Wybrane aspekty amortyzacyjnej osłony podatkowej

Abstract

The article refers to depreciation as a specific economic-financial category. The depreciation, similar to outside capital interest, decreases tax payments and allows to use tax shield. The influence of tax shield on profitability of share capital and on generating cash flow is determined by numerous factors. The analysis is characterised by making allowance for selected factors influencing the depreciation tax shield effect. The results show, that depreciation and depreciation lax shield effect affect negatively share capital profitability when company generates profit at average or at low level. However, positive influence can be observed only at a relatively high level of profits. On the other hand very positive effect is given by depreciation increase and depreciation tax shield causing increase of cash flow on unit of share capital - that is cash flow made by a company for the owners.