The Anti-Tax Avodance Directive and its implication to the tax shields: Administrative limitation of tax shield value

Současná hodnota daňových štítů po implementaci "Anti-Tax Avoidance Directive": limitace dosažení daňových úrokových štítů

Tomáš Brabenec

Český finanční a účetní časopis, 2019, vol. 2019, issue 2, 37-52

Abstract: The article analyses expected impacts of The Anti-Tax Avoidance Directive (ATAD) implementation, respectively planned amendment to the Czech Income Tax Act, which implements among others also administrative limitations on tax deductibility of interest expenses, and tax shields used in company valuation. The article presents time distortion in calculation of tax deductibility of interest expenses and the amount of interest-bearing capital after the regulation on a practical example. Then it defines general formulas for the calculation of tax shields resulting from the regulation including the model for the second phase of valuation. The article states the main topics in business valuation which will be affected by the regulation.

Keywords: Debt; Cost of debt; Tax shields; Anti-Tax Avoidance Directive (ATAD); Cizí kapitál; Nákladové úroky; Daňový štít; Směrnice ATAD (search for similar items in EconPapers)
JEL-codes: G30 G31 G32 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://cfuc.vse.cz/doi/10.18267/j.cfuc.530.html (text/html)
http://cfuc.vse.cz/doi/10.18267/j.cfuc.530.pdf (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlcfu:v:2019:y:2019:i:2:id:530:p:37-52

Ordering information: This journal article can be ordered from
Český finanční a účetní časopis, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3
http://cfuc.vse.cz

DOI: 10.18267/j.cfuc.530

Access Statistics for this article

Český finanční a účetní časopis is currently edited by Karel Brůna

More articles in Český finanční a účetní časopis from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().