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A influência dos incentivos fiscais sobre a estrutura de capital e a rentabilidade das companhias abertas brasileiras não financeiras; The tax incentives influence on the capital structure and the profitability of the Brazilian non-financial public companies

Formigoni, Henrique
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 26/11/2008 PT
Relevância na Pesquisa
56.7%
Esta tese tem como objetivo principal avaliar os efeitos dos incentivos fiscais sobre a estrutura de capital e a rentabilidade das companhias abertas brasileiras não financeiras. Sob o aspecto metodológico, este estudo pode ser classificado como do método quantitativo, do tipo descritivo-longitudinal e transversal. A população-alvo do estudo são as companhias abertas brasileiras não financeiras, cuja amostra é composta por aquelas que têm ações negociadas na Bovespa, totalizando 590 empresas, perfazendo um número potencial de registros contábeis de 7.670 no período de 1995 a 2007, cujos dados foram obtidos no banco de dados da Economática. Na análise transversal, os indicadores de incentivo fiscal, estrutura de capital e rentabilidade, para cada empresa, foram reduzidos aos seus valores médios. A comparação dos referidos indicadores nos grupos sem e com incentivos fiscais foi realizada por meio do teste U de Mann-Whitney para amostras independentes, com utilização da Análise de Homogeneidade (HOMALS) na construção de mapas perceptuais e realização do procedimento GLM Univariate Test para avaliar o efeito da obtenção de incentivos fiscais sobre aqueles indicadores. Na análise longitudinal, considerou-se o procedimento GLM Multivariate Test na avaliação do efeito da obtenção de incentivos fiscais e do ano em que a operação contábil foi realizada sobre os referidos indicadores. Os resultados do estudo sugerem não haver correlação estatisticamente significativa entre incentivo fiscal e indicadores de estrutura de capital. Por outro lado...

Incentivo fiscal à cultura: do do-in antropológico à iconoclastia; Tax incentives on be half of cultural

Pereira, Júlio César
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 19/05/2010 PT
Relevância na Pesquisa
66.68%
A partir de pontos específicos da teoria bakhtiniana e de elementos da semiótica da cultura traçados pela Escola de Tártu-Moscou, o presente trabalho reúne fundamentos para desenvolver uma concepção de cultura em consonância com o preconizado pela Constituição Federal. A construção da noção de cultura estimulável, pela precípua análise dos enunciados constitucionais, objetiva à superação de uma concepção antropológica de cultura, passadista e incompatível com os postulados da igualdade e da liberdade. Neste intento, ingressa-se no estudo dos modos de intervenção estatal na sociedade e, mais especificamente, das normas atinentes ao estímulo fiscal à cultura objeto imediato do presente trabalho. A classificação dos incentivos fiscais, bem como o escrutínio da legislação ordinária revelam o viés analítico do tratamento dispensado ao tema. Por sua vez, a investigação semântica de expressões como incentivo fiscal, cultura nacional, cultura popular, todas encontradas em dispositivos constitucionais, assoalha a preocupação hermenêutica e possibilita que se faça a devida crítica da doutrina especializada. Concluir-se-á que o conceito de cultura supera o dado, a memória. A cultura será tomada em seu sentido praticamente avesso às noções correntes de herança e tradição. Para fazer jus ao incentivo fiscal...

O avesso do tributo: incentivos e renúncias fiscais no direito brasileiro; The other side of taxes: tax incentives and expenditures in Brazilian law

Correia Neto, Celso de Barros
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 18/02/2013 PT
Relevância na Pesquisa
66.84%
O texto discute o conceito e o regime jurídico dos incentivos e das renúncias fiscais no ordenamento jurídico brasileiro. Essas medidas jurídicas resultam do exercício da mesma competência legislativa que fundamenta a cobrança de tributos, mas os problemas jurídicos que suscitam não são exatamente os mesmos que se apresentam ordinariamente no debate tributário. Mais do que simplesmente normas tributárias, as leis que instituem incentivos fiscais configuram instrumentos para intervir na realidade social e modificá-la e precisam ser assim examinadas. Já não se trata apenas de resguardar o interesse privado do contribuinte contra a tributação indevida, excessiva ou intempestiva. O conflito entre fisco e contribuinte dá lugar à cooperação, e a norma tributária converte-se em ferramenta jurídica de indução de comportamentos e transformação da sociedade. Por isso, no estudo do tema, destaca-se não apenas a maneira como a regra de incentivo opera em relação ao dever fiscal, para eliminá-lo ou reduzi-lo, mas especialmente o modo como ela afeta a arrecadação fiscal e a conduta dos destinatários legais. Para tanto, propõe-se modelo de análise atento a três elementos: finalidade, regra e efeito externo. É fundamental considerar os propósitos que orientam a formulação da regra de incentivo...

