Determinantes da tributação efetiva sobre o lucro de instituições financeiras no Brasil

Abstract

This study aims to analyze the influence of the variables firm size, leverage, capital intensity and profitability in the effective tax rate (ETR) of financial institutions listed in Brazil, Bolsa, Balcão (B3) in the period of 2010 to 2019, with a sample comprising 90 companies. For this, ETR was measured based on the sum of Income Tax and CSLL present in the result for the year, divided by Profit Before Income Tax and CSLL (LAIR) and presented an average of 21.90%, value lower than the nominal rate of 45% for financial institutions. The variables were made available by the Economática database. As main results, from Pearson Correlation, it is possible to infer that at a level of 10% of significance, ETR showed a positive correlation with the variables size, capital intensity and profitability, which can be explained respectively by the hypothesis of political costs, by particularities of the tax system and by higher nominal rates for more profitable companies. By the regression of robust fixed effects it is possible to infer that at the level of 5% of significance, the variables size and profitability explain the ETR, confirming the findings of Hagerman and Zmijewski (1979) and Zimmerman (1983), which are consistent with the hypothesis of political costs, for the size variable, and also confirming the findings of Stickney and McGee (1982) and Gupta and Newberry (1997), that more profitable companies face greater tax burden.