Cristina Sá

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Fair Value and Corporate Taxation: Out through the Door, Back through the Window?

Accounting, Economics, and Law: A Convivium

The progressive harmonization of corporate financial information, based on the International Fina... more The progressive harmonization of corporate financial information, based on the International Financial Reporting Standards, has moved fair value accounting (FVA) to the forefront of a debate that straddles accounting and corporate tax. Given the subjectivism that FVA may exhibit, especially when mark to market is not available and mark to model is used as in level 3 FVA, tax legislators have strongly restricted its impact on the corporate tax base. This paper argues that while the Portuguese corporate tax legislators explicitly followed this worldwide trend of restricting the tax impact of fair value to certain circumstances when market prices are observable (level 1 FVA), the corporate tax code has, nonetheless, several important avenues through which FVA influences taxable income determination. The main purpose of this paper is to present and discuss some important ways through which FVA may influence taxable income determination in Portugal, such as goodwill, impairment charges, ...

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Tax Morale Dimensions Analysis In Portugal And Spain

The reasons that explain different behaviors towards tax obligations in similar countries are not... more The reasons that explain different behaviors towards tax obligations in similar countries are not completely understood yet. The main purpose of this paper is to identify and compare the factors that influence tax morale levels in Portugal and Spain. We use data from European Values Study (EVS). Using a sample of 2,652 individuals, a factor analysis was used to extract the underlying dimensions of tax morale of Portuguese and Spanish taxpayers. Based on a factor analysis, the results of this paper show that sociological and behavioral factors, psychological factors and political factors are important for a good understanding of taxpayers' behavior in Iberian Peninsula. This paper added value relies on the analyses of a wide range of variables and on the comparison between Portugal and Spain. Our conclusions provided insights that tax authorities and politicians can use to better focus their strategies and actions in order to increase compliance, reduce tax evasion, fight undergr...

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Tax Morale Determinants in Portugal

European Scientific Journal, ESJ, 2015

Tax morale has been recognized as the key to understand the levels of compliance achieved in most... more Tax morale has been recognized as the key to understand the levels of compliance achieved in most countries in the world. We applied a structural equation model (SEM) to gain a better understanding about the factors shaping tax morale of Portuguese taxpayer’s. Our purpose was to analyze through SEM the direct effects of political democratic system, political participation, religiosity, individual satisfaction, trust in others and institutional trust on tax morale. A sample of 1,553 Portuguese individuals representative of Portuguese population obtained from European Values Study (EVS), carried out in 2008-2010 was used. The results confirmed that Portuguese taxpayers´ tax morale is influenced by taxpayers trust on institutions like government, parliament and the judicial system, by political participation and by the belief that democracy is a good political system for governing the country. Tax morale is also influenced by individual´s satisfaction, by religiosity and by societal be...

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Fatores determinantes da moral tributária em Portugal: Uma análise através da aplicação de um modelo de equações estruturais

determinantes nos contribuintes portugueses e apresentar um contributo empírico relativamente à t... more determinantes nos contribuintes portugueses e apresentar um contributo empírico relativamente à temática do comportamento dos contribuintes. O trabalho desenvolvido permitiu, fundamentalmente, realçar a influência dos determinantes de natureza não económica na motivação intrínseca dos indivíduos para o pagamento dos impostos. Os resultados obtidos mostram que as condições políticas e sociais em que pagamento de impostos é exigido aos cidadãos influenciam a sua motivação intrínseca. Também os fatores psicológicos e as características sociodemográficas. No que se refere aos fatores políticos a existência de sistema político democrático reflete-se num aumento da moral tributária. Concluímos também que os indivíduos que apresentam maior grau de satisfação com a vida tendem a manifestar maior disponibilidade para o pagamento de impostos. Os resultados obtidos mostram ainda que essa motivação é influenciada pelo reconhecimento e valorização da democracia, como regime político, pela satisfação individual e pela religiosidade. No que se refere às características sociodemográficas os resultados mostram que os viúvos, os reformados, os indivíduos com menores rendimentos, maior nível de formação académica e os mais velhos declaram maior predisposição para o pagamento de impostos. Os indivíduos mais avessos ao risco, e os que apresentam maior orgulho em serem portugueses revelam também um nível de moral tributária mais elevado. Palavras-chave: cumprimento fiscal, moral tributária, modelo de equações estruturais, análise multigrupos.

