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NONTAX COSTS OF
TAX
PLANNING
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One important non-tax cost is the implicit tax on tax
favored asset (tax favored assets -> asset yangkena pajak
dikit aja atau kecil)
Other type of non-tax-costOrganizational form cost/start up cost
(mau bentuk
apa! perlakuan akuntansi diexpense! kalau pajakbeda-beda!
tergantung jenis org)
"isk
#dm cost (legal/data processing/accounting fees!multiple entity
$ith multiple tax return! multinational!
compliance cost! keeping track)#gency/incentive cost (buat bayar
mgmt! akuntan! dll)
%inancial reporting cost (di halaman& ba$ah)
'ransaction cost
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*+"'#,'.ymmetric ncertainty#ll contracting parties are eually
informed but
still uncertain about $hat the future might be
+x0 progressive tax rate
.trategic ncertainty (,nformationasymmetry)
*ontracting parties (antara internal 1 external)are not $ell
informed
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,nformation #symmetry2idden action (moral hazard)One contracting
party has control over an
action choice that a3ects future cash 4o$
'he action choice is unobservable to othercontracting
party
+x0 $orker compensation
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*ompany 5 is experiencing a loss but $ithpro6ts expected in the
future
7hat $orker compensation arrangement $ill
company 5 make
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,nformation #symmetry2idden information (adverse selection)One
contracting party has observed a
characteristic of production he cannot control
'he characteristic is only imperfectlyobservable by other
contracting party
+x0 sale of certain asset
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*ompany 5 has an asset $hich has declined invalue by more than
accumulated taxdepreciation to date
.ale or keep the asset 7hat cost to beconsidered in setting the
selling price
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ncertainty punya "isks 'axes bisa menaikkan or menurunkan
risk
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*on4icts 8et$een %inancial
"eporting and 'ax 9lanning
'ax planning might bring lo$er reportedearning
+xample
7ill it be a problem
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"easons $hy managers concerned
about 6nancial statements numbers*ompensation contracts for top
managers are
often based on accounting earnings
8ond covenant often based on accountingnumbers
#nalysts and investors use accountingnumbers to price
securities
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"easons $hy managers concerned
about 6nancial statements numbers"egulators use accounting
numbers to
monitor and regulate 6rms
:obbyists and other interested parties useaccounting numbers to
push for increasedtaxes and other penalties
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,ncome .hifting #cross
'ime%irms have incentives to defer taxable income
if statutory tax rates are expected to decline(vice versa)
'rade o3 bet$een tax savings and 6nancialreporting
costs
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ontax *osts #ssociated $ith
.hifting ,ncome 'ax costs to other party to $hom or
from
$hom income is shifted*hanging the timing of economic
activities
that can cause0"educed operating e;ciencies
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uenther (?@@A):arge 6rms are more sensitive to political
scrutiny more likely to choose income-decreasing
accruals
%irms closer to violating debt covenant un$illing to
reduce current reported income
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=ayde$ (?@@B)%irms shifted income to gain O: carryback or
carryfor$ard bene6t
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+nis 1 Ce (&DDE)9rivately held corporation shifted income
from
inside the corporation to their shareholdersvia increased
deductible managerialcompensation and rent expense
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"egulatory *osts%inancial reporting concerns extend to
regulator+x0 =inimum level of regulatory
