20.500.12556/DKUM-41550 ANALIZA VPLIVA TANKE KAPITALIZACIJE NA KAPITALSKO STRUKTURO IZBRANIH PODJETIJ ANALYSIS OF THIN CAPITALISATION EFFECTS ON CAPITAL STRUCTURE IN SELECTED COMPANIES Pri odločanju o ustanovitvi podjetja kot kasneje pri investicijah, so lastniki pogosto v dilemi ali za financiranje uporabiti dražji, lastniški kapital ali posojilo. Zaostrovanje kreditnih pogojev ter gospodarska stagnacija silita podjetja k povečanemu zadolževanju s strani družbenikov, ki je neke vrste alternativa zadolževanja. Tovrstno financiranje s posojili med povezanimi osebami je zaradi zakonskih pomanjkljivosti in davčne konkurence med državami tudi ugodnejše, saj so obresti davčno priznan odhodek, ki znižuje davčno osnovo, dividende pa ne. Pri tem so davčni organi pozorni predvsem na to, po kakšni obrestni meri se posojilo odobri. Le-ta mora biti primerljiva tržni. S pravili tanke kapitalizacije skušajo zaščititi državni prihodek, ki se zmanjšuje zaradi prenašanja dobičkov med podjetji. Evropska Unija glede tanke kapitalizacije definira samo smernice, ostalo pa je v rokah nacionalnih organov. Slovenska pravila so se skozi zgodovino ZDDPO le malo spremenila, model pa ostaja enostaven, temelječ na fiksnem razmerju med kapitalom in dolgom. Ob tem moramo preveriti, ali ima oseba, ki se smatra za povezano, vsaj 25 % delež v kapitalu. Določbe o tanki kapitalizaciji v veliki meri ne dosegajo namena, kar se tiče omejevanja dolga in lupljenja dobička. Zlasti vnaprej predpisano, fiksno razmerje omogoča podjetjem, da že vnaprej planirajo optimalno sestavo sredstev in obveznosti. Z analizo rezultatov smo prišlo do spoznanj, da slovenska davčna zakonodaja z ukrepi tanke kapitalizacije ni dosegla boljše kapitalske strukture podjetij. Notranja zadolženost podjetij od leta 1997 se je povečevala, kar gre pripisati gospodarskemu stanju, povečanju odprtih terjatev in manjšemu zanimanju imetnikov kapitala za vlaganje. While establishing a company and later in investment decisions, the owners are often in a dilemma whether to use a more expensive type of financing – equity, or loan. Tightening bank’s credit conditions and economic stagnation force companies to increased borrowing by the shareholders, which is a kind of alternative to bank loans. Loans, received from shareholders and related parties, are becoming more favorable due to legal defects and tax competition between countries. The reason is that interests are a tax deductible expense, which reduces the tax base, while dividends do not. This is why tax authorities pay more attention to the fact at what interest rate the loan is approved. Loan rate must be comparable with market rate. Thin capitalization rules seek to protect state revenue decreases due to the transfer of profits between enterprises. The European Union defines thin capitalization guidelines only but the rest is in the hands of national authorities. Slovenian rules have changed little throughout the history of “CPTA” - Corporate Profit Tax Act (“ZDDPO”), the model remains simple, based on a fixed ratio between equity and debt. At the same time we need to check whether a person is considered to be related, which means he owns at least 25 % of the capital. The provisions of thin capitalization have proved not to meet the purpose in terms of limiting debt and earning stripping. In particular, pre-specified, fixed ratio allows companies to have a pre-planned optimal composition of assets and liabilities. By analyzing the results we have proven that Slovenian tax legislation and our thin capitalization rules did not help companies to build a better capital structure. Since 1997 internal corporate debt has increased, which reflects the economic situation, an increase in outstanding receivables and less interest of capital holders to invest in business. lastniško financiranje dolžniško financiranje davčna optimizacija ukrepi za preprečevanje izogibanja plačilu davkov povezane osebe davčni ščit tanka kapitalizacija kapitalska struktura equity financing debt financing tax optimization anti-avoidance rules related party tax shield thin capitalization capital structure true true false [S. Tič] Slovenski jezik Angleški jezik Diplomsko delo 2013-08-30 10:07:04 2013-10-11 14:15:12 2022-05-05 03:07:20 2021-04-24 03:34:08 2013 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 11499804 URN:SI:UM:DK:GDY59WMX UNI_Tic_Saso_2013.pdf UNI_Tic_Saso_2013.pdf 1 F732D8C981250637FC61F0384BC399D1 dc85c14290bbf96c0afc668b01e8edaaaa9024ad790da2c35486efc4387db19b 321cb2e5-7c0a-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=57527 Ekonomsko-poslovna fakulteta 0 0 0