Tax aspects of financing startups in Slovenia in comparison with some countries

Namen magistrske naloge je preučiti davčno neenakost lastniških in dolžniških virov financiranja in vpliv takšne davčne ureditve na razvoj start-up podjetij. Financiranje zgodnjih faz razvoja podjetja se razlikuje od financiranja podjetij v zrelih fazah življenjskega ciklusa, saj imajo start-up podjetja zaradi večje tveganosti otežen dostop do tradicionalnih virov financiranja. Davčni sistemi v večini držav spodbujajo dolžniško financiranje preko odbitka obrestnih odhodkov na prejeto posojilo, medtem ko ne predvidevajo te možnosti tudi za donos na kapital, ki je predmet obdavčitve tako v primeru izplačila kapitalskih dobičkov kot izplačila dividend. Zaradi dvoma v upravičenost takšne davčne obravnave lastniških in dolžniških virov financiranj so nekatere države že uvedle mehanizme, ki delujejo v smeri zagotovitve davčne enakosti. Mehanizmi, ki zmanjšujejo davčno neenakost med dolžniškimi in lastniškimi viri financiranja gredo ali v smeri omejitve odbitka obrestnih odhodkov od davčne osnove (sistem CBIT) ali v smeri uvedbe odbitka za lastniške vire financiranja (sistem ACE) oziroma v smeri kombinacije obeh vrst. Ker so tradicionalni viri financiranj za inovativna start-up podjetja ponavadi težje dostopni, se v zadnjem času pojavljajo različne možnosti nebančnega financiranja preko t.im. platform za množično financiranje in skladov tveganega kapitala. Zaradi relativno novega načina financiranja se tako pravna kot davčna zakonodaja, ki urejata področje alternativnih virov financiranja dopolnjujeta skladno z razvojem teh oblik financiranja.The aim of this master\u27s thesis is to examine the tax inequality of debt and equity sources of funding and the impact on start-up companies, from a tax perspective. Early-stage financing differs from financing in the later stages of company\u27s life-cycle, thus companies having start-up problems in accessing traditional sources of funding, occur mainly due to a higher risk profile. Tax systems, in the majority of states, encourage debt financing via the deduction of interest expenses on granted loans, while a similar opportunity is not possible for capital gains, as that is the object of taxation. Justification in such a tax treatment of debt and equity sources of funding is being questioned, and some states, mechanisms have already been introduced, that work in the direction of ensuring tax equality. Mechanisms, that reduce tax inequality between debt and equity sources of funding go in the direction of limiting a deduction of interest expenses from the taxable amount (System CBIT), in the direction of introducing a deduction for equity sources of funding (System ACE), or in the direction of a combination of both types. Due to the fact that traditional source of financing for start-up companies are usually more difficult to access, of late a new possibility of nonbank funding through crowdfinding platforms and venture capital funds seems to provide options. Given this relatively new phenomenom, both legal and tax legislation are still in the early phase of their development