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ACCA FM知识点：NPV对税的影响
文章来源：ACCA全球官网
发布时间：2021-11-01 14:40
阅读：843次
含税对NPV计算有什么影响？假设25%的公司税和四年内的直线免税折旧(TAD)，残值为零。让我们通过本文了解一下这个知识点。
The effect of taxation
What is the effect on the NPV calculations of including taxation?Assume corporation tax of 25%and straight-line tax-allowable depreciation(TAD)over four years with zero residual value.【点击免费下载>>>更多ACCA学习相关资料】
Nominal terms NPV calculation where tax is not deferred
Annual TAD will be 1,000,000/4=$250,000 per year
Annual TAD tax benefit will be 250,000 x 0.25=$62,500 per year
Nominal terms after-tax cash flows
Year 1:687,000–(687,000 x 0.25)+62,500=$577,750
Year 2:850,500–(850,500 x 0.25)+62,500=$700,375
Year 3:1,040,000–(1,040,000 x 0.25)+62,500=$842,500
Year 4:1,237,500–(1,237,500 x 0.25)+62,500=$990,625
The nominal after-tax cost of capital is approximately 9 x(1–0.25)=6.75%
Discounting to find the nominal terms after-tax NPV:
Real terms NPV calculation where tax is not deferred
Real terms after-tax cash flows
Year 1:577,750/1.048=$551,288
Year 2:700,375/1.0482=$637,688
Year 3:842,500/1.0483=$731,958
Year 4:990,625/1.0484=$821,229
The real after-tax cost of capital is related to the nominal after-tax cost of capital by the Fisher equation,so the real after-tax cost of capital is approximately(1.0675/1.048)=1.0186 or 1.86%
Discounting to find the real terms after-tax NPV:
Once again,considering rounding,the nominal terms and real terms after-tax NPVs are the same.
相关阅读：【ACCA FM知识点：实际利率和名义利率】
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