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EFFECT OF TAXES ON DEVELOPMENT OF BUSINESS SPHERE

Summary/Abstract: Development of business sphere is closely connected with investment support, espe-cially foreign direct investment, which would create more opportunities for economic development and creation of work opportunities. Effect of taxes on development of business sphere could be examined from various views. Firstly it is an effect on economic behaviour of subjects and following effect of taxes on finance decisions of business subjects. Effect of taxes on enterprise savings arises not only income effect (withdrawal of pro-fit after taxation – savings), but also effect of substitution. Enterprises create savings by amortisation (depreciation) and non-divided (held profit), as a source of future invest-ments. Lower taxation of non-divided profit than divided profit could have influence on decisions of enterprise on profit usage. Effect of taxes on investments could be characterised in view of profitableness and venture of investments. Taxes from profit in examining of profitability of investments lower the expected net profit rate and from view of venture of investments, taxes lower disposition to expect the risk. Effect of taxes on finance decision making of enterprises could be characterised in view of construction of individual tax codes (income tax, VAT, excise and property taxes), by which government influences behaviour, decision making and activities of en-terprises. Extend of tax load has direct effect on finance decisions of enterprises. Deve-lopment of business sphere in a great extend depends on reinforcement of incomes before taxes as a main instrument of economy development. Lowering of tax load should lead to higher work and business activity, higher savings and their exchange and to investments. Reducing of tax load of enterprises has great influence on development of national, but also international business. Development of business sphere is closely connected with support of investments which would create more opportunities for economy development and creation of job opportunities. The basic task of tax policy of each state should be creation of such business environ-ment which would satisfactory influence development of business sphere (in our condi-tions mainly development of small and medium enterprises), which would secure also satisfactory tax income for the state. Aim of this contribution is suggesting of investment model of taxation of enterprises, which would, if applied, have a positive influence on development of companies. On the basis of this model would be possible in functioning companies use own resources for business development in a form of deduction of investments from tax basis. Similar tax stimuli exist abroad in a form of deducible investment item.

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