The Influence of Taxes on the Financial Management of the Entreprise

The aim of this contribution is to analyze the influence of taxes on the financial management and decision of enterprise. The enterprise could be influenced in a passive or active way. In a passive way the company has to bear some negative tax consequences or on the contrary could exploit positive tax consequences. In a active way the company could exploit taxes for the decision concerning some concrete option with the aim to maximize the market value of the enterprise or to fulfill the other corporate aims. The most important role plays the income tax, which could influence the choice concerning the appropriate legal form of business, investment decision, risk of business and the options of financing of corporate. Value added tax could influence mainly cash flow of the enterprise if the company is the payer of this tax. Excise taxes and ecological taxes could influence negatively the competitiveness of the company mainly if these taxes are lesser in neighboring countries. Property taxes plays marginal role. The most important role plays also the mutual interaction of state and the firm sphere mainly in the case of tax deductable costs, deductible items or tax rebate.