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• W339984115 abstract "Managerial Tax Planning: A Canadian Perspective Daniel B. Thornton. Rexdale, ON: John Wiley & Sons Canada, 1993, 632 pp. Intended as a practical guide to managerial tax planning, this book is current to 1992 federal budget. Although several budgets have been brought down since (with many changes in tax rates and elimination of capital gains exemption) basic principles in this book still apply and should be useful for several years. The book is well indexed to facilitate reading it by subject. The contents of each chapter are listed at beginning of each one, along with key concepts. The book comes with a diskette that contains spreadsheets, allowing readers to perform tax calculations even if their math and/or tax knowledge is not strong. These spreadsheets allow user to (a) perform sensitivity analyses; (b) use actual tax rates (rather than assumed 50%); and (c) see how changes in tax parameters affect managerial tax planning. Formulas introduced in text include two that compare after-tax income of a CCPC (Canadian controlled private corporation) engaged in an active business with after-tax income of an unincorporated business operating in field. The author has undertaken to update spreadsheets every year with suggestions from colleagues and students. It is my hope that author also undertakes to update spreadsheets for changes to income tax legislation. Each formula that appears on spreadsheet is initially introduced in relevant chapter. Although spreadsheets are well done and should prove indispensable to reader, they could have been better developed in text. Specifically, comprehensive and complete examples to introduce and explain each formula would enhance future readers' understanding and use of formulas. The book is divided into thirteen chapters. The introductory chapters show importance of managerial tax planning to practice of management. The author attempts to accomplish this by (a) showing managers that it is more important to understand reasoning (government's intent) behind tax rules than to have an encyclopaedic knowledge of tax legislation; (b) showing managers how taxes fit into big picture; (c) making them understand that they will need professional tax advice (that they do not know everything in field of taxation); and (d) showing them how to communicate effectively with tax professionals. The author introduces notion of as a business partner. The is an uninvited party to every contract undertaken by business. It shares in profits and losses sustained by business. Although I agree with government as partner concept in context of sharing profits, I do not agree with author's contention that the objective of managerial tax planning is not to look for loopholes in tax (p. 16). The author contends that exploiting such loopholes, infers that managers are thwarting certain objectives that wishes to achieve (p. 16). A manager's objective is to maximize shareholders'/owners' return on investment. If an increase in return on investment is accomplished through a brilliant and legal tax strategy, so be it. We must remember that does not adjust its tax rates to reflect fact that partner's international competitor operates in a lowtax jurisdiction. In other words, playing field is not level and managers must do what they can, within law, to level it. The book introduces concept of implicit taxes: An implicit tax rate is percentage discount in pretax expected rate of return from investing in a tax favoured asset, compared with pretax expected rate of return from investing in a similarly risky, fully taxed asset (p. 16). It is important that managers understand that looking at tax rates is not sufficient in analysis of investment options, in fact, a good understanding of tax legislation is important. …" @default.
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