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To illustrate the sitution, let's compare the tax burden of Comfort LLC with the average industry indicator (Figure 15).Figure 15 – The Dynamics of Tax Burden Ratio of Comfort LLC, the Average Industry Load and Tax Burden for All Types of Activities for 2016-2018As we can see in Figure 7, the tax burden of Comfort LLC is higher than the average value for the economy, which indicates a fairly effective tax policy of the organization. At the same time, there is no significant deviation from the industry average, which cannot lead to an on-site tax audit.We will also compare the Сompany's profitability indicators with the average industry indicatorsand present them in Table 17.Table 17 –The Comparison of the Profitability of Sold Goods, Products (Works, Services), Return on Assetsof Comfort LLC and the Industry Average Valuefor 2017 IndicatorsProfitability of sold goods, products (works, services), %Return on assets, %Comfort LLC5,665,88Handling and storage9,04,7Since there is no significant deviation in profitability (more than 10 percent), we can state that tax policy is effective, as conducting an on-site tax audit does not threaten.Thus, after analyzing the total volume of tax payments carried out by Comfort LLC as well as the estimated coefficients, the tentative conclusion may be drawn. It is that the greatest tax pressure on the organization is exerted by such a tax as VAT.It can be argued that the taxation system being used by Comfort LLC significantly affects the economic security and financial results of the organization. The tax burden characterizing the total impact of taxes on the Company’s financial results is quite high and continue to increase. This indicates a significant tax increase and, consequently, a reduction in the financial result of the organization. Therefore, the organization's tax policy needs to make certain adjustments.ConclusiononChapter 2:The analysis of the tax burden and its impact on the financial result of the organization using the example of Comfort LLC has been carried outin Chapter 2 of our study.Based on the analysis of Comfort LLC financial results for 2016-2018, it can be concluded that the Company's activities are performed inefficiently over the past two years, as the company receives a net loss.That is, the expenses of Comfort LLC regarding to the primary activity exceed its revenue, though according to the data presented in Table 2.2, the Company's revenue has a stable positive growth and within the period 2016-2018, it increased by 70026 RUB, in thousands, or 19.4 times. At the same time, the Comfort LLC production cost increased by 73244 RUB, in thousands or by 17.4 times over the same period, which exceeds the revenue growth.In 2016, Comfort LLC received a net profit of 52,781 RUB, in thousands. However, in 2016, the company had a net loss of 735 RUB, in thousands. Moreover, in 2018, the Comfort LLC volume of net loss increased and became equal to 29,316 RUB, in thousands.Based on this analysis, it can be concluded that the Company is under the framework of the general tax system and pays the following taxes: VAT, income tax, transport tax, corporate property tax, and insurance fees.The tax burden did not change significantly in 2018 compared to 2016, except for the tax burden according to the method of the Tax Policy Department of the Ministry of Finance of the Russian Federation. It can be noted that the situation worsened during the analyzed period, as this indicator decreased, and, consequently, the total amount of tax payments and other expenses increased, which did not lead to a significant increase in net profit.The tax burden of Comfort LLC is higher than the average value for the economy, which indicates a fairly effective tax policy of the organization. At the same time, there is no significant deviation from the industry average, which cannot lead to an on-site tax audit.The tax burden increases for average industry indicators. Moreover, the direct calculation of the tax burden on the Company itself showed a positive trend, which is a negative fact that affects the Company's performance as a whole.In addition, the conducted financial analysis has shown that there is a deterioration in the liquidity of balance. Largely, this fact depends on the excess of the Company's expenses for tax payments as evidenced by the increase in the tax burden. On the basis of this analysis, we can conclude that the Company is under the framework of the general taxation system and pays the following taxes: VAT, income tax, transport tax, property tax, insurance fees and also note that the average industry indicators of the tax burden increases. Thus, a comparative analysis has proved the above conclusion about increasing the tax burden on the Company.The analysis of the liquidity ratios performed confirms the analysis of the liquidity of the Company’s balance sheet. This Company is illiquid.3. Improving the Company's TaxationSystem3.1. Measure Aimed at Reducing the Tax BurdenFollowing the performed analysis in Chapter 2based on the ComfortLLC, we can conclude that the industry average indicators of the tax burden increases. This negative factor affects the Company's financial position.Secondly, after the tax burden, we present the liquidity problem, which