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Kes 40

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PEMBERI PAJAK DAN PENERIMA PAJAK

Ciri-ciri pajakan adalah perjanjian sewa yang melibatkan bayaran tahunan tetap yang dilanjutkan selama beberapa tempoh. Pemberi Pajak memiliki harta yang dipajak. Penerima pajak memperoleh nilai produktif aset daripada pemberi pajak tetapi melepaskan nilai baki. Nilai baki ialah aset yang bernilai pada akhir pajakan. Primus Automasi merupakan pemberi pajak, di mana merupakan pengeluar produk kilang inovatif automasi bertaraf dunia dan perkhidmatan yang beroperasi di Amerika Syarikat, Eropah dan Asia. Manakala bagi syarikat Avantjet pula merupakan penerima pajak, di mana syarikat ini mengeluarkan jet-korporat pesawat. Selain itu, Avantjet cuba untuk memperoleh satu sistem automasi yang akan mengurangkan kos dan mempercepatkan pengeluaran syarikat.

PILIHAN UNTUK AVANTJET

Avantjet mempunyai empat pilihan untuk memperoleh satu sistem automasi yang sesuai dengan syarikat mereka iaitu:
1) Memperolehi dana melalui dana yang dipinjam.
2) Memperolehi peralatan melalui jual, di mana peralatan menjadi hak milik firma apabila menerima bayaran terakhir.
3) Dua cara pajakan peralatan iaitu: * Pajakan modal. * Pajakan operasi.

ANALISIS
Exhibit 1
Avantjet’s Statement of Income ($000) | 2002 | Adj | 2001 | 2000 | 1999 | Sales | $ 576, 327 | | $ 576, 327 | $ 575, 477 | $ 432, 522 | Other income | 9, 985 | | 9, 985 | 6, 976 | 9, 677 | Gross income | 586, 312 | | 586, 312 | 582, 453 | 442, 199 | Cost of goods sold | 420, 825 | | 425, 076 | 423, 443 | 325, 016 | Selling, general & admin | 43, 624 | | 43, 624 | 36, 215 | 35, 632 | Research & development | 13, 773 | | 13, 773 | 12, 873 | 9, 064 | Interest | 84, 062 | | 84, 062 | 87, 259 | 27, 002 | Rent Expense | 162 | 162 | | | | Total expense | 562, 446 | | 566, 535 | 559, 790 | 396, 714 | Income before taxes | 23, 866 | | 19, 777 | 22, 662 | 45, 485 | Taxes | 9, 690 | | 9, 690 | 11, 105 | 22, 288 | Net income | $ 14, 176 | | $ 10, 087 | $ 11, 557 | $ 23, 197 |

Exhibit 2 Avantjet’s Balance Sheet ($000) | 2002 | Adj | 2001 | 2000 | Assets | | | | | Current assets: | | | | | Cash and temporary investments | 19, 918 | | $ 19, 918 | $ 27, 263 | Accounts receivable | 37, 791 | | 37, 791 | 37, 307 | Inventories | 310, 180 | | 310, 180 | 323, 101 | Prepaid expenses | 13, 928 | | 13, 928 | 13, 362 | Total current assets | 381, 817 | | 381, 817 | 401, 033 | Property, plant and equipment | | | | | Land | 2, 245 | | 2, 245 | 2, 245 | Buildings | 30, 654 | | 30, 654 | 30, 229 | Machinery and equipment | 26, 932 | | 26, 932 | 21, 244 | Furniture and fixtures | 1, 683 | | 1, 683 | 1, 520 | Construction in progress | 1, 668 | | 1, 668 | 885 | | 63, 182 | | 63, 182 | 56, 123 | Less accumulated depreciation | 12, 634 | | 12, 634 | 8, 267 | Net property, plant and equipment | 50, 548 | | 50, 548 | 47, 856 | Other assets | 640, 369 | | 640, 369 | 648, 339 | Total assets | 1, 072, 734 | | $ 1, 072, 734 | $ 1, 097, 228 | Liabilities and stockholders’ equity | | | | | Current liabilities: | | | | | Long-term debt | 592 | | $ 592 | $ 563 | Account payable | 42, 355 | | 42, 355 | 38, 760 | Notes payable | 4, 750 | | 4, 750 | 5, 764 | Accrued compensation, interest and other liabilities | 39, 627 | | 39, 627 | 43, 855 | Deposits and progress payments | 146, 964 | | 146, 964 | 160, 946 | Total current liabilities | 234, 288 | | 234, 288 | 249, 888 | Long-term notes payable to banks | 646, 633 | | 646, 633 | 671, 225 | Deferred income taxes | 42, 661 | | 42, 661 | 41, 498 | | 689, 294 | | 689, 294 | 712, 723 | Common stockholders’ equity: | | | | | Common stock | 3, 385 | | 3, 385 | 3, 027 | Capital in excess of par value | 74, 081 | | 74, 081 | 69, 770 | Retained earnings | 72, 017 | | 72, 017 | 62, 156 | Less common stock in treasury | (331) | | (331) | (336) | Total stockholders’ equity | 149, 152 | | 149, 152 | 134, 617 | Total liabilities and stockholders’ equity | 1, 072, 734 | | $ 1, 072, 734 | $ 1, 097, 228 |