A utilização de incentivos fiscais de ICMS como instrumento de política ambiental; The utilization of value added tax incentives as a mechanism of environmental public actions

Petry, Kauê Ávila
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Trabalho de Conclusão de Curso Formato: application/pdf
POR
Relevância na Pesquisa
66.73%
O objetivo principal deste estudo é apresentar algumas das questões envolvidas na utilização da desoneração tributária como instrumento de política ambiental. Para isso, é analisado em seu primeiro capítulo o artigo 225 da Constituição Brasileira, fixando seu conteúdo a fim de se firmar o dever do Poder Público em buscar novos instrumentos para a proteção do meio ambiente. Ainda, neste capítulo se procura apresentar as premissas para o uso da desoneração tributária como instrumento de proteção ambiental, para permitir a intervenção estatal na economia de modo a induzir determinados comportamentos dos indivíduos. Nesse sentido, o estudo apresenta alguns aspectos essenciais dos princípios da precaução, da prevenção, da cooperação e da igualdade. No segundo capítulo, são analisadas questões gerais sobre os incentivos fiscais, bem como questões específicas que dizem respeito aos incentivos fiscais de ICMS, buscando-se firmar as bases para sua utilização como instrumento de defesa do meio ambiente, e as vantagens e obstáculos a sua aplicação.; This paper’s main objective is to introduce some of the questions regarding the use of tax exemption as a mechanism of environmental public actions. For that purpose...

¿Por qué son los incentivos fiscales cada vez más utilizados para estimular la inversión privada en I + D? (Why are tax incentives increasingly used to stimulate private R&D spending?)

Carvalho, Adão
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
66.79%
Resumen. Las tendencias en las políticas de I+D revelan una creciente preferencia por los incentivos fiscales para estimular la inversión privada en I+D y se pueden dividir en tres grupos: el número de países que aplican esquemas de incentivos fiscales a la I+D, la sustitución de la financiación directa por los incentivos fiscales y la generosidad cada vez mayor de los incentivos fiscales a la I+D. Las razones de la preferencia de los incentivos fiscales van más allá de las ventajas que estos instrumentos de política podrían tener sobre las medidas directas. Es la consecuencia de los importantes cambios introducidos en la política de C&T de la Unión Europea después de la Estrategia de Lisboa, los cambios en la lógica del apoyo público a la I+D privada y la competencia creciente entre los países por la inversión en I+D internacional. Ésta es la era de política de I+D basada en objetivos. ********** Abstract. Trends in R&D policy reveal a growing preference for tax incentives to stimulate private R&D spending in three ways: the number of countries implementing R&D tax incentives schemes, the substitution of direct funding for tax incentives...

Why are Tax Incentives Increasingly Used to Promote Private R&D?

Carvalho, Adão
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
66.79%
Although not new, tax incentives have known major changes over recent years and it is becoming an increasingly important instrument in the policy mix to stimulate private R&D in many countries around the world. The OECD reports three major trends: The implementation of R&D tax incentives schemes by a growing number of OECD and non-OECD countries; A steady substitution of direct funding schemes for tax incentives schemes to stimulate business R&D; The many changes to tax incentives schemes most countries have done to increase the levels of generosity and attractiveness. This paper attempts to explain the motives behind these trends in R&D policy to stimulate private R&D and takes a multi-level approach as the issue involves political, strategic and economic considerations. The reasons behind the growing preference for tax incentives go much beyond any possible advantage these policies might have over direct measures, and are also the consequence of a political change in the EU R&D policy after the Lisbon Strategy and the subsequent actions to stimulate R&D expenditures, a change in the economic rationale of public support of private R&D in face of the insufficiency of market failures to justify that public intervention in a new context characterised by a public determination to increase the amount of business R&D expenditures...

