Resumen

MILANESI, Gastón Silverio  y  TENNINA, María Agustina. IMPACTS OF THE TAX SYSTEM ON THE CASH FLOW DISCOUNT MODEL. APPLICATION OF THE GENERAL MODEL. Cienc. adm. [online]. 2024, n.23, pp.3-4. ISSN 0009-6784.

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.

Palabras clave : Tax savings; tax systems; firm valuation.

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