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A influência do planeamento fiscal no valor da empresa

Resumo Objetivo: Estudar o impacto da existencia de mecanismos de planeamento fiscal no valor da ... more Resumo Objetivo: Estudar o impacto da existencia de mecanismos de planeamento fiscal no valor da empresa, sendo um tema relevante, visto que o planeamento fiscal pode representar uma atividade onerosa e a relacao custo-beneficio nao ser favoravel a empresa. Metodologia: Com suporte na revisao da literatura em torno dos conceitos de planeamento fiscal, de valor da empresa e dos resultados obtidos foi desenvolvido um modelo de regressao linear para analisar o efeito da implementacao de estrategias de planeamento fiscal no valor da empresa. A amostra e composta pelas empresas cotadas na Euronext Lisbon e o estudo incide no ano de 2015. Resultados: O modelo estimado permite-nos concluir que o valor das empresas e influenciado de forma positiva pela performance organizacional e pelas oportunidades de crescimento e de forma negativa pelo endividamento. Nao foi possivel aferir dos efeitos das variaveis dimensao da empresa, planeamento fiscal e politica de distribuicao de dividendos. Assim,...

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Accounting errors,financial information and presumption based taxation: the Portuguese case

The purpose of this paper is to analyse the accounting and legal basis that justify the applicati... more The purpose of this paper is to analyse the accounting and legal basis that justify the application of presumptions in the taxation corporate income.The connection between errors on recording transactions by the financial accounting system and the use of presumptions by tax authorities will be highlighted. The paper contributes to the literature by offering a systematic analysis of the criteria used by Portuguese tax courts to decide when accounting data can be disregarded by tax authorities and presumptions can therefore be used as a tax computation tool. Given that the general rule is to base taxable income on accounting records (albeit with adjustments established in Corporate Income Tax Code) presumptions are a striking exception to this well established rule. As such, tax researchers, tax authorities and taxpayers have a significant interest in knowing how do courts validate or deny tax authorities’ approach when using presumptions.

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How corporate governance'structures influence tax planning strategies?

Structured abstract Purpose The main purpose of this paper is to discuss the role corporate gover... more Structured abstract Purpose The main purpose of this paper is to discuss the role corporate governance characteristics has in tax planning decisions by revisiting the main empirical literature in the last years. Design/methodology/approach Firstly, we discuss concept of corporate governance and its attributes. After, we analyse the concept of tax planning. Finally, we present some of the main conclusions of recent empirical studies. As the separation of management and ownership was identified as the basic corporate governance conflict, tax rules should be a way that assure that management behavior is not in conflict with the other stakeholders. Findings Recent literature suggests that the link between corporate governance and tax planning can generate new insights into the real relation of tax planning and the attributes of corporate governance. In some studies taxes have been treated only as market imperfections that influence capital structure and dividend policies, while other au...

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The computation of taxable income when accounting numbers are not reliable

International Journal of Law and Management, 2018

PurposeThe purpose of this paper is to discuss the causes that justify the application of presump... more PurposeThe purpose of this paper is to discuss the causes that justify the application of presumptions in corporate income taxation. The authors focus on motives showing a connection to errors or fraud in the recognition of operations by the financial accounting system. The research question can be framed as follows: How to define the frontier between reliable accounting records and unreliable information, the latter rendering presumptions as an admissible way of taxing income?Design/methodology/approachThe research design of this paper rests on two analytical steps based on the legal research method. The first step enquires, at the accounting level, how to define and quantify errors that render accounting statements inappropriate to assess firms’ performance and compute taxable income. The second step explores the practical application of presumptive tax concepts by Portuguese courts, to offer some criteria that can function as guidelines to firms and tax auditors.FindingsThe judgm...

The influence of demographic factors and risk aversion on tax morale: A multi-group analysis

European Journal of Research on Education, 2014

Tax morale has been recognized as the key to understand the levels of compliance achieved in most... more Tax morale has been recognized as the key to understand the levels of compliance achieved in most countries. We applied a structural equation model (SEM) to gain a better understanding about the factors shaping tax morale of Portuguese taxpayer's. Our purpose was to analyse through SEM the direct effects of political democratic system, political participation, religiosity, individual satisfaction, trust in others and institutional trust on tax morale. SEM of tax morale allowed us to analyse the impact of demographic variables and risk aversion as determinants of tax morale through the use of multi-group analysis of structural invariance of SME developed. A sample of 1,553 Portuguese individual's representative of Portuguese population obtained from European Values Study (EVS, 2010) was used. The results confirmed that Portuguese taxpayers´ tax morale is influenced by taxpayers trust on institutions like government, parliament and the judicial system, by political participation and by the belief that democracy is a good political system for governing the country. Tax morale is also influenced by individual´s satisfaction, by religiosity and by societal behaviour (trust in others).

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Tax morale, Occupation and Income Level: An Analysis of Portuguese Taxpayers

Journal of Economics, Business and Management, 2014

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Tax Morale: A Tool for the Portuguese Economy Competitiveness

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