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Abstract(s)
Cada país recorre ao sistema fiscal para arrecadar impostos e angariar meios para cumprir as funções do Estado e criar serviços públicos. Dada a interligação entre a fiscalidade e a contabilidade, cada gestor ou investidor procura conhecer a relação entre estas duas áreas e, assim, tomar decisões económico-financeiras nas suas organizações. A taxa efetiva de imposto (ETR) é, portanto, um indicador a ter em conta pelos agentes económicos aquando da tomada de decisão. Vários autores compararam os determinantes da ETR em diferentes países e, não tendo alcançado resultados consistentes, sugerem mais estudos. O presente trabalho tem com objetivo analisar os determinantes da ETR em Portugal e Espanha, e compará-los. São países próximos a nível geográfico, comercial, contabilístico e fiscal, com a particularidade de ambos terem sido sujeitos a reforma fiscal recentemente, Portugal em 2014 e Espanha em 2015. Neste sentido, analisam-se três exercícios económicos, 2016, 2017 e 2018, o período pós-reforma fiscal. A amostra extraída do SABI (Sistema de Análise de Balanços Ibéricos) é composta por 7 026 empresas não financeiras, sendo 3 108 portuguesas e 3 918 espanholas. A estimação da equação é feita com duas abordagens da ETR, usando o estimador de efeitos fixos com erros robustos. Os resultados da estimação do modelo sugerem que, contrariamente ao expectável, existem diferenças nas variáveis que impactam a ETR em Portugal e Espanha, sendo que apenas a variável intensidade de capital é estatisticamente significativa nos dois países e nas duas abordagens da ETR.
Each country uses the tax system to collect taxes and raise funds to fulfil the functions of the state and create public services. Given the interconnection between taxation and accounting, each manager or investor seeks to know the relationship between these two areas and thus make economic and financial decisions in their organisations. The effective tax rate (ETR) is therefore an indicator to be considered by economic agents when taking decisions. Several authors have compared the determinants of the ETR in different countries and, not having achieved consistent results, suggest further studies. This paper aims to analyse the determinants of the ETR in Portugal and Spain and compare them. These countries are close at the geographical, commercial, accounting and tax levels, with the particularity that both have recently undergone tax reform, Portugal in 2014 and Spain in 2015. In this sense, three economic years are analysed, 2016, 2017 and 2018, the post-tax reform period. The sample extracted from SABI (Sistema de Análise de Balanços Ibéricos) is composed by 7 026 non-financial companies, which 3 108 are Portuguese and 3 918 Spanish. The estimation of the equation is done with two ETR approaches, using the fixed effects estimator with robust errors. The results of the estimation of the model suggest that, contrary to expectations, there are differences in the variables that impact the ETR in Portugal and Spain, with only the capital intensity variable being statistically significant in both countries and in the two ETR approaches.
Each country uses the tax system to collect taxes and raise funds to fulfil the functions of the state and create public services. Given the interconnection between taxation and accounting, each manager or investor seeks to know the relationship between these two areas and thus make economic and financial decisions in their organisations. The effective tax rate (ETR) is therefore an indicator to be considered by economic agents when taking decisions. Several authors have compared the determinants of the ETR in different countries and, not having achieved consistent results, suggest further studies. This paper aims to analyse the determinants of the ETR in Portugal and Spain and compare them. These countries are close at the geographical, commercial, accounting and tax levels, with the particularity that both have recently undergone tax reform, Portugal in 2014 and Spain in 2015. In this sense, three economic years are analysed, 2016, 2017 and 2018, the post-tax reform period. The sample extracted from SABI (Sistema de Análise de Balanços Ibéricos) is composed by 7 026 non-financial companies, which 3 108 are Portuguese and 3 918 Spanish. The estimation of the equation is done with two ETR approaches, using the fixed effects estimator with robust errors. The results of the estimation of the model suggest that, contrary to expectations, there are differences in the variables that impact the ETR in Portugal and Spain, with only the capital intensity variable being statistically significant in both countries and in the two ETR approaches.
Description
Keywords
Taxa efetiva de imposto Impuesto sobre sociedades Tributação Efeitos fixos Pós reforma fiscal Portugal Espanha Península Ibérica Effective tax rate Imposto sobre o rendimento de pessoas coletivas Impuesto sobre sociedades Corporate taxation Fixed effects Post-tax reform Spain Iberian Peninsula