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O IRC e o risco empresarial : prejuízos fiscais, juros de financiamento, deduções majoradas e amortizações aceleradas em I&D
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O presente estudo foi efetuado no âmbito da Dissertação de Mestrado em Direito Fiscal da Universidade Católica Portuguesa, Lisboa, orientada pelo Doutor Miguel Gonçalves Correia, de modo a analisar o potencial do IRC para influir no risco empresarial, tendo por base os regimes de tratamento dos prejuízos fiscais; a dedutibilidade de juros de financiamento; e a previsão de deduções majoradas e de depreciações aceleradas no contexto de investimentos em I&D. De acordo com a experiência existente, o risco empresarial deverá ser incentivado, atendendo às externalidades positivas daí decorrentes. Todavia, esse incentivo não deverá ser efetuado de forma desmedida, se atentarmos às consequências passíveis de advir de um risco excessivo. Inclusive, atentas as lições do passado, o risco poderá, em certos casos, necessitar de ser desincentivado. Neste contexto, preconiza-se uma análise, simultaneamente, holística e incisiva sobre as temáticas em apreço, versando sobre a tendência do legislador em Portugal e, sempre que possível, noutros países, com especial enfoque nas políticas desenvolvidas, de um ponto de vista fiscal, desde 2010. Por último, tendo por base o estudo efetuado e as considerações tecidas ao longo do mesmo, tenciona-se, salvo melhor entendimento, extrair as consentâneas ilações e, mediante estas, disponibilizar medidas passíveis de serem implementadas na política fiscal portuguesa.
This study was carried out as part of the Master's Dissertation in Tax Law at Universidade Católica Portuguesa, Lisbon, supervised by Miguel Gonçalves Correia, in order to analyze the potential of the Corporate Income Tax to influence business risk, based on the treatment of tax losses; the deductibility of financing interest; and the provision for increased deductions and accelerated depreciation in the context of R&D investments. According to existing experience, entrepreneurial risk should be encouraged, given the positive externalities it brings. However, this incentive should not be unreasonable, given the consequences that excessive risk can have. Indeed, bearing in mind the lessons of the past, risk may need, in certain cases, to be discouraged. Therefore, a comprehensive analysis of the issues at hand is suggested, examining the tendency of the legislator in Portugal and, where possible, in other countries. This analysis should focus on the policies developed from a fiscal perspective since 2010. Based on the study and deliberations made, the intention is to withdraw appropriate conclusions and provide measures for implementation in Portuguese tax policy, unless a better understanding arises.
This study was carried out as part of the Master's Dissertation in Tax Law at Universidade Católica Portuguesa, Lisbon, supervised by Miguel Gonçalves Correia, in order to analyze the potential of the Corporate Income Tax to influence business risk, based on the treatment of tax losses; the deductibility of financing interest; and the provision for increased deductions and accelerated depreciation in the context of R&D investments. According to existing experience, entrepreneurial risk should be encouraged, given the positive externalities it brings. However, this incentive should not be unreasonable, given the consequences that excessive risk can have. Indeed, bearing in mind the lessons of the past, risk may need, in certain cases, to be discouraged. Therefore, a comprehensive analysis of the issues at hand is suggested, examining the tendency of the legislator in Portugal and, where possible, in other countries. This analysis should focus on the policies developed from a fiscal perspective since 2010. Based on the study and deliberations made, the intention is to withdraw appropriate conclusions and provide measures for implementation in Portuguese tax policy, unless a better understanding arises.
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Risco Prejuízos Dívida Capital I&D Risk Losses Debt R&D
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