Template-Type: ReDIF-Article 1.0
Author-Name: Gaston Silverio Milanesi
Author-Workplace-Name: Universidad de Buenos Aires, Universidad Nacional del Sur
Author-Name: Maria Agustina Tennina
Author-Workplace-Name: Universidad Nacional del Sur
Title: 	Impactos del Sistema Tributario en el modelo de descuento de flujos de fondos. Aplicación del Modelo General
Abstract: The determination of the tax savings ́ value and the impact of income tax on the firm valuation is related to the current tax systems. The tax effects imply cash out flow and savings, and, must be analyzed with the tax systems where the firm operates. Modigliani and Miller (1963) and Miller (1977) works suppose a classical system of income tax. The World Trade Organization (OCDE), identify seven tax systems classified into two large groups: integrated and classical. The paper reviews the existing models, particularly the General Model. Next, shows the value equations corresponding to the different tax systems. Through an analysis of cases, the impact on the variables of the tax system in which the firm operates is analyzed, according to the systems classified by the OECD.
Classification-JEL: G30
Keywords: Tax savings; tax systems; firm valuation
Journal: Ciencias Administrativas
Pages: 1-14
Issue: 23
Number: 3
Year: 2024
Month: January- June
DOI: 10.24215/23143738e127
File-URL: https://revistas.unlp.edu.ar/CADM/article/view/14410
File-Format: Application/pdf
Handle: RePEc:lap:recadm:186