer. In the face of fierce domestic and international market competition, enterprises must occupy market share and become bigger and stronger in order to remain competitive. Compared with the long-term popular tax planning in western countries, the tax planning of Chinese enterprises is still very immature. How to make tax planning reasonably and legally for China enterprises is undoubtedly a problem that every rational economic man must consider and face. Enterprises in China should learn to plan and reduce the tax burden reasonably within the scope permitted by law or not in violation of the provisions of the tax law, so as to maximize the wealth of enterprises.

Tax planning in financing decision.

Financing decision-making is a problem that any enterprise needs to face, and it is also one of the key issues for its survival and development. Enterprise financing is mainly to meet the needs of investment and capital use. According to the different sources of funds, the financing activities of enterprises can be divided into equity financing and debt financing, thus forming different enterprise capital structures, resulting in different capital costs and financial risks for enterprises. The use of tax planning in fund-raising is to rationally arrange the proportion of equity funds and creditor's rights funds and form the optimal capital structure. Enterprises should consider the following aspects in the process of financing:

1, the impact of financing activities on the capital structure of enterprises.

2. The impact of capital structure changes on tax costs and corporate profits.

3. The influence of the choice of financing method on the maximization of after-tax profits of enterprises and owners in optimizing capital structure and reducing tax burden.

Enterprises raise their own funds by absorbing direct investment, issuing stocks, retaining profits and other rights and interests. Although the risk is small, the dividends and bonuses paid for this cannot be paid in the after-tax profits, and the income tax cannot be deducted, so the capital cost of the enterprise is high. If debt financing is used to raise funds by borrowing from banks and other financial institutions or issuing bonds, the interest paid can be included in the pre-tax expenses, thus offsetting the pre-tax profits of enterprises and enabling enterprises to obtain tax-saving benefits. But the higher the debt ratio will affect the future financing costs and financial risks, so the higher the debt ratio, the better. The leverage of long-term debt financing is reflected in improving the return on equity capital and earnings per share of common stock, which can be reflected in the following formula:

Return on equity capital (before tax) = return on investment before interest and tax+debt/equity capital? (Ratio of return on investment before interest and tax to debt cost) Therefore, as long as the return on investment before interest and tax is higher than the ratio of debt cost, increasing the debt amount and increasing the debt ratio will bring about the effect of improving the return on equity capital. However, this increase in return on equity capital will be offset by the gradual increase in financial risk and financing risk costs. When they reach a general balance, they will reach the maximum limit of increasing the debt ratio. If this limit is exceeded, the cost of financial risk and financing risk will exceed the increase of return on equity capital, which will also reduce the overall after-tax profit of the enterprise, thus reducing the return on equity capital.

Two, the tax planning of interest on borrowing costs.

According to the current enterprise income tax policy, reasonable expenses actually incurred by enterprises, including costs, expenses, taxes, losses and other expenses, are allowed to be deducted when calculating taxable income. It is allowed to deduct the reasonable borrowing costs that do not need to be capitalized in the production and business activities of enterprises. Where an enterprise borrows money for the purchase and construction of fixed assets, intangible assets and inventories that can be sold for more than 65,438+02 months, the reasonable borrowing costs incurred in the process of purchasing and constructing related assets shall be included in the cost of related assets as capital expenditures, and deducted in accordance with the Regulations for the Implementation of the Enterprise Income Tax Law of People's Republic of China (PRC).

The following interest expenses incurred by an enterprise in its production and business activities are allowed to be deducted:

1. Interest expenses of non-financial enterprises borrowing from financial enterprises, interest expenses of various deposits and interbank loans of financial enterprises, and interest expenses of enterprises issuing bonds upon approval.

2. The interest expense of non-financial enterprises borrowing from non-financial enterprises shall not exceed the amount calculated according to the interest rate of similar loans of financial enterprises in the same period.

Therefore, the interest of general operating loans or working capital loans can be directly deducted, but there is a certain upper limit, and the excess cannot be deducted. Professional loans, that is, fixed assets loan interest can not be deducted directly, but can only be depreciated with fixed assets, but there is no deduction limit. Taxpayers can make full use of this provision for tax planning, that is, the interest on general operating loans that cannot be deducted is converted into interest on fixed assets.

Third, tax planning in financial leasing.

Financial leasing, also known as financial leasing, is a long-term leasing method in which the lessee formally applies to the lessor, and the lessor borrows money to introduce the equipment needed by the lessee and then rents it to the lessee for use.

In this way, the leasing enterprise can quickly obtain the required equipment by paying the rent without bearing the risk of equipment being eliminated. For the leased fixed assets, the enterprise can accrue depreciation as its own fixed assets, and the depreciation is included in the cost, and the rental expenses paid are also allowed to be deducted before tax, which reduces the tax base of the enterprise and thus pays less income tax. At the same time, the improvement expenses incurred in the use of fixed assets under financial leasing can also be amortized as deferred assets within a period of not less than 5 years. It can be seen that financial leasing, as an important financing method of enterprises, has obvious tax credit function.

It can be seen that financing plays a very important role in the production and operation of enterprises. Financing is the premise of a series of production and operation activities of enterprises, and the quality of financing decision directly affects the performance of enterprises. Reasonable tax planning for financing is not only beneficial to taxpayers, but also beneficial to the country.

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