Abstract The research analyzes the variables that influence the strengthening of business and tax culture through knowledge management. Methodologically, it is a study with a qualitative and analytical approach. The study highlights the importance of knowledge management as a catalyst for improving organizational culture and tax compliance in companies. Variables such as effective communication allow the organization to improve tax and administrative management through the individual knowledge of each employee. The acquisition of skills and knowledge through training and education strengthens the resilience of individuals to regulatory changes. Technology, used as a management and process optimization tool, reduces error variability while increasing efficiency and performance. Teamwork in the execution of tasks facilitates more efficient planning and optimal allocation of individual responsibilities. Finally, by implementing a risk management approach, it is possible to exercise greater diligence in the early detection of errors and minimize their impact on the ongoing business development context.

Resumen La investigación analiza las variables que influyen en el fortalecimiento de la cultura empresarial y tributaria a través de la gestión del conocimiento. A nivel metodológico es un estudio con enfoque cualitativo y analítico. El estudio destaca la importancia de la gestión del conocimiento como un catalizador para mejorar la cultura organizacional y el cumplimiento tributario en las empresas. Variables como la comunicación efectiva, permite en la organización el mejoramiento en la gestión tributaria y administrativa por medio del conocimiento individual de cada trabajador; la adquisición de habilidades y conocimientos a través de la formación y capacitación fortalece la resiliencia de los individuos ante las modificaciones regulatorias; la tecnología, utilizada como un instrumento para la gestión y optimización de los procesos, reduce la variabilidad de errores, al tiempo que aumenta la eficiencia y el rendimiento; el trabajo en equipo en la ejecución de tareas facilita una planificación más eficiente y una asignación óptima de las responsabilidades individuales; y finalmente, mediante la implementación de un enfoque de gestión de riesgos, es posible ejercer una mayor diligencia en la detección temprana de fallos y en la minimización de su impacto en el contexto del desarrollo del negocio en marcha.

Resumen Los efectos significativos de una contabilidad deficiente en emprendimientos familiares motivan esta investigación. Por ello, el objetivo del estudio fue analizar el nivel de conocimiento financiero en las prácticas contables de los emprendimientos familiares del cantón de La Maná, a través de la respuesta del estadístico multivariante del análisis factorial exploratorio. La metodología utilizada tuvo un enfoque cuantitativo con un diseño no experimental en la evaluación de las prácticas contables y el conocimiento financiero. Para ello, se aplicó un muestreo probabilístico con un nivel de confianza del 95% y un nivel de error del 5%, el cual dio como resultado una muestra de 191 emprendimientos para el desarrollo de las encuestas y la investigación. El resultado relacional de las variables del constructo fue muy aceptable (KMO= 0.782), dicho resultado denotó una adecuación muestral sólida para realizar un análisis factorial exploratorio; por consiguiente, el análisis reveló que los tres primeros componentes explican el 81% de la varianza total de la respuesta de los emprendimientos. Finalmente, se concluyó que el conocimiento tributario, junto con otros elementos, mejora significativamente la comprensión de las prácticas contables y el conocimiento financiero. Por tal razón, se demostró que los emprendimientos familiares en el cantón de La Maná poseen un nivel moderado (Rho= 0.600) de conocimiento financiero en estas áreas.

Abstract The significant effects of poor accounting on family businesses motivated this research. Therefore, the objective of the study was to analyze the level of financial knowledge in the accounting practices of family businesses in La Maná canton, through exploratory factor analysis. The methodology used had a quantitative approach with a non-experimental design in the evaluation of accounting practices and financial knowledge. For this purpose, a probabilistic sampling was applied with a confidence level of 95% and an error level of 5%, which resulted in a sample of 191 undertakings for the development of surveys and research. The relational result of the construct variables was very acceptable (KMO = 0.782); this result denoted a solid sampling adequacy to carry out an exploratory factor analysis. Consequently, the analysis revealed that the first three components explain 81% of the total variance in the response of the ventures. Finally, it was concluded that tax knowledge, together with other elements, significantly improves the understanding of accounting practices and financial knowledge. For this reason, it was demonstrated that family businesses in La Maná canton have a moderate level (Rho = 0.600) of financial knowledge in these areas.