is directly related to the amount of the settlement obligation with the Company’s budget.Because of the identified problems of the Company’s activities, we can form the main direction of tax optimization for Comfort LLC. It consists in switching to a special tax regime. The special tax regimes are designed to reduce the tax burden on enterprises in order to increase their development and competitiveness. A simplified tax system (hereinafter referred to as STS) as a special tax regime has been proposed for Comfort LLC.An important advantage of STS is to reduce substantially the taxpayers’tax burdenby replacing some taxessuch as VAT, sales tax, corporate and physical persons’property tax, PIT, unified social tax (UST), which are the main part of the tax burden, with the possibility of the harmonized tax payment.Another significant advantage of STSis that the taxpayer has the right to choose independently a taxable object that is more profitable for him, whereas the legislation previously in force provided that the object of taxation was chosen by the state authorities of the subjects of the Russian Federation. However, according to Article 346.14 (para. 2) of Chapter 26.2 of the Tax Code of the Russian Federation, the taxpayer was not granted the right to change the object of taxation during the period of application of this special tax regime.STS is a special tax regime aimed at reducing the tax burden on small and medium-sized businesses (hereinafter referred to as SMBs) as well as facilitating and simplifying tax records and accounting. [1]The organizations and soleproprietors switched to STS are recognized as the taxpayers. The conversion to STSis carried out on a voluntary basis, while the conversionto other tax regimes can be either voluntary or mandatory.If STS is applied, the companies are exempt from calculating and paying the following taxes and fees:[1]1) corporate incometax (with the exception of the company income tax received in the form of dividends and income from the operations with certain types of debt obligations);2)corporate property tax;3) VAT (except for VAT payable when goods are imported into the customs territory of the Russian Federation).Sole proprietors are exempt from paymentof the following taxes:1) PIT in terms of business income (except for income tax at 35% and 9% tax rates);2) tax on property of physical persons; 3) VAT(except for VAT payable when goods are imported into the customs territory of the Russian Federation).Both organizations and sole proprietors pay the following taxes:1) the common tax levied when applying the STS;2) other taxes subject to normal procedure and according tothe legislation.The object of taxation may be changed by ataxpayer annually. It can be changed from the beginning of the tax period, if the taxpayer notifies the tax authority about it before December 20 of the year preceding the year in which the taxpayer proposes to change the object of taxation.A taxpayer may not change the object of taxationduring the tax period: [1]1) The procedure for the determination of income and expenses.2) The procedure for the recognition ofincome and expenses.The taxbase: Income expressed in monetary terms. Income expressed in monetary terms,reduced by the amount of expenses. The tax rates: 6percent(where the object of taxation is income) and 15% (where the object of taxation is income reduced by the amount of expenses). The laws of constituent entities of the Russian Federation may establish differentiated tax rates ranging from five to 15 percent depending on the categories of taxpayers.[1]The tax period for tax shall be the calendar year.[1]The accounting periods for tax shall be the first quarter, the first six months and the first nine months of a calendar year.[1]STS is applied in two types:- where the object of taxation is income, tax rate is 6 percent [1];- where the object of taxation is income reduced by the amount of expenses tax rate is 15 percent.[1]The tax base in the first variantis the organization’ssales revenue. The tax base according to the second variant is revenue minus cost. [1]3.2. Economic Efficiency CalculationsOn the basis of the proposed measure for Comfort LLC, we will evaluate its economic efficiency. To do this, we will conduct a comparative analysis of the tax burden on Comfort LLC under the framework of the general taxation system andin accordance withtwo optionswithin the simplified taxation system: [1]- all incomeare taxed at6 percent [1];- income minus expenses are taxed at 15 percent.The initial data for the tax burden calculationfor Comfort LLC are shown in Table 18.The main indicator will be profit before taxation. This indicator means the difference between the Company’s revenues and expenses. That is, the tax base for the tax burdencalculation under the framework of the general taxation system as well as STS-income minus expenses. The sales revenue indicator will be used to calculate the tax burden based on the simplified taxation system.