Reflection effect of income taxation in models cash flow discounting

The article deals with ways to correct choice and determine the discount rate applied to pretax and after-tax cash flow in models of capitalization and discounted cash flows and shareholders cash flows from the total capital invested. Introduced the notion of effective income tax rate applicable to the types of cash flows, are ways to calculate it. Considered a valid way to valuate retrospective shares to pre-tax and after-tax basis, taking into account the exchange rate and the dividend yield. Given explanatory examples.