Resumen: El objetivo de este artículo es identificar las condiciones necesarias o suficientes que impulsarán la capacidad fotovoltaica (FV) instalada en México. Para ello, se identifican diferentes configuraciones de condiciones, que pueden conducir al mismo caso deseado, a través del análisis cualitativo comparativo de casos complejos. El análisis sugiere que, para impulsar la capacidad FV instalada se debe realizar una planeación a largo plazo de la industria FV mexicana que tenga como punto de partida las cinco condiciones necesarias: a) crédito fiscal a la inversión o producción; b) feed in tariff (FIT) y feed in premium (FIP); c) desarrollo de capital intelectual, técnico y profesional; d) el impulso a la investigación y el desarrollo de tecnología FV, y e) incluir la capacidad FV instalada en redes eléctricas inteligentes.

Abstract: This paper aims to identify the necessary or sufficient conditions that promote the installed photovoltaic (PV) capacity in Mexico. To do this, different configurations of conditions are identified, which can lead to the same desired case, through the comparative qualitative analysis of complex cases. The analysis suggests that, to boost the installed PV capacity, a long-term planning of the Mexican PV industry should be carried out. The starting point of such a plan should consists of the following five necessary conditions: a) tax credit for investment or production; b) feed in tariff & feed in premium; c) development of intellectual, technical and professional capital; d) the promotion of research and development of PV technology, and e) to include installed PV capacity in smart grids.

Abstract The general framework of economic deregulation, mobility of production factors and digitalization of the economy accelerated the processes of harmful tax competition and aggressive tax planning, increasing the problems related to the determination of tax rights and the sharing of profits among States, and putting into question the rules of the international tax regime. Since the 2008 crisis, this regime has undergone important changes, with emphasis on the Global Tax Agreement, in 2021. Having as a theoretical reference the normative debate around questions of justice in the international tax regime, mainly based on cosmopolitanism and internationalism, this article analyzes this reform process. deregulation planning States 200 crisis changes Agreement 2021 internationalism process 20 202 2

Resumo O quadro geral de desregulamentação econômica, de mobilidade dos fatores de produção e de digitalização da economia acelerou os processos de competição fiscal prejudicial e de planejamento tributário agressivo, aumentando os problemas relacionados à determinação dos direitos fiscais e à partilha de lucros entre os Estados, e colocando em causa as regras do regime tributário internacional. Desde a crise de 2008, o referido regime passou por importantes reformas, com destaque para o Acordo Tributário Global, em 2021. Tendo como referência teórica o debate normativo em torno de questões de justiça no regime tributário internacional, principalmente o cosmopolitismo e o internacionalismo, este artigo analisa esse processo de reforma. econômica agressivo Estados internacional 2008 reformas Global 2021 internacionalismo reforma 200 202 20 2

Resumen En este artículo reconstruimos las políticas en torno a la planificación, la tierra y el agua, emblemáticas de la formación de estatalidad de los gobiernos en Salta bajo las dos primeras presidencias de Juan Domingo Perón (1946-1955). Estas políticas permiten pensar y abordar el proceso de formación del Estado provincial, así como indagar en la reestructuración de las relaciones de poder y en las disputas y tensiones respecto de los modos de hacer política en esa provincia argentina. Reflexionamos sobre cómo se conformaron en problemas y objetos de intervención gubernamental la concentración de la tierra y del agua, la falta de organización “técnica-administrativa” del aparato estatal y de las finanzas provinciales, y la forma en que se habían administrado los recursos públicos hasta entonces. Nos centramos en las políticas y medidas del Estado provincial, sin precedentes en Salta, que buscaron hacer frente a tales “problemas” y modificarlos. Entre ellas se encuentran la creación y reorganización de dependencias estatales específicas, la realización de relevamientos económicos y sociales en el territorio provincial, la creación e implementación de reformas impositivas, la mensura y el ordenamiento de la tierra y de la explotación agrícola, y la regulación del aprovechamiento del agua.

