文章基本信息

标题：The Effect of the Amendments to the Tax Laws of Financial Leasing on Capital Budgeting Decisions
其他标题：Finansal Kiralama İle İlgili Vergi Kanunlarındaki Değişikliklerin Sermaye Bütçelemesi Kararlarına Etkisi
本地全文：下载
作者：Hasan BAL
期刊名称：İşletme Araştırmaları Dergisi
印刷版ISSN：1309-0712
出版年度：2011
卷号：3
期号：3
语种：English
出版社：Isarder
摘要：With an amendment to the Tax Law in 2003 in Turkey,there have emerged some important tax implementations in financial leasing operations. Before the amendment, the whole financial leasing payment was regarded expense in terms of the leasing firm, on the other hand,the lease-holder was not able to allocate amortization since the property of the goods does not belong to the lease holder. Along with the amendment in the Tax Law,the lease-holder is now able to allocate amortization for the goods leased and not able to charge the goods leased as expense,only the interest fees are regarded as expense naturally,this affects the decision of the capital budgeting for the firms. The main objective of this study is to examine the extent to which this affects the capital budgeting decisions. In this paper,we examine the effect of before and after the amendment of the tax procedural law on the capital budgeting decisions,using the free cash flow to equity,to what extent this affect the net present value of the project with a sample investment project. The results obtained suggest that the net present value of a Project to be financed through financial leasing before the amendment to the tax laws might be lower after the amendment to the tax law.
其他摘要：Vergi Usul Kanunu mükerrer 290. madde ile beraber finansal kiralama işlemlerinde vergi uygulamaları açısından bir takım farklılıklar ortaya çıkmıştır. Söz konusu değişiklikten önce vergi uygulamaları açısından finansal kiralama işleminde kira ödemelerinin
关键词：Financial leasing;capital budgeting;free cash flow to equity.
其他关键词：Finansal kiralama;sermaye bütçelemesi;özkaynağa serbest nakit akımı.