Таблица18 – The Initial Data for the Tax Burden Calculation for Comfort LLC[2]NName of the indicatorAccounting periodDeviationGrowth rate2016201720182017-20162018-20172017-20162018-20171Profit before taxation28738891951-198410620,312,192Sales revenue1223927050366666-51889-38370,580,953Total tax payments (data from Chapter 2 of the present work)3436,15680,47764,12244,32083,71,651,37The tax burden calculation for comparison will be carried out using the method proposed by the Ministry of Finance according to which the total amount of all taxes paid relates to the total sales revenue of the enterprise from sales of basic goods and services combined with the amount of non-operating income.NB = (Nta / (SR + NOI)) х 100, [3](1)where TB means tax burden;Nta – total amount of taxes paid;SR – sales revenue;NOI – non-operating income.The tax burden calculation for the general taxation system (hereinafter referred to as GTS) is given below:GTS 2016 = (3436,1/(122392+0))*100 = 2,8075GTS2017 = (5680,4/(70503+0))*100 = 8,057GTS2018 = (7764,1/(66666+0))*100 = 11,646In order to calculate the tax burden for the proposed STS, we are in need of calculating the amount of the planned STS-income.To start, it is necessary to perform calculations and find the actual tax amount of STS-income at the tax rate of 6 percent (the basis for calculation is sales revenue):STS 2016 = 3436,1*6% = 206,17 RUB, in thousandsSTS2017 = 5680,4*6% = 340,82 RUB, in thousands STS2018 = 7764,1*6% = 465,85 RUB, in thousandsThe tax burden calculation for the simplified tax system-income at the rate of 6percentis given below:STS2016 = (206,17/(122392+0))*100 = 0,1685STS2017 = (340,82/(70503+0))*100 = 0,4834STS2018 = (465,85/(66666+0))*100 = 0,6988To start, it is necessary to perform calculations and find the actual tax amount of STS-“income minus expenses” at the rate of 15 percent (the basis for calculation is profit before taxation – “income minus expenses” option):STS2016 = 2873*15% = 430,95 RUB, in thousandsSTS2017 = 889*15% = 133,35 RUB, in thousandsSTS2018 = 1951*15% = 292,65 RUB, in thousandsThe tax burden calculation for the simplified tax system STS-“income minus expenses” at the rate of 15 percent is presented below:STS2016 = (430,95/(122392+0))*100 = 0,3521STS2017 = (133,35/(70503+0))*100 = 0,1891STS2018 = (292,65/(66666+0))*100 = 0,439To compare the tax burden for three different regimeswe will construct a graph based on all the calculations. This comparison is shown in Figure 16.Figure16–The Comparative Analysis of the Dynamics of the Tax Burden on Comfort LLC for 2016-2018Based on this graph, we can conclude that the largest amount of tax burden falls on the general taxation system. The tax burden for these two regimes of the simplified tax system is almost the same. However, the simplified tax system-“income minus expenses” at a rate of 15 percenthas the least tax burden.Having conducted the comparative analysis, we can conclude that it should be reasonably and cost-effectively for Comfort LLC to switch to a simplified tax system under the framework of “income minus expenses”option at thetax rate of 15% in order to reduce tax burden.Conclusion on Chapter 3:Thus, the directions of tax optimization for Comfort LLC have been developedin Chapter 3. Because of the identified problems in the Company’s activities, it can be formed the main direction of tax optimizationfor Comfort LLC. It consists in switching to a special tax regime. The special tax regimes are designed to reduce the tax burden on enterprises in order to increase their development and competitiveness. A simplified tax system as a special tax regime has been proposed for Comfort LLC.ConclusionSumming up all the arguments, we can conclude that all the research goals have been completed and the research objective has been achieved.In Chapter I of the presented senior thesis, the study of the essence and tax payment value as well as their impact on the organization’s financial result has beenperformed.According to the results of the study, it can be concluded that tax payments are expenses for any company. Moreover, as the costs they reduce the income. That is precisely the economic substance of the tax impact on the Company's financial results.In Chapter 2 of our study, the analysis of the tax burden and its impact on the financial result of the organization using the example of Comfort LLC has been carried out. Based on this analysis, it can be concluded that the Company is under the framework of the general tax system and pays the following taxes: VAT, income tax, transport tax, corporate property tax, and insurancefees. In addition, based on the analysis regarding to Comfort LLC, we can also conclude that the average industry indicators of the tax burden increases. The financial analysis of the Company showed that its activities are not carried out efficiently. The main inefficient indicator is the Company’s net loss over the last two years (2017 and 2018). The analysis of the property position according to the Company's balance sheet showed that it was short of its own funds. This confirms the negative value of theOwn Calculated Assetindicators obtained.Based on the Company’s taxationanalysis, presented inChapter 3, thewaysoftaxoptimizationforComfortLLChavebeendeveloped. Because of the identified problems in the Company’s activities, we can form the main direction of tax optimizationfor Comfort LLC. It consists in switching to a special tax regime. The special tax regimes are designed to reduce the tax burden on enterprises in order to increase their development and competitiveness. 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