Abstract In this article, we reconstruct land, water, and planning policies, which are emblematic of the formation of statehood by provincial governments under the first two presidencies of Juan Domingo Perón (1946-1955), in Salta, Argentina. These policies allow us to think about and tackle the process of formation of the provincial State, as well as to investigate the restructuring of power relations, and the disputes and tensions regarding the ways of doing politics in Salta. We reflect on the creation of problems and objects of government intervention, the concentration of land and water, the lack of "technical-administrative" organization of the state apparatus and provincial finances, and the way in which public resources had been managed until then. We focus on the policies and measures of the provincial State, unprecedented in Salta, which sought to address and modify such "problems". These include the creation and reorganization of specific state dependencies, the conducting of economic and social surveys in the provincial territory, the creation and implementation of tax reforms, the measurement and organization of land and agricultural exploitation, and the regulation of water use.

Resumo Neste artigo, reconstruímos as políticas de planejamento, terra e água, emblemáticas da constituição dos governos provinciais em Salta nas duas primeiras presidências de Juan Domingo Perón (1946-1955). Essas políticas permitem pensar e abordar o processo de formação do Estado provincial, bem como investigar a reestruturação das relações de poder e as disputas e tensões quanto aos modos de fazer política naquela província argentina. Reflexionamos como se conformaram em problemas e objetos de intervenção governamental a concentração da terra e da água, a falta de organização “técnica-administrativa” do estado de das finanças provinciais, e a forma em que tinham se administrado os recursos públicos até então. Centramo-nos nas políticas e medidas do Estado provincial, inéditas em Salta, que buscaram enfrentar tais “problemas” e modificá-los. Entre elas estão a criação e reorganização de órgãos estaduais específicos, realização de levantamentos económicos e sociais no território provincial, a criação e implementação de reformas fiscais, a medição e ordenação da exploração fundiária e agrícola, e regulamentação do uso da água.

Abstract This paper was born from the need to understand the link that exists in Mexico between the diversion of public money and tax havens. It is a first approach in which interconnected issues are analyzed and that, currently, Mexican legislation does not have a joint resolution. Topics such as corruption, shell companies, tax havens, aggressive tax planning, reportable schemes and intermediaries are outlined in this paper whose common thread is to follow the trail of public money until it reaches tax havens. One of the first hypotheses of this paper is that a legal, social and political framework must be created that mirrors the criminal network of operations to divert public money to tax havens.

Resumen Este artículo nace de la necesidad de comprender el nexo que existe en México entre el desvío del dinero público y los paraísos fiscales. Es una primera aproximación en la que se analizan temas interconectados y que, en la actualidad, la legislación mexicana no tiene una resolución en conjunto. Temas como corrupción, empresas fantasma, paraísos fiscales, planeaciones fiscales agresivas, esquemas reportables e intermediarios, se esbozan en este artículo cuyo hilo conductor es seguir la huella del dinero público hasta llegar a los paraísos fiscales. Una de las primeras hipótesis de este artículo es que debe confeccionar un entramado jurídico, social y político que sea espejo del entramado delictivo de las operaciones para desviar el dinero público a paraísos fiscales.

RESUMEN Las empresas familiares tienen gran importancia social y económica en el mundo, ya que representan casi el 90 % de los negocios en diversas regiones, generan más de la mitad del empleo y producen más de dos terceras partes del Producto Interno Bruto en muchos países. Suelen basarse en su experiencia comercial y en el conocimiento de su clientela, pero deben contar con un plan de estrategias fiscales para asegurar su supervivencia, ya que se desarrollan en ambientes cada vez más competitivos e impredecibles. El objetivo de esta investigación fue mostrar la intención de uso de estrategias fiscales por las empresas de corte familiar en el municipio de El Mante, ubicado al sur de Tamaulipas, México, y su relación con el conocimiento empresarial, legal y directivo de sus propietarios. Se recogieron las respuestas obtenidas en entrevista directa con los propietarios o directores de negocios, utilizando un cuestionario con escalas de Likert validado y se aplicaron las pruebas estadísticas recomendadas. Se encontró suficiente dominio de los empresarios en los temas de administración del negocio familiar, normas y actores relacionados con el comercio, así como suficiente grado de acuerdo en la intención del uso de estrategias fiscales y planes de negocios, competencias que pueden acrecentarse laborando para la empresa familiar. El principal hallazgo es la evidencia de una débil correlación entre el conocimiento legal y directivo de los propietarios de empresas familiares con el uso de las estrategias fiscales, así como una muy débil correlación con el conocimiento empresarial. La intención de uso de estrategias fiscales requiere de tales conocimientos por parte de los empresarios, quienes toman decisiones considerando los intereses de la familia, estiman necesaria la planeación financiera y aprovechan la bondad de las estrategias fiscales.