Agroindustrialização e incentivos fiscais estaduais em Goiás; Agroindustrialization and fiscal incentives in Goiás state

PARANAIBA, Adriano de Carvalho
Fonte: Universidade Federal de Goiás; BR; UFG; Mestrado em Agronegócio; Ciências Agrárias Publicador: Universidade Federal de Goiás; BR; UFG; Mestrado em Agronegócio; Ciências Agrárias
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
56.72%
The aim of this study is to understand how were the territorial occupation of agribusiness in Goiás and the participation of state tax incentives in this process. Therefore, it was adopted as a hypothesis that, the dynamic agribusiness developed in a heterogeneous formation, both in the occupation of the agroindustrial complex, as in the granting of state tax incentives. To achieve the proposed objective, data from the Municipal Agricultural Research (PAM) and the Agricultural Census for 1970 until 2006, from the Brazilian Institute of Geography and Statistics (IBGE) were used to understand the phenomenon of farming dynamics in Goiás, and data from Sefaz-GO to understand state tax incentives as well. After the processing of such data in tables, maps were built in the Arcviews 10 program which had as their goal show the spatialization of the production on the territorial space of Goiás. What we realized was that, in the case of the Midwest, since the decade of 70, the state (Federal Government) has taken a strong role, creating the attractive access to this area of the agricultural frontier, fostering changes in the technological base. This action of the Federal Government created conditions incurred in the frontier region preview...

Intervenção do estado na agricultura: política de desenvolvimento agrário, tributação e incentivos fiscais; Government intervention in agriculture: agrarian polity, taxation and tax incentives

VIEIRA, Lucas Bevilacqua Cabianca
Fonte: Universidade Federal de Goiás; BR; UFG; Mestrado em Direito Agrário; Ciências Sociais Aplicadas - Direito Publicador: Universidade Federal de Goiás; BR; UFG; Mestrado em Direito Agrário; Ciências Sociais Aplicadas - Direito
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
66.55%
Throughout the agricultural history of Brazil-colony to nowadays, the State is an agent of the Spotlight: in the definition of regulatory frameworks, encouraging private initiative, or even as a direct economic agent. Since this the present work intends to make a brief historical summary of state intervention in agriculture activity, with the prospect of detail in the marcha para o oeste, in order to understand the evolution of Brazilian agrarian policy with emphasis on taxation. Considering the modalities of state intervention in the economic order there shall be a topical analysis of tax incentives as an instrument of agrarian policy, taxes imposed on us: the rural property (ITR), the income of rural activity (IRPF and IRPJ) and agricultural products (ICMS) in an internationalized setting. Considering the demands of the agricultural sector (tax cuts, simplification of the system and eliminating distortions of competition) its urgent to adopt an effective agricultural policy in compliance with the standards of public finances and the guidelines of the Multilateral System Trade and MERCOSUR.; Ao longo da história agrária do Brasil-colônia aos dias atuais, o Estado apresentouse, senão como protagonista, como agente de destaque: seja na definição de marcos regulatórios...

Tax Incentives : Using Tax Incentives to Attract Foreign Direct Investment

Morisset, Jacques
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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66.98%
The increasing mobility of international firms and the gradual elimination of barriers to global capital flows have stimulated competition among governments to attract foreign direct investment, often through tax incentives. This note reviews the debate about the effectiveness of tax incentives, examining two much-contested questions: can tax incentives attract foreign investment? And what are the costs of using them?

Restructuring Corporate Income Tax and Value Added Tax in Vietnam : An Analysis of Current Changes and Agenda for the Future

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.67%
The study is in two parts, part one covering the various policy aspects of Corporate Income Tax (CIT) and includes issues such as expenses and deductions to determine the tax base, transfer pricing, thin capitalization, taxation of special entities, and tax incentives. All this is done in the backdrop of international experience of corporate income taxes applied globally. Finally, alternatives for rate rationalization and their impact on CIT revenues using a forecasting model are examined. The existing provisions of the law are referenced in this part of the study as well, and further scope for reform discussed as necessary. Part two of the study presents a similar analysis of value added tax as well as forecasting of VAT revenues. This chapter examines the present rate structure including zero-rating, exemptions and exclusions from VAT, and VAT refunds. Taxation of some special sectors such as agriculture, real estate and exports is also analyzed. All this is again done in the milieu of international experience of value added taxes in Organization for Economic Co-operation and Development (OECD) countries...