Jadual Pelunasan Pinjaman A Year | | 1 | 2 | 3 | 4 | 5 | Beginning Balance | | $ 715, 000 | $ 596, 713 | $ 467, 189 | $ 325, 360 | $ 170, 057 | Annual Payment | $ 186, 212 | 186, 212 | 186, 212 | 186, 212 | 186, 212 | 186, 212 | Interest Before Tax | 9.50% | 67, 925 | 56, 688 | 44, 383 | 30, 909 | 16, 155 | Principal Reduction | | 118, 287 | 129, 524 | 141, 829 | 155, 303 | 170, 057 | Ending Balance | | $ 596, 713 | $ 467, 189 | $ 325, 360 | $ 170, 057 | $ 0 | Tax Rate | 34.00% | | | | | | Interest After Tax | | $ 44, 831 | $ 37, 414 | $ 29, 293 | $ 20, 400 | $ 10, 633 | Total Interest Paid | | $ 142, 600 | | Total Principal Paid | | $ 715, 000 | |

Exhibit 6
Summary Table of the Net Present Value and Internal Rate of Return f or Four Tax and Cost-of-Capital Scenarios Scenario | A | B | C | D | Effective tax ratePretax cost of debtAfter-tax cost of debt | 34.0%9.5%6.27% | 34.0%13.0%8.58% | 0.0%9.5%9.50% | 0.0%13.0%13.00% | NPV of loan (“borrow-and-buy”)IRR of loan (“borrow-and-buy”) | $ 469, 2736.27% | $ 484, 5468.58% | $ 663, 8009.50% | $ 671, 25313.00% | Leasing option #1NPV of leasing option #1IRR of leaseLease advantage over borrowing | $ 155, 040$ 454, 7175.32%$ 14, 556 | $ 155, 040$ 436, 9155.32%$ 47, 631 | $ 155, 040$ 651, 8638.61%$ 11, 937 | $ 155, 040$ 616, 2028.61%$ 55, 051 | Leasing option #2NPV of leasing option #2IRR of leaseLease advantage over borrowing | $ 160, 003$ 469, 2736.27%$ 0 | $ 160, 003$ 450, 9016. 27%$ 33, 645 | $ 160, 003$ 672, 73010.17%($ 8, 930) | $ 160, 003$ 635, 92710.17%$ 35, 326 | Leasing option #3NPV of leasing option #3IRR of leaseLease advantage over borrowing | $ 162, 350$ 476, 1566.72%($ 6, 883) | $ 162, 350$ 457, 5156.72%$ 27, 031 | $ 162, 350$ 682, 59810.91%($ 18, 798) | $ 162, 350$ 645, 25510.91%$ 25, 998 | Leasing option #4NPV of leasing option #4IRR of leaseLease advantage over borrowing | $ 164, 760$ 483, 2257.19%($ 13, 952) | $ 164, 760$ 464, 3067.19%$ 20, 240 | $ 164, 760$ 692, 73011.68%($ 28, 930) | $ 164, 760$ 654, 83411.68%$ 16, 419 | Faulhaber Gmbh NPV of loan NPV of lease IRR of lease Lease advantage over borrowing | $ 484, 376$ 498, 5937.13%($ 14, 217) | $ 501, 993$ 479, 0737.13%$ 22, 920 | $ 686, 679$ 714, 76211.42%($ 28, 083) | $ 697, 207$ 675, 66011. 42%$ 21, 547 | Honshu Heavy Industries NPV of loan NPV of lease IRR of lease Lease advantage over borrowing | $ 438, 036$ 478, 0638.64%($ 40, 027) | $ 458, 436$ 459, 3468.64%($ 910) | $ 624, 641$ 685, 33013.48%($ 60, 689) | $ 640, 997$ 647, 83913.48%($ 6, 842) |

Daripada exhibit 6, kami dapati syarikat Hoshu tidak berdaya saing dalam mana-mana senario bagi mana-mana empat pilihan. Di mana, kelebihan pajakan berbanding pinjaman bagi ke empat-empat pilihan bernilai negatif. Hal ini dinyatakan di jadual bawah. Scenario | A | B | C | D | Primus Lease Option 1Lease advantage over borrowing | $ 14, 556 | $ 47, 631 | $ 11, 937 | $ 55, 051 | Primus Lease Option 2Lease advantage over borrowing | $ 0 | $ 33, 645 | $ (8, 930) | $ 35, 326 | Primus Lease Option 3Lease advantage over borrowing | $ (6, 883) | $ 27, 031 | $ (18, 798) | $ 25, 998 | Primus Lease Option 4Lease advantage over borrowing | $ (13, 952) | $ 20, 240 | $ (28, 930) | $ 16, 419 | Honshu Heavy IndustriesLease advantage over borrowing | $ (40, 027) | $ (910) | $ (60, 689) | $ (6, 842) |