ABSTRACT Family-owned businesses have paramount social and economic importance worldwide since they represent almost 90 % of businesses in various regions, generate more than half of the employment and produce more than two-thirds of the Gross Domestic Product in many countries. Decisions are based on their commercial experience and knowledge of their customer base. However, they must also employ a fiscal strategy to ensure their subsistence, since they face each more competitive and unpredictable environment. The objective of this research was to show the intention to use tax strategies by family businesses in the municipality of El Mante, located in Southern Tamaulipas, Mexico, and its relationship with the entrepreneurial, legal, and managerial knowledge of their owners. Responses were collected through a direct interview with the business owners or the CEO. Additionally, a questionnaire with validated Likert scales was used, and the recommended statistical tests were administered. Findings indicate that there is sufficient mastery of entrepreneurs in areas such as the management of the family business, regulations and actors related to trade, as well as a sufficient degree of agreement regarding the intention to use fiscal strategies and business plans, competencies that can be increased by working for the family business. The main finding is the evidence of a weak correlation between the legal and managerial knowledge of family business owners with the use of tax strategies, as well as a very weak correlation with entrepreneurial knowledge. The intention to use tax strategies requires such knowledge by business owners, who make decisions based on family’s interests, consider financial planning as necessary and take advantage of the benevolence of tax strategies.

Abstract The study promotes an analysis of the federative principle and the Union's competence to issue Complementary Laws containing general rules on tax matters for taxes under the competence of subnational entities. The deductive method will be used. The impacts of Complementary Law 194/2022 on the finances of subnational governments and its consequences for the federative pact will be evaluated based on the limits of the Union's action and the observance of constitutional rules and principles. We start from the hypothesis that the changes introduced by this law, which is immediately effective, will adversely affect the collection of ICMS tax revenues and compliance with the planning contained in the Budget Laws currently being executed, worsening the financial situation of subnational governments and contributing to the deconstruction of the federal pact. The Complementary Law defined as essential some goods taxed by the states (revenues shared with municipalities) and demanded from these spheres of government indirectly, automatic reduction of the rates practiced, without time for the due adjustments and without due compensation for the loss of revenues. By means of bibliographic and jurisprudential research, juridical and economic research, it was possible to analyze the legality, the competencies, the observance or violation of constitutional principles, and the financial consequences for the subnational entities. The Union, with the edition of Complementary Law 194/2022, without the participation of the Brazilian States, violated the federative principles and the autonomy of subnational entities, legal certainty, legality and federative competence. The discussion about the Federative Pact gains relevance, as well as the need for the Union to compensate federated entities for losses.

Resumo O estudo promove análise do princípio federativo e da competência da União para editar Leis Complementares contendo normas gerais em matéria tributária para tributos de competência dos entes subnacionais. Será utilizado o método dedutivo. A partir dos limites da atuação da União e da observância dos princípios e normas constitucionais, serão avaliados os impactos da Lei Complementar 194/2022 nas finanças dos governos subnacionais e suas consequências para o pacto federativo. Parte-se da hipótese de que as alterações promovidas por essa Lei, com vigência imediata, prejudicam a arrecadação das receitas tributárias de ICMS e o cumprimento do planejamento contido nas Leis Orçamentárias em execução, agravando a situação financeira dos governos subnacionais, contribuindo para a desconstrução do pacto federativo. A Lei Complementar definiu como essenciais algumas mercadorias tributadas pelos Estados (receitas partilhadas com Municípios) e exigiu dessa esfera de governo, indiretamente, automática redução das alíquotas praticadas, sem tempo para as devidas adequações e sem a devida compensação pelas perdas de receitas. Por meio de pesquisa bibliográfica e jurisprudencial, jurídica e econômica foi possível analisar a legalidade, as competências, a observância ou violação dos princípios constitucionais e as consequências financeiras para os entes subnacionais. A União, com a edição da LC n.194/2022, sem participação dos Estados brasileiros, violou os princípios federativo e da autonomia dos entes subnacionais, da segurança jurídica, da legalidade e da competência federativa. A discussão sobre o Pacto Federativo ganha relevância, assim como a necessidade de a União compensar os entes federados pelas perdas.

