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Abstract(s)
A nossa dissertação propõe-se a explorar o problema da distorção, a nível fiscal, entre os rendimentos provenientes de dívida e de capitais próprios. A esse respeito debruçar-nos-emos sobre a recente proposta de Diretiva do Conselho Europeu, denominada de DEBRA, apresentada a 11 de maio de 2022. Com vista a estimular o financiamento das empresas com recurso a capitais próprios, a proposta de Diretiva estabelece um conjunto de regras relativas a uma dedução em matéria de capitais próprios e quanto à limitação da dedutibilidade dos juros para efeitos do imposto sobre o rendimento das sociedades. De modo a levar a cabo essa análise, começaremos por refletir sobre as diferenças de tratamento, a nível societário, que opõem ambas as formas de financiamento, o rationale por detrás dessa diferenciação, e ainda, o recurso à subcapitalização como forma de planeamento fiscal. De seguida, abordaremos as consequências desse tratamento desigualitário entre rendimentos e apontaremos quais as soluções, que têm sido endereçadas, a esse problema. Por último, refletiremos sobre vários aspetos, que compõem a proposta DEBRA, sinalizando incongruências e pontos de melhoria.
Our thesis proposes to explore the different treatment, at the tax level, between debt and equity income. In this regard, we will look at the recent proposal for Council Directive, known as DEBRA, presented on 11 May 2022 to tackle the debt-equity bias. This initiative aims to encourage companies to finance their investments through equity, by laying down rules on a debt-equity bias reduction allowance and limiting the deductibility of interest for corporate income tax purposes. In order to carry out this analysis, we will start by reflecting on the differences, at the corporate level, that oppose both types of financing, the rationale behind this differentiation and the use of thin capitalisation as a form of tax planning. Next, we will discuss the consequences of debt-equity distortion and point out the solutions that have been addressed to solve the problem. Finally, we will reflect on several aspects, which compose the DEBRA proposal, pointing out inconsistencies and areas for improvement.
Our thesis proposes to explore the different treatment, at the tax level, between debt and equity income. In this regard, we will look at the recent proposal for Council Directive, known as DEBRA, presented on 11 May 2022 to tackle the debt-equity bias. This initiative aims to encourage companies to finance their investments through equity, by laying down rules on a debt-equity bias reduction allowance and limiting the deductibility of interest for corporate income tax purposes. In order to carry out this analysis, we will start by reflecting on the differences, at the corporate level, that oppose both types of financing, the rationale behind this differentiation and the use of thin capitalisation as a form of tax planning. Next, we will discuss the consequences of debt-equity distortion and point out the solutions that have been addressed to solve the problem. Finally, we will reflect on several aspects, which compose the DEBRA proposal, pointing out inconsistencies and areas for improvement.
Description
Keywords
Distorção dívida/capitais próprios Dívida Capitais próprios Dedução relativa aos capitais próprios Endividamento Subcapitalização DEBRA Planeamento fiscal União Europeia Juro nocional ATAD Dedutibilidade dos juros Debt-equity bias Debt Equity Allowance on corporate equity Leverage Thin capitalisation Tax planning European Union Notional interest Interest deductibility