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The Impact of Indirect Taxes and the Income Tax Act on Corporate Valuation in Mergers or Aquisitions.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The Impact of Indirect Taxes and the Income Tax Act on Corporate Valuation in Mergers or Aquisitions./
Author:	Kweza, Philip.
Description:	1 online resource (81 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-06.
Contained By:	Masters Abstracts International85-06.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798380942188

The Impact of Indirect Taxes and the Income Tax Act on Corporate Valuation in Mergers or Aquisitions.
Kweza, Philip.

The Impact of Indirect Taxes and the Income Tax Act on Corporate Valuation in Mergers or Aquisitions. - 1 online resource (81 pages)

Source: Masters Abstracts International, Volume: 85-06.

Thesis (M.B.A.)--University of Pretoria (South Africa), 2007.

Includes bibliographical references

When mergers and acquisitions are conducted, valuation plays an important role in establishing a fair market value (FMV) of a target company. A number of variables including direct taxes are considered during the valuation process. This study looks at the impact of indirect taxes on the valuation result of target companies involved in mergers and acquisitions.Target companies considered for this study were those from different industries that were involved in mergers and acquisition transactions in 2004/2005 period, had at least three years of financial information available and had paid capital gains tax (CGT), an indirect tax, following a successful conclusion of the transaction.Research showed that there is likelihood that valuation result of target companies involved in mergers and acquisitions is significantly different when valuation included CGT compared to when valuation excluded CGT. Furthermore, considerable savings, implying higher ROI, could be realized should corporate acquirers and private equity factored in the effect of indirect taxes on FMV of target companies especially in industries where there are considerable under-valued operating assets. Effective tax rates can be determined for different industry groups and they can be mathematically be modelled with fair accuracy.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380942188Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

The Impact of Indirect Taxes and the Income Tax Act on Corporate Valuation in Mergers or Aquisitions.
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500 $a Source: Masters Abstracts International, Volume: 85-06.
500 $a Advisor: Ward, Mike.
502 $a Thesis (M.B.A.)--University of Pretoria (South Africa), 2007.
504 $a Includes bibliographical references
520 $a When mergers and acquisitions are conducted, valuation plays an important role in establishing a fair market value (FMV) of a target company. A number of variables including direct taxes are considered during the valuation process. This study looks at the impact of indirect taxes on the valuation result of target companies involved in mergers and acquisitions.Target companies considered for this study were those from different industries that were involved in mergers and acquisition transactions in 2004/2005 period, had at least three years of financial information available and had paid capital gains tax (CGT), an indirect tax, following a successful conclusion of the transaction.Research showed that there is likelihood that valuation result of target companies involved in mergers and acquisitions is significantly different when valuation included CGT compared to when valuation excluded CGT. Furthermore, considerable savings, implying higher ROI, could be realized should corporate acquirers and private equity factored in the effect of indirect taxes on FMV of target companies especially in industries where there are considerable under-valued operating assets. Effective tax rates can be determined for different industry groups and they can be mathematically be modelled with fair accuracy.
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538 $a Mode of access: World Wide Web
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