ABSTRACT The aim of this article was to study the impact of tax installment plans on the tax aggressiveness of Brazilian listed companies. Despite the relevance and timeliness of the topic, there are no studies that examine the use of special tax installment plans as a determinant of the tax aggressiveness of Brazilian listed companies. Tax installment plans have been used repeatedly by Brazilian companies and the number of adherents has grown significantly over time, where this resource can be understood by companies from the perspectives of tax regularization and tax savings. The research contributes to the scientific knowledge on the subject by providing evidence on the determinants of tax aggressiveness, and it is believed that the government can use the results to improve the offer of tax installment plans and the understanding of tax legislation, such as through the development of restrictions on access to installment plans, by allocating them to companies in real financial difficulties, as well as through improvements in its inspection process, considering that companies that pay taxes in installments are more tax aggressive. The data were obtained from explanatory notes, through the Ministry of the Economy’s access to information service, and from the Economatica® database. The Special Tax Regularization Program (PERT) 2017 was used as a reference for tax installment plans, and tax aggressiveness was measured using the effective tax rate (ETR), ETR Cash, and book tax difference (BTD). The period analyzed is from 2017 to 2020, and the statistical method applied was multiple linear regression for panel data with random effects. The results show that companies that choose to pay their taxes in installments tend to take a more aggressive tax position. The evidence contributes to extending the theory of the determinants of tax aggressiveness and can help the government in its inspections and in improving tax installment offers and tax benefits. topic time savings legislation difficulties process notes Economys Economy s service Economatica database PERT (PERT 201 ETR, , (ETR) Cash BTD. BTD . (BTD) 2020 effects position benefits 20 (ETR (BTD 202 2

RESUMO O objetivo deste artigo foi verificar a influência do parcelamento tributário na agressividade fiscal de empresas brasileiras abertas. Apesar da relevância e atualidade do tema, não há estudos que tratam do uso do parcelamento tributário especial como determinante da agressividade fiscal de empresas brasileiras abertas. O parcelamento tributário tem sido utilizado de forma recorrente pelas empresas brasileiras e o número de adesões tem crescido significativamente ao longo do tempo, quando esse recurso pode ser compreendido pelas empresas sob as perspectivas de regularização fiscal e economia tributária. A pesquisa contribui para o conhecimento científico da temática ao disponibilizar evidências a respeito dos determinantes da agressividade fiscal, e acredita-se que o governo possa fazer uso dos resultados para aprimorar as ofertas de parcelamentos tributários e melhorias de entendimento na legislação tributária, como elaboração de restrições para acesso aos parcelamentos, ao destiná-los para empresas com reais dificuldades financeiras, assim como aperfeiçoamento de seu processo de fiscalização, considerando que as empresas que parcelam tributos são mais agressivas tributariamente. Os dados foram obtidos em notas explicativas, por meio do serviço de acesso à informação do Ministério da Economia e no banco de dados Economatica®. Utilizou-se do Programa Especial de Regularização Tributária (PERT) 2017 como referência ao parcelamento tributário, e a agressividade fiscal foi mensurada por meio da effective tax rate (ETR), ETR Cash e book tax difference (BTD). O período analisado refere-se a 2017 a 2020 e o método estatístico aplicado foi a regressão linear múltipla para dados em painel com efeitos aleatórios. Os resultados revelam que empresas que optam por parcelar seus tributos tendem a assumir uma posição mais agressiva tributariamente. As evidências contribuem para expansão da teoria de determinantes da agressividade fiscal e podem auxiliar o governo em suas fiscalizações e aprimoramento de ofertas de parcelamentos tributários e benefícios fiscais. abertas tema tempo tributária acreditase acredita se destinálos destiná los financeiras fiscalização tributariamente explicativas Economatica Economatica® Utilizouse Utilizou PERT (PERT 201 ETR, , (ETR) BTD. BTD . (BTD) referese refere 202 aleatórios fiscais 20 (ETR (BTD 2

