DEVELOPMENT OF THE ENTERPRISE’S TAX PLANNING STRATEGY
Journal Title: Проблеми і перспективи розвитку підприємництва - Year 2012, Vol 1, Issue 3
Abstract
The article analyzes the term "fiscal policy" on state and company levels. Estimates obtained by WEF (Davos, Switzerland) in Global Competitiveness Index Rating prove that tax policy has a direct impact on the competitiveness of companies and state itself on the global market. But both state and individual companies are parts of a single complex socio-economic system of the national economy, therefore it's important to investigate the relationship between state tax policy and company tax policy to compare the objectives and the means of its achievement. Definitions of terms "tax strategy" and "tax planning" are considered. Definitions of tax coincides with the interpretation and definition of term "strategy" of H. Mintzberg's concept of "5Ps": strategy as plan, pattern, position, perspective and ploy. Thus it is possible to conclude that the terms "policy" and "strategy" are identical, and the term "fiscal policy" is synonymous to the term "tax strategy". The principles of company’s tax planning development in the context of company and state growth are investigated. Development of tax planning strategies is a main thread of the overall company development strategy. Tax planning as a subsystem of financial management under conditions of its right organization in the tax legislation is able to provide profit optimization in order to improve company competitiveness and state competitiveness as a whole. Within conditions of world countries national economics globalization, instability and unpredictability of changes, company strategy development and state tax strategies in their harmonious combination provide either state or companies with the ability to implement a balanced, fair and effective tax policy, which in turn, is a prerequisite for effective management and sustainable economic development.
Authors and Affiliations
Volodymyr Malikov, Olga Abramova
Keywords
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- EP ID EP120627
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