Improvement? Tax deductible costs of share issuance and guarantees in public limited companies
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The article concentrates on doubts related to the practice of tax deduction of the costs of securities' public emission. The changes in related law and inconsistent practices of tax authorities made managers adapt different ways of interpreting tax deductible emission costs. The key issue analysed in the article is the essential question of treating the share capital collecting costs as the costs of gaining income deductible from the corporate income tax on the basis of the general rule of tax deduction based on economic and legal relation between such costs and the corporate income. The author favours the concept that the share capital collecting costs of the limited company are one of the typical cots of running a company and therefore it is proper as a rule to deduct them from corporate income tax.
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