PURPOSE: This study explored the nature of business practices of small- and micro-enterprises within the South African context to propose recommendations for financial literacy education strategies DESIGN/METHODOLOGY/APPROACH: The data collection technique used for this qualitative study included semi-structured in-depth interviews with a case study of 10 small- and micro-enterprise owners who collectively trade within five of the nine South African provinces FINDINGS/RESULTS: Small- and micro-enterprises do not need to differ significantly because the respective business practice themes identified are relevant within both contexts. Both category enterprises make use of a cash basis system, generally have inventory management systems in place and do not have sophisticated financial planning practices. The micro-enterprises studied do not have business plans or accurate pricing strategies and cash management is a concern. The small-enterprise participants generally did not show interest in competitors and their enterprises had more sophisticated bookkeeping practices in place than micro-enterprises PRACTICAL IMPLICATIONS: Financial literacy education strategies for the owners should focus on providing guidance on tax matters, significance of business plans and how to prepare them, debtors management strategies, inventory management strategies, and a basic bookkeeping system that evolves from the cash basis of accounting to the accrual basis of accounting. It should also aim to educate owners on the importance of financial planning and risk management ORIGINALITY/VALUE: This research provides an evidence-based description of the characteristics of South African small- and micro-enterprises, which could prove valuable in developing future owner financial literacy education programmes as well as other support strategies targeted at this audience

Resumen La recaudación de impuestos es uno de los mecanismos que implementan las autoridades como entes generadores de recursos. Sin embargo, existen factores externos que tienen incidencia directa en la planificación institucional y en el presupuesto de las entidades gubernamentales, como la materialización de eventos adversos. En este sentido, el objetivo de esta investigación es analizar la recaudación de recursos del año 2016 al 2019 por el concepto de la Tasa de Gestión de Riesgos del Gobierno Autónomo Descentralizado Municipal de Portoviejo, mismo que se desarrolló a partir de una revisión bibliográfica y del análisis de insumos generados por el gobierno local y otras entidades, además, una tabulación del ingreso anual de la tasa que permitió visualizar las inversiones en cada área de la gestión de riesgos. Los resultados muestran que, en el área de identificación y análisis de riesgos, y manejo de eventos adversos se realizó una mayor inversión en el año 2017, y en el área de reducción de riesgos en el año 2016, por su parte en el área de recuperación no se ejecutó ninguna inversión. Este tipo de análisis coadyuva a establecer estrategias y mecanismos de prevención de riesgos presentes y futuros existentes en el cantón.

Abstract Tax collection is one of the mechanisms implemented by the authorities as resource generators. However, there are external factors that have a direct impact on institutional planning and on the budget of government entities, such as the materialization of adverse events. In this sense, the objective of this research is to analyze the collection of resources from 2016 to 2019 for the concept of the Risk Management Rate of the Autonomous Decentralized Municipal Government of Portoviejo, which was developed from a bibliographic review and the analysis of inputs generated by the local government and other entities, in addition, a tabulation of the annual income of the rate that allowed to visualize the investments in each area of risk management. The results show that, in the area of risk identification and analysis, and management of adverse events, a greater investment was made in 2017, and in the area of risk reduction in 2016, on the other hand, in the area of recovery no investment was made. This type of analysis helps to establish strategies and mechanisms for the prevention of present and future risks existing in the canton.

Resumen: En el marco de las transformaciones urbanas y de las competencias de los gobiernos municipales producto del proceso de descentralización, recientemente la planeación y la gestión territorial han incorporado formalmente novedosos instrumentos de financiación del desarrollo urbano, no solo basados en los recursos fiscales, sino en la captura de valor. Este trabajo analiza el alcance de estos instrumentos en Colombia, a través de una investigación de carácter mixto en una muestra de 444 municipios, a partir de una categorización analítica de las fuentes de financiación para la infraestructura pública municipal y la consolidación de los resultados del recaudo y su destinación. Se evidencia que, aunque estos instrumentos tienen un alto potencial para la financiación de bienes y servicios urbanos, aún son poco reconocidos por las autoridades municipales, no son representativos en los presupuestos públicos y solo se incorporan recientemente como fuentes para el desarrollo urbano.