The potential use of tax incentives for Indigenous businesses on Indigenous land

Stanley, Owen
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 223158 bytes; application/pdf
EN_AU
Relevância na Pesquisa
66.5%
The purpose of this paper is to examine how effective tax incentives could be in encouraging the development of Indigenous businesses on Indigenous land in Australia.; no

Tax incentives and direct support for R&D : what do firms use and why?

Busom, Isabel; Corchuelo, Beatriz; Martínez-Ros, Ester
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em //2011 ENG
Relevância na Pesquisa
56.62%
The measurement of the effects that public support to private R&D has on R&D investment and output has attracted substantial empirical research in the last decade. The focus of this research has mostly focused on testing for possible crowding out effects. There is virtually no study aiming at understanding how and why these effects may or may not be occurring. In addition, the effects of the two most common tools of public support, direct funding through grants and loans, and tax incentives, have been studied separately. We contribute to existing work by focusing on the determinants of the use by firms of these two mechanisms and their potential link to sources of market failures. We think this is an important step to assess impact estimates. Using firm-level data from the Spanish Community Innovation Survey (CIS), we find that firms that face financial constraints, as well as newly created firms, are less likely to use R&D tax credits and more likely to apply for and obtain direct public funding. We also find that large firms that care about knowledge protection are more likely to apply for and obtain direct funding, while SMEs are more likely to use tax incentives. Our results show that direct funding and tax credits, as currently designed...

Options for Low Income Countries’ Effective and Efficient Use of Tax Incentives for Investment; Tools for the Assessment of Tax Incentives

International Monetary Fund; OECD; United Nations; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.94%
This background paper describes five different tools that can be used for the assessment of tax incentives by governments in low income countries’ (LICs). The first tool (an application of cost-benefit analysis) provides an overarching framework for assessment. Evaluations of the various costs and benefits of tax incentives are vital for informed decision making, but are rarely undertaken, partly because it can be a difficult exercise that is demanding in terms of data needs. The next three tools (tax expenditure assessment, corporate micro simulation models, and effective tax rate models) can be used as part of a comprehensive cost-benefit analysis, to shed light on particular aspects. Effective tax rate models shed light on the implications of tax parameters - including targeted tax incentives - on investment returns and help understand the implications of reform for expected investment outcomes. The document presents two tools for assessing the transparency and governance of tax incentives in LICs. These discuss principles in transparency and governance of tax incentives...

Options for Low Income Countries Effective and Efficient Use of Tax Incentives for Investment; A Report to the G-20 Development Working Group by the IMF, OECD, UN and World Bank

International Monetary Fund; OECD; United Nations; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.93%
Experience shows that there is often ample room for more effective and efficient use of investment tax incentives in low-income countries. Tax incentives generally rank low in investment climate surveys in low-income countries, and there are many examples in which they are reported to be redundant, that is, investment will have been undertaken even without them. And their fiscal cost can be high, reducing opportunities for much-needed public spending on infrastructure, public services or social support, or requiring higher taxes on other activities. This paper responds to a request of the G20 Development Working Group for an exploration of options for low-income countries’ effective and efficient use of tax incentives for investment. To that end, it develops principles for the design and governance of tax incentives and provides guidance on good practices in these areas. Since much of the pressure to offer incentives stems from an awareness of those offered by other countries, the paper also discusses options for international coordination to address the risk of mutually damaging spillovers from such tax competition. Finally...

Using Tax Incentives to Compete for Foreign Investment : Are They Worth the Costs?

Wells, Louis T., Jr.; Allen, Nancy J.; Morisset, Jacques; Pirnia, Neda
Fonte: Washington, DC: World Bank and the International Finance Corporation Publicador: Washington, DC: World Bank and the International Finance Corporation
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66.89%
The book contains complementary essays on the use of tax incentives, to attract foreign direct investment (FDI). The first essay presents results of the authors' original research, and explores FDI, and issues of tax incentives, in the context of Indonesia. Their results mostly support the arguments made against incentives, particularly they find little evidence that when Indonesia eliminated tax incentives, there was any decline in the rate of FDI into the country. Similarly, the second essay surveys the research of others on the same topic, and pertaining to the same issues discussed in the first essay. They show that results of other researchers, are generally consistent with the findings of the research in Indonesia, notably that tax incentives, neither affect significantly the amount of direct investment that takes place, nor usually determine the location to which investment is drawn. Nevertheless, recent evidence has shown that when factors such as political, and economic stability, infrastructure, and transport costs are more...

