Keywords
Beneficios fiscales, competitividad empresarial, gasto fiscal, inversión, rentabilidad sobre activos, régimen fiscal de apoyo a la inversión, Tax benefits, business competitiveness, tax expenditure, investment, ROA, RFAI
O Impacto do Regime Fiscal de Apoio ao Investimento na Competitividade das Empresas Portuguesas
Abstract
Los beneficios fiscales son instrumentos de política fiscal utilizados por el Estado para alcanzar determinados objetivos que, además de ser extrafiscales, deben superar los efectos de la tributación que sustituyen. De este modo, las ganancias obtenidas con los incentivos deben compensar las pérdidas de ingresos fiscales. Dado que los beneficiarios se encuentran en una posición ventajosa frente a otros contribuyentes, el objetivo para el cual se concedió el beneficio debe cumplirse, justificando razonablemente el gasto fiscal asumido por el Estado. Este estudio tiene como propósito evaluar si el aumento de la competitividad empresarial, objetivo extrafiscal del Régimen Fiscal de Apoyo a la Inversión (RFAI), está siendo alcanzado.
Se utilizaron datos en panel de empresas que aplicaron deducciones bajo este régimen, así como de empresas que no lo hicieron, durante el período 2013–2022. Los resultados indican que las empresas beneficiarias presentan un mejor desempeño financiero y, en consecuencia, mayor competitividad. Sin embargo, la intensidad del aumento de rentabilidad es relativamente baja, lo que podría no justificar la prórroga del incentivo fiscal.
Tax benefits are fiscal policy instruments used by the State to achieve certain objectives which, in addition to being extrafiscal, must outweigh the taxation they prevent. Thus, the gains obtained from these incentives should exceed the fiscal revenue lost. As beneficiaries are placed in a favorable position compared to other taxpayers, the goal for which the tax benefit was granted must be fulfilled, thereby justifying the fiscal expenditure incurred by the State. This study aims to assess whether the increase in business competitiveness, the extrafiscal objective of the Tax Regime to Support Investment (RFAI), is being achieved. Panel data from companies that benefited from this tax incentive, as well as from those that did not, between 2013 and 2022, were analyzed. The results suggest that beneficiary companies show better financial performance and therefore greater competitiveness, although the intensity of profitability gains is relatively low, which may not be sufficient to justify extending the fiscal incentive.
Tax benefits are fiscal policy instruments used by the State to achieve certain objectives which, in addition to being extrafiscal, must outweigh the taxation they prevent. Thus, the gains obtained from these incentives should exceed the fiscal revenue lost. As beneficiaries are placed in a favorable position compared to other taxpayers, the goal for which the tax benefit was granted must be fulfilled, thereby justifying the fiscal expenditure incurred by the State. This study aims to assess whether the increase in business competitiveness, the extrafiscal objective of the Tax Regime to Support Investment (RFAI), is being achieved. Panel data from companies that benefited from this tax incentive, as well as from those that did not, between 2013 and 2022, were analyzed. The results suggest that beneficiary companies show better financial performance and therefore greater competitiveness, although the intensity of profitability gains is relatively low, which may not be sufficient to justify extending the fiscal incentive.
Información detallada
Materias, derechos, colecciones e identificadores