Abstract: Within the framework of urban transformations and the competences of municipal governments as a result of the decentralization process, the territorial planning and management have formally incorporated novel financing instruments for urban development, not only based on fiscal resources but also on the value capture. This article analyzes the scope of these instruments in Colombia through a mixed research in a sample of 444 municipalities based on an analytical categorization of the sources of funding for municipal public infrastructure and the consolidation of the tax collection results and their destination by concept of such instruments. It is evident that although these instruments have a high potential for financing urban goods and services, they are still under recognized by municipal authorities; they are not representative in public budgets and they are only recently incorporated as sources for urban development.

Resumen Las pequeñas y medianas empresas (PYMES) tienen una responsabilidad fiscal muy importante, por lo que resulta de especial interés administrar el flujo de efectivo para optimizar el pago del Impuesto al Valor Agregado. En este trabajo se propone un modelo de análisis de costo-riesgo para determinar el impacto de una estrategia de planeación fiscal que considera la intervención de una línea de crédito. Se busca tomar una decisión que logre una combinación óptima entre costos y beneficios esperados, considerando el riesgo asociado a la ocurrencia de falta de liquidez. La propuesta considera minimizar la función de impacto total, la cual se define como la suma de la función de costo y la función de riesgo. La propuesta metodológica se ilustra con datos reales de una empresa mayorista ferretera en Hermosillo, Sonora, México. Además, se llevó a cabo un estudio de simulación para mostrar la pertinencia de la propuesta.

Abstract The Small and Medium Sized Enterprises (SMEs) have an important fiscal responsibility, so it is of special interest to reach an appropriate management of the cash flow, in order to optimize the payment of the Value Added Tax. In this work, a cost-risk analysis model is proposed to determine the impact of a fiscal planning strategy that considers the use of a credit line. The goal is to make a decision that achieves an optimal combination between costs and expected benefits, considering also the risk associated with the occurrence of lack of liquidity. This proposal is focused on the minimization of what is called the total impact function, defined as the sum of the cost and risk functions. The methodological proposal is illustrated with real data from a hardware wholesale company in Hermosillo, Sonora, Mexico. A simulation study was carried out to show the applicability of this proposal.

RESUMO O objetivo deste artigo foi analisar a utilização do benefício fiscal da remuneração convencional do capital social (RCCS) pelas empresas portuguesas e percepcionar a influência das políticas fiscais nas suas tomadas de decisão de financiamento. A maioria dos estudos assenta na relação do financiamento por capitais alheios com a fiscalidade, em que se encontraram evidências de que os benefícios fiscais influenciam a estrutura de capitais das empresas. Existe ausência de estudos em empresas portuguesas. O artigo é relevante ao acrescentar a variável do aumento de capital, porque em alguns países, em particular Portugal, há incentivos fiscais, também, pela via do financiamento através de capitais próprios. Desse modo, esta investigação proporciona resultados da opção pelas empresas portuguesas pelo financiamento por capitais próprios antes e após alterações fiscais que incentivam sua utilização. O estudo empírico foi realizado através de inquérito por questionário, sendo a amostra composta por 324 empresas portuguesas com atividade económica. O artigo contribui para o estudo da relação do financiamento pela via dos capitais próprios com a lei fiscal existente em Portugal. O benefício fiscal da RCCS não tem sido suficiente para as empresas alterarem sua política de financiamento quando têm de optar entre recorrer a capital alheio e efetuar novas entradas pelos detentores de capital. No entanto, esse incentivo tem proporcionado a redução do capital alheio, através da sua conversão em capital, e o aumento do capital pela incorporação do lucro gerado, podendo essas práticas constituírem oportunidades de planeamento fiscal. Apesar de existir a percepção que a aceitação dos juros como gasto fiscal favorece o financiamento das empresas por meio de capitais alheios, há o reconhecimento que esse benefício incentiva a capitalização das empresas e o seu financiamento através de capitais próprios, em alternativa a capitais alheios, sobretudo nas médias empresas.

