Die Besteuerung in der Unternehmensbewertung ist vielschichtig. Sie hängt von Bewertungsanlass, Rechtsform, steuerlichen Eigenschaften des Objekts (z.B. Verluste) und bewertungsmethodischen Entscheidungen wie dem Tax-Shield-Effekt ab. Dieser Beitrag systematisiert die wichtigsten steuerlichen Aspekte in der Bewertung und zeigt, wie smartZebra in diesem Bereich unterstützen kann.

The taxation of business income and shareholder income in the objective business valuation is complex. Taxes at company and shareholder level must always be taken into account.

Market interest rates are an important aspect in determining financing terms between affiliated companies. To ensure that international transactions are carried out on fair terms and in accordance with tax law,

The beta factor is defined as a key performance indicator in finance and capital market theory. It assesses the systematic risk for the risk taker in a financial investment.

In the context of a business valuation using the DCF method or the discounted earnings method, the discount rate is used to assign a present value to future income or cash flows.

Determining an objectified business valuation in accordance with IDW S1 poses challenges for business valuers

Debt beta is a measure of the sensitivity of equity to changes in debt financing and is derived from the ratio of the credit spread to the equity risk premium. It serves as an indicator of systematic risk as defined by the Capital Asset Pricing Model (CAPM).

The risk-free interest rate corresponds to the return on a capital investment that is not subject to default risk. In addition to the default risk, the term and the currency are further characteristics that determine the level of this so-called riskfree base rate.

In 2015, the Technical Committee for Business Valuation and Business Administration (FAUB) adopted the draft of the IDW Standard:

The determination of the capitalization rate on the basis of the weighted average cost of capital (WACC) is a central requirement of the IDW. This requires, among other things, the determination of the riskfree base rate for a (quasi-)risk-free capital market investment.

The valuation of freelance practices such as medical practices, architectural firms or law firms remains insufficiently defined in common standards such as IDW S1 or IFRS.

The cash flow of the "perpetual annuity" is considered an extremely value-sensitive parameter in the DCF valuation. Among other things, it is determined by the level of long-term investments.

On the stock market, valuation methods based on multiples have always been among the most frequently used methods in business valuation. Particularly in the English-speaking world,

The perpetual annuity is based on assumptions of constant growth and a constant discount rate and is used in business valuation in both the Income approach and the DCF (discounted cash flow) method.

Start-ups are generally subject to revaluation more often than conventional companies. Every injection of fresh equity as part of a capital increase leads to an implicit new valuation of the company.

Against the backdrop of the persistently low interest rate environment, the IDW's Technical Committee for Business Valuation

In many companies, shareholder loans play an important role in raising capital. With such loans, shareholders lend money to the company to bridge financial bottlenecks or finance investments.

In the context of the Capital Asset Pricing Model (CAPM), beta represents the risk measure for systematic risk.

Find out about the key differences in business valuation for family and inheritance law matters in accordance with IDW Standard 13.

Consistent application of the multiples method is crucial for meaningful results. This article highlights the most important aspects of methodology and parameters.

Errors related to the beta factors can be avoided by paying attention to whether the tax shield is safe or unsafe.

IFRS 16 sets out the requirements for the recognition, measurement, presentation and disclosure of leases in the annual financial statements of companies that prepare their accounts in accordance with International Financial Reporting Standards (IFRS).

The topic of "deferred taxes" is rarely one of the typical finance professional's favorite topics in day-to-day accounting practice. It is therefore not surprising that the issue is ignored by valuers in the course of business valuations. When it is nevertheless worth taking a look at the topic.

Find out why the assessment of liquidity required for operations is often misunderstood in business valuation.

The valuation of small and medium-sized enterprises (SMEs) presents experts with a complex problem. Can multiple valuations replace the DCF and Income approach? In this article, we shed light on the challenges and possible solutions when valuing SMEs.

Find out how you can use the beta factors based on a listed peer group for business valuation.

The price comparison method is the method of choice for market interest rates on group loans, according to two relevant BFH rulings.

Multiples are often used in business valuations to check plausibility, especially in a capital market-oriented environment, where they often serve as the main valuation method. However, not everyone realizes that gearing also plays a role in multiples valuation, similar to the determination of beta factors.

In the world of business valuation, the sustainable growth rate plays a crucial role. This article provides valuable insights into the factors that influence this rate and explains how valuation experts can determine it.

We explain the background, controversies and effects of risk premiums in the valuation of SMEs.

The total beta of a company is an extended version of the beta coefficient and takes into account not only the systematic risk of the company but also the financial risk. Is this a useful key figure for SMEs?

Interesting facts at a glance on ►yield, ►liquidity and ►tax advantages of loans from a GmbH to its shareholders.

Find out how an impairment test is carried out, what the IFRS requirements are and which errors can be avoided.

According to the Federal Court of Justice, external liabilities are to be taken into account in the capitalized earnings value method by deducting the interest on borrowed capital attributable to them.

In valuation practice, multiple valuations are often used for SMEs, particularly with Sales, EBITDA, EBIT and EBIT multiples. But can they replace the common DCF and Income approaches? The IDW says so:

The weighted average cost of capital (WACC) is the most commonly used discount rate in the IFRS impairment test. This article explains the special features to be considered when determining the WACC and the difference between the WACC in business valuation.