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O impacto do regime fiscal de apoio ao investimento na competitividade das empresas portuguesas
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Resumo(s)
Os benefícios fiscais constituem instrumentos de política fiscal, utilizados pelo
Estado, para atingir determinados objetivos que, além de serem extrafiscais, devem ser
superiores aos da tributação que impedem. Assim, o ganho obtido com os incentivos deve
superar as receitas fiscais perdidas. Visto que os beneficiários estão numa situação
vantajosa em relação aos demais contribuintes, ficando sujeitos a uma exceção à
tributação regra, o objetivo para o qual foi concedido o benefício fiscal deverá ser
cumprido, justificando plausivelmente a despesa fiscal acarretada pelo Estado. Assim, o
propósito deste estudo prende-se em avaliar se o aumento da competitividade empresarial,
objetivo extrafiscal do Regime Fiscal de Apoio ao Investimento, está a ser satisfeito.
Para a realização deste trabalho, foram utilizados dados em painel das empresas que
efetuaram deduções do benefício fiscal em estudo, bem como de empresas com
caraterísticas semelhantes que não efetuaram essas deduções, no período 2013-2022.
Os resultados obtidos sugerem que as empresas beneficiárias deste incentivo fiscal,
em relação às demais, têm um desempenho financeiro mais elevado, e,
consequentemente, uma maior vantagem competitiva. Contudo, numa análise mais
detalhada, foi apurado que a intensidade da rentabilidade acrescida é relativamente baixa,
ou seja, poderá não ser suficiente para justificar a prorrogação do incentivo fiscal.
Com este estudo, pretende-se contribuir para preencher a lacuna evidenciada até ao
momento em termos de análise quantitativa deste benefício fiscal. Sugere-se uma
reavaliação da política fiscal voltada para benefícios fiscais temporários ao investimento,
dado que o seu impacto nas estruturas económicas não parece ser material.
Tax benefits are fiscal policy instruments used by the state to achieve certain objectives that, in addition to being non-fiscal, must surpass those of the taxation they forgo. Thus, the gain obtained from the incentives must exceed the lost tax revenues. Since beneficiaries are in a more advantageous position compared to other taxpayers, being subject to an exception from the standard taxation rules, the objective for which the tax benefit was granted must be met, justifying the state's tax expense. The aim of this study is to assess whether the increase in business competitiveness, a non-fiscal goal of the Regime Fiscal de Apoio ao Investimento, is being met. For this study, panel data was used for companies that claimed deductions from the tax benefit under review, as well as for similar companies that did not, during the period from 2013 to 2022. The results obtained suggest that companies benefiting from this tax incentive, compared to others, have a higher financial performance and, consequently, a greater competitive advantage. However, a more detailed analysis revealed that the intensity of the increased profitability is relatively low, meaning it may not be sufficient to justify the extension of the tax incentive. This study has filled the gap that has been evident so far regarding the quantitative analysis of this tax benefit. It is suggested that a reassessment of the fiscal policy aimed at temporary tax benefits for investment is warranted, as it’s impact on economic structures does not appear to be substantial.
Tax benefits are fiscal policy instruments used by the state to achieve certain objectives that, in addition to being non-fiscal, must surpass those of the taxation they forgo. Thus, the gain obtained from the incentives must exceed the lost tax revenues. Since beneficiaries are in a more advantageous position compared to other taxpayers, being subject to an exception from the standard taxation rules, the objective for which the tax benefit was granted must be met, justifying the state's tax expense. The aim of this study is to assess whether the increase in business competitiveness, a non-fiscal goal of the Regime Fiscal de Apoio ao Investimento, is being met. For this study, panel data was used for companies that claimed deductions from the tax benefit under review, as well as for similar companies that did not, during the period from 2013 to 2022. The results obtained suggest that companies benefiting from this tax incentive, compared to others, have a higher financial performance and, consequently, a greater competitive advantage. However, a more detailed analysis revealed that the intensity of the increased profitability is relatively low, meaning it may not be sufficient to justify the extension of the tax incentive. This study has filled the gap that has been evident so far regarding the quantitative analysis of this tax benefit. It is suggested that a reassessment of the fiscal policy aimed at temporary tax benefits for investment is warranted, as it’s impact on economic structures does not appear to be substantial.
Descrição
Palavras-chave
Benefícios Fiscais Competitividade Empresarial Despesa Fiscal Investimento ROA RFAI Tax Benefits Competitivity Tax Expenditure Investment
Contexto Educativo
Citação
Franco, Rita Taipa De Carvalho (2024). “O impacto do regime fiscal de apoio ao investimento na competitividade das empresas portuguesas”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão