Tightening tax policy and changes to tax efficiency on the example of companies listed on the Warsaw Stock Exchange

• Autorzy: Kowalski Michał J. , Nesterak Janusz

Identyfikatory

DOI

10.7494/manage.2022.23.2.153

• Języki publikacji: EN

Abstrakty

EN

The article presents an analysis of changes in the tax efficiency of companies listed on the Warsaw Stock Exchange. After 2017, some changes to the tax law aimed at tightening the regulations on an unprecedented scale were introduced. The research conducted showed that since 2018 there has been a decrease in tax efficiency measured with effective tax rate (ETR) and current effective tax rate (CETR). On average, in 2018–2019, the efficiency measured with CETR dropped by 17.7%, the median by 14.8% compared to the previous years. In 2018 and 2019, the value of the CETR was the highest in the entire analyzed period, i.e. from 2012 to 2019. At the same time, the propensity of companies to create deferred tax assets is declining, and the effective tax rate is also growing. The changes mainly concern companies with average tax efficiency, large entities forming capital groups, and companies implementing capital investments. The article presents a discussion on the observed trends and formulates directions for further research.

Słowa kluczowe

EN

tax management; tax efficiency; tax policy; tightening tax policy; effective tax rate; ETR; current effective tax rate; CERT; Warsaw Stock Exchange

• Wydawca: Wydawnictwa AGH
• Czasopismo: Managerial Economics
• Rocznik: 2022
• Tom: Vol. 23, no. 2
• Strony: 153--170
• Opis fizyczny: Bibliogr. 26 poz., wykr., tab.

Twórcy

autor

Kowalski Michał J.

• Wroclaw University of Science and Technology, Department of Management Systems and Organizational Development

• https://orcid.org/0000-0001-9843-5122

autor

Nesterak Janusz

• Cracow University of Economics, Department of Economics and Organization of Enterprises

• https://orcid.org/0000-0001-9114-4947

Bibliografia

• [1] Armstrong, C.S., Blouin, J.L. and Larcker, D.F. (2012) ‘The incentives for tax planning’, Journal of Accounting and Economics, vol. 53, pp. 391–411.
• [2] Buk, H., (2014) ‘Wykorzystanie odroczonego podatku dochodowego do kreowania wyniku finansowego przedsiębiorstwa’, in Duraj N. (ed.) Wartość rynkowa struktura kapitału i efektywność przedsiębiorstwa, Łódź: Wydawnictwo Uniwersytetu Łódzkiego
• [3] Brown, M.B. and Forsythe, A.B., (1974) ‘Robust tests for the equality of variances’, Journal of the American Statistical Association, vol. 69, pp. 364–367.
• [4] Chen, S., Chen, X., Cheng, Q. and Shevlin, T. (2010) ‘Are family firms more tax aggressive than non-family firms?’, Journal of Financial Economics, vol. 95, pp. 41–61.
• [5] Ciupek, B. and Famulska, T. (ed.) (2013) Strategie podatkowe przedsiębiorstw, Katowice: Wydawnictwo Uniwersytetu Ekonomicznego w Katowicach.
• [6] Desai, M.A. and Dharmapala, D. (2009) ‘Corporate tax avoidance and firm value’, The Review of Economics and Statistics, vol. 91, pp. 537–546.
• [7] Dunn, O.J. (1964) ‘Multiple comparisons using rank sums’, Technometrics, vol. 6, pp. 241–252.
• [8] Famulska, T. (2015) ‘Reakcje przedsiębiorstw na obciążenia podatkowe’, Optimum. Studia Ekonomiczne, vol. 73, pp. 137–151.
• [9] Frank, M.M., Lynch, L.J. and Rego, S.O. (2009) ‘Tax reporting aggressiveness and its relation to aggressive financial reporting’, The Accounting Review, vol. 84, pp. 467–496.
• [10] Hanlon, M. and Heitzman, S. (2010) ‘A review of tax research’, Journal of Accounting and Economics, vol. 50, pp. 127–178.
• [11] Heltzer, W. (2009) ‘Conservatism and book-tax differences’, Journal of Accounting, Auditing & Finance, vol. 24, pp. 469–504.
• [12] Graham, J.R., Hanlon, M. and Shevlin, T. (2011) ‘Real effects of accounting rules: Evidence from multinational firms’ investment location and profit repatriation decisions’, Journal of Accounting Research, vol. 49, pp. 137–185.
• [13] Graham, J.R., Hanlon, M., Shevlin, T.J. and Shroff, N. (2013) ‘Incentives for tax planning and avoidance: Evidence from the field’, The Accounting Review, vol. 89, pp. 991–1023.
• [14] Kowalski, M.J. (2016) Zastosowanie controllingu podatkowego w polskich przedsiębiorstwach – wnioski z badań empirycznych, in Rachunkowość a controlling, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, Research Papers of Wrocław University of Economics, Nr 440.
• [15] Kowalski, M. (2017) Miary efektywności podatkowej przedsiębiorstw, in Dylematy zarządzania kosztami i dokonaniami, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, Research Papers of Wrocław University of Economics, Nr 472.
• [16] Kruskal, W.H. and Wallis, W.A. (1952) ‘Use of ranks in one-criterion variance analysis’, Journal of the American Statistical Association, vol. 47, pp. 583–621.
• [17] Lisowsky, P. (2010) ‘Seeking shelter: Empirically modeling tax shelters using financial statement information’, The Accounting Review, vol. 85, pp. 1693–1720.
• [18] Mills, L. (1998) ‘Book-tax differences and Internal Revenue Service adjustments’, Journal of Accounting Research, vol. 36, pp. 343–356.
• [19] Obwieszczenie Marszałka Sejmu Rzeczypospolitej Polskiej z dnia 24 listopada 2017 r. w sprawie ogłoszenia jednolitego tekstu ustawy o podatku dochodowym od osób prawnych https://isap.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20170002343
• [20] Omer, T.C., Molloy, K.H. and Ziebart, D. (1991) ‘Measurement of Effective Corporate Tax Rates Using Financial Statement Information’, Journal of the American Taxation Association, vol. 13, pp. 57–72.
• [21] Poszwa, M. (2017) Zarządzanie podatkami, in Nowak, E. and Poszwa, M., Rachunek kosztów, rachunkowość zarządcza, Wrocław: Wydawnictwo Uniwersytetu Ekonomicznego.
• [22] Szlęzak-Matusewicz, J. (2013) Zarządzanie podatkami osób fizycznych, Warszawa: Wolters Kluwer.
• [23] Sztuba, W. (2016), Efektywne opodatkowanie przedsiębiorstw, Warszawa: Wolters Kluwer.
• [24] Wyciślok, J. (2013) Optymalizacja podatkowa. Legalne zmniejszanie obciążeń podatkowych, Warszawa: Wydawnictwo C.H. Beck.
• [25] Wyrzykowski, W. and Kasprzak, P. (2019) ‘Sealing tax collection in Poland and the EU in the years 2008–2018’, Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, t. 43, pp. 31–46.
• [26] Zalewski, Ł. (2015) ‘IX Ranking Firm i Doradców Podatkowych DGP’, Dziennik Gazeta Prawna, 5 marca 2015, nr 44.