ABSTRACT This article aimed to analyze the use of the tax benefit of conventional remuneration of share capital (CRSC) by Portuguese companies and perceive the influence of tax policies on their financing decisions. Most of the studies are based on the relationship between financing through debt capital and taxation, in which evidence is found that tax benefits influence the capital structure of companies. There is a lack of studies in Portuguese companies. The article is relevant as it adds the increase in capital variable, because in some countries, particularly Portugal, there are also tax incentives through the own-capital financing route. Thus, this investigation provides results of Portuguese companies choosing own-capital financing before and after tax changes that incentivize its use. The empirical study was conducted through a survey questionnaire, using a sample composed of 324 Portuguese companies with economic activity. The article contributes to the study of the relationship between own-capital financing and the existing tax law in Portugal. The tax benefit of CRSC has not been enough for companies to alter their financing policy when they have to choose between resorting to debt capital and injecting new funds through capital holders. However, this incentive has led to a reduction in debt capital, through its conversion into capital, and an increase in capital through the incorporation of earnings generated, with both these practices potentially representing tax planning opportunities. Despite there being the perception that the acceptance of interest as a tax expense favors company financing through debt capital, there is recognition that this benefit incentivizes the capitalization of companies and their financing through own capital, as an alternative to debt capital, especially in medium-sized companies.

RESUMO Este artigo investiga se o grau de agressividade tributária está associado ao conservadorismo condicional no Brasil. Após uma revisão minuciosa da literatura sobre o conservadorismo contábil pela academia brasileira e uma discussão sobre agressividade tributária, uma lacuna na literatura foi encontrada devido à falta de investigação anterior referente à relação entre o grau de agressividade tributária de uma empresa e seu conservadorismo condicional. O lucro tributável está relacionado ao lucro contábil no sistema brasileiro de imposto de renda corporativo. Portanto, o planejamento tributário pode afetar as propriedades das informações financeiras. Este estudo oferece uma explicação parcial do conservadorismo contábil com base em questões tributárias que contribui para o conservadorismo e a literatura tributária. Os resultados sugerem que estratégias tributárias visando evitar a carga tributária estão relacionadas à contabilidade conservadora condicional. Dessa forma, a prática do conservadorismo condicional no Brasil parece estar ligada a alternativas para diminuição de impostos ao reduzir os lucros, o que explicaria a associação do planejamento tributário com o grau de conservadorismo condicional no relatório financeiro. Esse achado é relevante para usuários de relatórios financeiros que poderão considerar esses resultados em suas análises e para uma gestão que vise entender melhor suas decisões sobre o planejamento tributário. Para esse objetivo de pesquisa, foram adotados dois modelos de Basu (Basu, 1997), adaptados com controles de agressividade tributária. A alíquota efetiva (effective tax rate - ETR) foi utilizada como métrica de agressividade tributária, controlando empresas com ETR alto e baixo. O período de estudo foi de 2010 a 2019 para empresas brasileiras da B3 S.A. - Brasil, Bolsa, Balcão (B3). Os achados demonstram uma relação significativa entre elisão fiscal e conservadorismo condicional, ou seja, empresas mais agressivas em impostos tendem a usar contabilidade mais conservadora.

ABSTRACT This paper investigates whether the degree of tax aggressiveness is associated with conditional conservatism in Brazil. After a thorough literature review on accounting conservatism by Brazilian academia and a discussion about tax aggressiveness and accounting conservatism, a literature gap was found because the relationship between a firm's degree of tax aggressiveness and its conditional conservatism had not been investigated previously. Taxable income has a relationship with accounting income in the Brazilian corporate income tax system. Hence, tax planning can affect financial information properties. This study offers a partial explanation of accounting conservatism based on tax issues that contribute to the conservatism and taxation literature. The results suggest that tax strategies that aim to avoid tax burden are related to conditional conservative accounting. Hence, the practice of conditional conservatism in Brazil appears to be linked with tax-deductible alternatives of reducing earnings, which would explain tax planning’s association with the degree of conditional conservatism in financial reporting. This finding is relevant to financial reporting users that can consider our results in their analysis and to management that seeks to understand their decisions about tax planning better. For this research purpose, two Basu models (Basu, 1997) were adopted, adapted with tax-aggressiveness controls. The effective tax rate (ETR) was used as a tax-aggressiveness metric, controlling firms with both high and low ETR. The study period was from 2010 to 2019 for Brazilian firms from B3 S.A. - Brasil, Bolsa, Balcão (B3). The findings demonstrate a significant relationship between tax avoidance and conditional conservatism, that is, more tax-aggressive firms tend to use more conservative accounting.