Promoting Growth in the Caribbean : Tax Incentives in Theory and in Practice; Promocion del crecimiento en el Caribe : incentivos fiscales en teoria y en la practica

Bes, Martin; Alvarez-Estrada, Daniel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.86%
The recent international financial crisis dealt a hard blow to the region's growth prospects, being reflected in reduced demand for financial services and tourism as well as falling remittances. This was combined in some cases with home grown macroeconomic imbalances and the need to face the costs of financial sector bailouts in other countries. More recently, policymakers have indicated the need to explore the use of tax incentives in order to foster much needed private investment. This policy note analyzes the issues associated with the use of tax incentives and reviews the challenges faced by the region, which has had a not altogether successful experience in controlling tax expenditures. The policy note is organized as follows: the first section explores the diverse nature of the Caribbean and Latin American group of countries referred to in this note: the Bahamas, Barbados, Belize, Dominican Republic, Guyana, Haiti, Jamaica, Suriname and Trinidad and Tobago. This is followed by a word of caution regarding the emphasis on factor accumulation in explaining growth...

The Impact of Export Tax Incentives on Export Performance : Evidence from the Automotive Sector in South Africa

Madani, Dorsati H.; Mas-Guix, Natalia
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
66.83%
The original goal of the Motor Industry Development Program was to help the automotive industry in South Africa adjust to trade liberalization and become internationally competitive. In simple terms, it consists of an import/export complementation arrangement, whereby the local value-added of components or built-up vehicles exported earns credits that can be used to rebate import duties on components and vehicles. This study provides a first attempt at a quantitative analysis of the Motor Industry Development Program using the difference-in-difference methodology, in order to assess to what extent the program was effective in improving South Africa's automotive export performance during 1996-2006. The authors take a two-tier approach. First, they perform a comparative study using different manufacturing sectors within South Africa; second, they apply this methodology to analyze South Africa and a number of comparator countries that are automotive producers and exporters. The analysis finds that the impact of the program on automotive exports in South Africa is positive and significant. In particular...

How Tax Policy and Incentives Affect Foreign Direct Investment : A Review

Morrisset, Jacques; Pirnia, Neda
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.96%
With an increasing number of governments competing to attract multinational companies, fiscal incentives have become a global trend that has grown considerably in the 1990s. Poor African countries rely on tax holidays, and import duty exemptions, while industrial Western European countries allow investment allowances, or accelerated depreciation. Have governments offered unreasonably large incentives to entice firms to invest in their countries? The authors review the literature on tax policy, and foreign direct investment, and explore possibilities for research. They observe that tax incentives neither make up for serious deficiencies in a country's investment environment, nor generate the desired externalities. Long-term strategies to improve human, and physical infrastructure - and, where necessary, to streamline government policies and procedures - are more likely than incentives to attract genuine long-term investment. But more recent evidence has shown that when other factors - such as infrastructure...

Providing Incentives for Investment : Advice for policymakers in developing countries

James, Sebastian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
56.94%
Are tax incentives effective at attracting investment? Or are they a waste of resources? The answer depends on the policies used and the sectors where investment is sought. This note consolidates the policy implications of the latest research by the World Bank Group's investment climate advisory services on the efficacy of investment incentives. The research finds that such incentives are ineffective where investment climates are weak, and they cannot compensate for such deficiencies. Moreover, even where incentives are effective in attracting investment, they have significant costs. When incentives are clearly ineffective, political considerations often drive their continued use. This note identifies best practices for incentive policy and administration and provides a framework for analyzing the likely effectiveness of investment incentives under different conditions and in different types of countries.

Toward a More Business Friendly Tax Regime; Key Challenges in South Asia

Reva, Anna
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.78%
This paper discusses competitiveness-related issues surrounding the design and administration of corporate and value added/sales taxes in four South Asian countries -- Bangladesh, India, Pakistan, and Sri Lanka. The paper is based largely on analysis of tax legislation; in addition, data from the World Banks enterprise surveys, the Doing Business report, as well as industry studies are used for evidence on tax compliance costs for business. The review of tax regulations in the region shows several commonalities: (1) widespread use of tax incentives to support selected industries, types of firms, and industrial locations; (2) many exemptions from value-added taxes as well as the practice of levying multiple indirect taxes on the same base; and (3) high costs of tax compliance for businesses. The paper discusses the consequences of tax policies for the competitiveness of South Asian producers, describes the main problems in tax administration, and outlines key directions for reforms.