Seterusnya, syarikat Faulhaber adalah kompetitif utama bagi syarikat Primus. Di mana, kelebihan pajakan adalah lebih besar untuk Primus menggunakan tiga daripada empat pilihan. Turut dinyatakan di dalam jadual di bawah. Scenario | A | B | C | D | Primus Lease Option 1Lease advantage over borrowing | $ 14, 556 | $ 47, 631 | $ 11, 937 | $ 55, 051 | Primus Lease Option 2Lease advantage over borrowing | $ 0 | $ 33, 645 | $ (8, 930) | $ 35, 326 | Primus Lease Option 3Lease advantage over borrowing | $ (6, 883) | $ 27, 031 | $ (18, 798) | $ 25, 998 | Primus Lease Option 4Lease advantage over borrowing | $ (13, 952) | $ 20, 240 | $ (28, 930) | $ 16, 419 | Faulhaber GmbhLease advantage over borrowing | $ (14, 217) | $ 22, 920 | $ (28, 083) | $ 21, 547 |

Kesimpulannya, Primus perlu buat pilihan tiga iaitu pajakan operasi. Hal ini kerana pilihan satu dan pilihan dua tidak memberikan Primus nilai NPV yang positif. Manakala, pilihan tiga dan pilihan empat akan memberikan nilai NPV positif pada syarikat Primus. Walau bagaimanapun, dengan pilihan empat tidak akan menjadi satu kelebihan menyeluruh untuk pajakan antara Primus dan Honshu Heavy Industries, jadi syarikat berpotensi terhadap risiko kehilangan perniagaan ini. Pilihan tiga dianggap pilihan yang baik kerana menawarkan NPV dan IRR yang baik tanpa mengalami risiko kehilangan pelanggan kepada Faulhaber. Selain itu, ia disebabkan Avantjet memerlukan peralatan yang boleh mengurangkan kos dan memperbaiki masa. Dengan itu, syarikat perlu merasakan pilihan ini merupakan pilihan yang attraktif bagi firma laksanakan.
KEBAIKKAN DAN KELEMAHAN Kebaikkan pajakan kepada syarikat adalah di mana Primus boleh membuat pembiayaan secara 100% berbanding beli hanya mendapat pinjaman 90% hingga 95% sahaja untuk pembiayaan. Selain itu, pajakan tidak mempunyai syarat tertentu atau syarat ketat bagi ekuiti dan liabiliti manakala dengan pembelian terdapat syarat-syarat yang perlu dipatuhi untuk membuat pinjaman. Salah satu sebab yang penting ialah mengelak daripada kos lapuk, di mana sistem automasi yang diperlukan Primus berkemungkinan akan mempunyai teknologi yang lebih baik atau baru pada masa akan datang atau terdekat. Jika firma tidak mengubah sistem yang sedia ada, kebarangkalian firma akan ketinggalan dalam penggunaan teknologi. Walaupun begitu, jika firma menukar sistem maka syarikat akan hadapi kos lapuk dan ini boleh menambahkan kos syarikat. Akhir sekali, kebaikkan pajakan turut membolehkan firma untuk mengawal liabiliti dan ekuiti syarikat mengikut kesesuaian keadaan firma. Bagi pembelian pula, terang-terang menunjukkan kenaikkan dalam hutang firma. Kelemahan pajakan pula adalah pulangan yang dikenakan oleh pemberi pajakan kadang-kadang lebih tinggi berbanding pulangan semasa. Namun begitu, jika pembelian, kos yang dikenakan mungkin lebih rendah. Faktor lain pula ialah penggunaan terhadap peralatan tersebut, di mana jika Primus membeli sistem tersebut maka firma boleh mengguna sistem secara menyeluruh tapi bagi pajakan, firma tidak boleh menggunakan sistem tersebut dengan sepenuhnya. Syarikat perlu meminta kebenaran jika ingin mengubah suai atau mendapatkan teknologi yang lebih baik dan canggih. Akhir sekali, masalah kecairan berlaku apabila Primus memerlukan wang tunai segera. Jika membeli peralatan secara pajak, firma tidak boleh menukarkannya menjadi tunai kerana bukan hak milik syarikat. Manakala, pembelian peralatan oleh firma membolehkan Primus untuk menjual balik atau menukar pemilik ke atas aset bagi mendapatkan tunai dengan cepat.

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