Die relative Schätzgüte des vereinfachten Ertragswertverfahrens - Eine empirische Analyse unter Berücksichtigung des AWH-Standards

When Business Inheritance Tax is levied, the taxpayer has to appropriately estimate the value of his company. For that purpose, he can either apply a statutory or an otherwise recognised valuation approach. In this paper, we empirically analyse to what extent the German statutory valuation approach succeeds in matching the business sector-specific value of a company. Our analyses show, that in 98 % of all performed valuations, the statutory approach leads to a higher result. With use of regression analyses, we quantify these overvaluations to be at least as large as 250 % of the business sector-specific value. Thus, the results indicate a discrimination of the taxpayer, because the statutory valuation approach leads to an unduly high tax base.