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Tratamento fiscal das fusões de sociedades
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Resumo(s)
As fusões constituem um meio privilegiado para as empresas poderem adquirir a dimensão crítica necessária ao seu desenvolvimento adequado no contexto de uma economia mundial caracterizada pela globalização dos mercados, pela internacionalização das empresas e pelo aumento da intensidade concorrencial.
A fiscalidade deve ter uma postura de neutralidade face à fusão e às outras operações de reestruturação, por forma a permitir que sejam feitas exclusivamente com base em critérios de eficácia económica. Com frequência a política fiscal assume-se de forma diferente promovendo ou constituindo um obstáculo à sua realização. No primeiro caso abrem-se portas a operações sem motivos económicos válidos, no segundo criam-se entraves à utilização de mecanismos que permitem ganhar eficiência e maior intervenção no mercado.
Nesta dissertação procura-se estudar o tratamento conferido pelo Sistema Fiscal Português à fusão de sociedades com a preocupação de aferir da sua neutralidade em relação à operação em causa.
O trabalho inicia-se com uma exposição das principais motivações que conduzem as empresas à fusão. Clarificam-se depois alguns dos aspectos jurídicos necessários a um melhor entendimento da problemática fiscal na fusão de sociedades.
A parte nuclear do trabalho começa por recordar de uma forma breve o regime fiscal aplicável à fusão de sociedades antes da reforma ocorrida em 1988 analisando-se em seguida o regime fiscal vigente por forma a verificar como cada um dos tipos de impostos afecta a realização da operação.
A política de beneficias fiscais e o regime fiscal comum aplicável entre outras operações à fusão de sociedades de diferentes Estados-membros da Comunidade Europeia previsto na Directiva 90/434/CEE, de 23 de Julho de 1990, são outros temas tratados com algum desenvolvimento.
Por frm é apresentada a síntese do trabalho desenvolvido onde se conclui que o tratamento fiscal conferido à fusão de sociedades, é hoje tendencialmente neutro e inquestionavelmente mais justo que o existente antes da reforma da tributação de 1988.
Merging is a privileged means for enterprises to acquire the criticai size necessary to their appropriate developement within the framework of a worldwide economics whose main features are the market globalization, business internationalization and an ever increasing competitiveness. The taxation system should have a neutral position with regard to merging and other reorganization operations to enable such operations to be achieved exclusively on the grounds of economic efficiency criteria. Tax policy, however, frequently assumes a different attitude, either encouraging their realization or being an hindrance thereto. ln the frrst case the way is opened to operations without sound economic reasons, in the second case the use of certain devices permitting to gain more efficiency and a wider market intervention comes up against difficulties. One of the main goals of this dissertation is to study the treatment given by the Portuguese Fiscal System to corporate merger, together with the appraisal of its neutrality in respect thereof. This study starts with an exposition of some main reasons leading an enterprise to merge. Some juridical issues in connection with a better understanding of the fiscal matters involved in corporate merger are the object of further clarification. So begin with the central part of this study briefly describes the tax regime applicable to corporate merger before the 1988 Tax Reform, and goes on analysing the tax regime presently in force in order to ascertain how each type of tax comes to affect the realization of such operation. The tax incentive policy as well as the Common tax regime applicable, inter alia, to corporate merger in different EU member States, according to EEC Directive nr. 90/434/ECC of 23 July 1990, are other subject matters dealt with in this work. Finally, there shall be presented a synthesis of the research carried on, from which the conclusion can be drawn that the trend of the tax treatment granted to corporate merger seems to be now neutral and undoubtedly more equitable than that previous to the 1988 Tax Reform.
Merging is a privileged means for enterprises to acquire the criticai size necessary to their appropriate developement within the framework of a worldwide economics whose main features are the market globalization, business internationalization and an ever increasing competitiveness. The taxation system should have a neutral position with regard to merging and other reorganization operations to enable such operations to be achieved exclusively on the grounds of economic efficiency criteria. Tax policy, however, frequently assumes a different attitude, either encouraging their realization or being an hindrance thereto. ln the frrst case the way is opened to operations without sound economic reasons, in the second case the use of certain devices permitting to gain more efficiency and a wider market intervention comes up against difficulties. One of the main goals of this dissertation is to study the treatment given by the Portuguese Fiscal System to corporate merger, together with the appraisal of its neutrality in respect thereof. This study starts with an exposition of some main reasons leading an enterprise to merge. Some juridical issues in connection with a better understanding of the fiscal matters involved in corporate merger are the object of further clarification. So begin with the central part of this study briefly describes the tax regime applicable to corporate merger before the 1988 Tax Reform, and goes on analysing the tax regime presently in force in order to ascertain how each type of tax comes to affect the realization of such operation. The tax incentive policy as well as the Common tax regime applicable, inter alia, to corporate merger in different EU member States, according to EEC Directive nr. 90/434/ECC of 23 July 1990, are other subject matters dealt with in this work. Finally, there shall be presented a synthesis of the research carried on, from which the conclusion can be drawn that the trend of the tax treatment granted to corporate merger seems to be now neutral and undoubtedly more equitable than that previous to the 1988 Tax Reform.
Descrição
Mestrado em Gestão /MBA
Palavras-chave
Fiscalidade Fusão de sociedades Neutralidade fiscal Benefícios fiscais Aspectos jurídicos da fusão de sociedades Motivações para a fusão de sociedades Taxation Corporate merger Tax neutrality Tax incentive Juridical issues of corporate merger Motivation for corporate merger
Contexto Educativo
Citação
Bilau, José Jacinto Descalço, (1994). " Tratamento fiscal das fusões de sociedades". Dissertação de Mestrado, Universidade Técnica de Lisboa. Instituto Superior de Economia e Gestão