A carregar...
Publicação
O impacto do SIFIDE II na competitividade das empresas em Portugal
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 611.74 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
Os Benefícios Fiscais são instrumentos de política tributária que se baseiam na renúncia, total ou parcial, da receita fiscal por parte do Estado, a fim de promover comportamentos económicos e sociais de interesse público. Por serem exceções à tributação-regra, implicam uma despesa fiscal e são suscetíveis de gerar desigualdades entre os contribuintes. Por esta razão, os ganhos extrafiscais obtidos com a concessão de um benefício fiscal devem ser superiores à receita fiscal perdida pelo Estado. Além disso, só pode ser considerado um benefício fiscal caso atinja o objetivo extrafiscal para o qual foi criado. Esta investigação tem como objetivo avaliar se o Sistema de Incentivos Fiscais para a Investigação e Desenvolvimento II cumpre com o seu objetivo extrafiscal, que passa pela promoção do investimento empresarial em Investigação e Desenvolvimento e, consequentemente, pelo reforço à competitividade das empresas que dele beneficiam. Para tal, foram utilizados dados em painel das empresas que efetuaram deduções do SIFIDE II, bem como uma amostra de controlo, com características semelhantes, tanto para o médio-longo prazo (2015-2023) como para o curto-prazo (2021-2023). Os principais resultados revelam que o SIFIDE II tem um impacto positivo e significativo na rendibilidade das empresas no longo-prazo. No entanto, no curto-prazo, o impacto perde a significância estatística quando é comparado com empresas não beneficiárias. A alavancagem financeira surge como um fator negativo, consistente, influenciando negativamente o ROA, independentemente do uso, ou não, do SIFIDE II ou de outros benefícios fiscais. Por fim, este trabalho permite colmatar a falta de estudos quantitativos sobre a eficácia dos benefícios fiscais em Portugal, evidenciando a importância do desenvolvimento de investigações semelhantes, tendo em conta os restantes benefícios fiscais existentes. Isto permitirá uma análise comparativa capaz de avaliar a eficácia de cada benefício fiscal, o que permitirá apoiar a reformulação de políticas públicas, tendo em conta as necessidades empresariais.
Tax benefits are tax policy instruments based on the total or partial waiver of tax revenue by the state in order to promote economic and social behaviour in the public interest. As they are exceptions to the taxation rule, they involve tax expenditure and are likely to generate inequalities between taxpayers. For this reason, the extra-tax gains obtained from granting a tax benefit must be greater than the tax revenue lost by the state. Furthermore, it can only be considered a tax benefit if it fulfils the extra-fiscal objective for which it was created. This research aims to assess whether the Tax Incentive System for Research and Development II fulfils its extra-fiscal objective, which involves promoting business investment in Research and Development and, consequently, strengthening the competitiveness of the companies that benefit from it. To this end, we used panel data from companies that have made deductions under SIFIDE II, as well as a control sample with similar characteristics for both the medium-long term (2015-2023) and the short term (2021-2023). The main results show that SIFIDE II has a positive and significant impact on companies' profitability in the long term. However, in the short term, the impact loses statistical significance when compared to non-beneficiary companies. Financial leverage emerges as a consistent negative factor, negatively influencing ROA, regardless of whether or not SIFIDE II or other tax benefits are used. Finally, this study makes it possible to fill the gap in the number of quantitative studies on the effectiveness of tax benefits in Portugal, highlighting the importance of carrying out similar research, considering the other existing tax benefits. This will allow for a comparative analysis capable of assessing the effectiveness of each tax benefit, which will support the reformulation of public policies, taking into account business needs.
Tax benefits are tax policy instruments based on the total or partial waiver of tax revenue by the state in order to promote economic and social behaviour in the public interest. As they are exceptions to the taxation rule, they involve tax expenditure and are likely to generate inequalities between taxpayers. For this reason, the extra-tax gains obtained from granting a tax benefit must be greater than the tax revenue lost by the state. Furthermore, it can only be considered a tax benefit if it fulfils the extra-fiscal objective for which it was created. This research aims to assess whether the Tax Incentive System for Research and Development II fulfils its extra-fiscal objective, which involves promoting business investment in Research and Development and, consequently, strengthening the competitiveness of the companies that benefit from it. To this end, we used panel data from companies that have made deductions under SIFIDE II, as well as a control sample with similar characteristics for both the medium-long term (2015-2023) and the short term (2021-2023). The main results show that SIFIDE II has a positive and significant impact on companies' profitability in the long term. However, in the short term, the impact loses statistical significance when compared to non-beneficiary companies. Financial leverage emerges as a consistent negative factor, negatively influencing ROA, regardless of whether or not SIFIDE II or other tax benefits are used. Finally, this study makes it possible to fill the gap in the number of quantitative studies on the effectiveness of tax benefits in Portugal, highlighting the importance of carrying out similar research, considering the other existing tax benefits. This will allow for a comparative analysis capable of assessing the effectiveness of each tax benefit, which will support the reformulation of public policies, taking into account business needs.
Descrição
Trabalho Final de Mestrado, Contabilidade, Fiscalidade e Finanças Empresariais, ISEG, 2025.
Palavras-chave
Tax Benefits Tax Expenditure Business Competitiveness ROA R&D SIFIDE II Benefícios Fiscais Despesa Fiscal Competitividade Empresarial ROA I&D SIFIDE II