本研究擬先釐清投資型保險商品之本質及其運作方式，次就我國現行法規及制度探討相關之賦稅議題，並參酌其他國家（美國、英國、日本）對於投資型保險之課稅規定，藉以歸納未來修法時可行之方案。並以問卷調查，瞭解受訪者（包括專家學者、稅務人員及保險從業人員）對現行制度及未來改革方向之看法與意見，俾能於符合國際潮流並兼顧租稅基本原則之前提下，對我國投資型保險商品相關之課稅問題提出合宜具體之建議。 經問卷結果發現，受訪者對投資型保險之第一印象以「分離帳戶之獲利程度」最為普遍，各項租稅優惠項目亦影響受訪者對其之購買意願；現行制度下，濫用租稅優惠之現象亦普遍存在，並與租稅公平性有所違背；本研究建議現階段以投資型保險分離帳戶之資產為賦稅改革方向。設立門檻法則，作為投資型人壽保險之保單能否適用租稅優惠之標準。 / First, this study is clarifies the nature and functioning of investment-linked insurance, Secondly, discussing the controversy under present regulations. And the income tax norm of the United States, the U.K. and Japan will be introduced in this study in order to derive the solution plans. Finally, in order to let the conclusion be based on the international trends and the principles of tax and offer the concrete proposals of tax reform. The study uses questionnaires to collect the opinions from experts, tax collector and insurance personnel. The results show that the first impression of investment-linked insurance for examinees is “the gains in separate account” in generality, and their purchase intention depends on the tax benefits of insurance. However, the present regulations violate the equity principle, the phenomenon of abusing of tax benefits of insurance is still common. Therefore, the study suggests that the assets in separate account should be taxed. Setting“The Corridor Rule” as the standard to evaluate whether the investment-linked life insurance contract can apply to tax benefits or not.

Submitted by Fayga Czerniakowski Delbem (fayga.c.delbem@gmail.com) on 2016-10-31T08:46:45Z No. of bitstreams: 1 Tese_FINAL_28.10.2016.docx: 412347 bytes, checksum: 30f3648dfa285ec0fc602596d42f44bd (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2016-10-31T10:09:58Z (GMT) No. of bitstreams: 1 Tese_FINAL_28.10.2016.docx: 412347 bytes, checksum: 30f3648dfa285ec0fc602596d42f44bd (MD5) / Made available in DSpace on 2016-10-31T11:46:58Z (GMT). No. of bitstreams: 1 Tese_FINAL_28.10.2016.docx: 412347 bytes, checksum: 30f3648dfa285ec0fc602596d42f44bd (MD5) Previous issue date: 2016-10-14 / The main goal of this paper is to analyze the credit spread impact given by the tax exempt treatment to Brazilian corporate infrastructure bonds introduced in 2011 by law number 12.431. Assuming the non-arbitrage theory, a rational investor would expect that an infrastructure corporate bond credit spread would be equivalent of a regular corporate bond credit spread, adjusted by the tax benefit and others risk factors. However, this paper finds no such evidence for infrastructure corporate bonds. This tax impact is more relevant when we analyze infrastructure corporate bonds sold to retail investors and implies that this asset class is not attractive, on a risk adjusted basis, to investors not eligible for the tax benefit, restricting the demand and development of the capital market infrastructure funding. Due to this, we suggest the possibility of converting the tax exempt bonds in regular bonds and granting the companies with tax subsidy and we believe that it is important to make adjustments in Law number 12.431 to effectively attract private funding to infrastructure financing. / O objetivo deste trabalho é analisar o impacto no spread de crédito causado pela isenção fiscal concedida as debêntures de Infraestrutura Incentivadas, conforme lei 12.431 de 2011. Partindo dos pressupostos da Teoria de Não Arbitragem, a expectativa de um investidor racional seria de que o spread de crédito de uma debênture de infraestrutura fosse equivalente a um spread de crédito de qualquer debênture, ajustado pelo imposto de renda e demais fatores de risco. Os ensaios empíricos realizados neste trabalho relevaram evidências de que isso não se verifica nas emissões que já ocorreram. Esta distorção fiscal é ainda mais relevante quando analisamos especificamente as debêntures focadas em pessoas físicas e implica na não atratividade deste tipo de instrumento para investidores que não se beneficiam da isenção, limitando a demanda e o desenvolvimento deste mecanismo de financiamento à infraestrutura. Frente a esta constatação, propõe-se a possibilidade de conversão da isenção fiscal em subsídio tributário e se conclui que são fundamentais alterações na lei 12.431 para o estímulo ao financiamento privado da infraestrutura brasileira.

Submitted by Diogo Afonso Rodrigues da Silva (dars83@hotmail.com) on 2017-12-15T11:56:07Z No. of bitstreams: 1 Diogo - Final - 171215 Capa.pdf: 672858 bytes, checksum: ac7369c7d1ac94da354e8a51fd91a3e3 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Diogo, boa noite. Para que possamos aprovar seu trabalho, é necessário que faça as seguintes alterações: - O nome Getulio NÃO TEM ACENTO; - Na contracapa não deve conter o nome da escola e o nome completo do aluno deve estar em letra maiúscula; - Na página onde contém a Banca Examinadora, página 4, o seu nome completo também deve estar em letra maiúscula. Qualquer dúvida, entre em contato. Att, mestrado profissional@fgv.br / 3799-7764 Thais Oliveira. on 2017-12-15T21:18:04Z (GMT) / Submitted by Diogo Afonso Rodrigues da Silva (dars83@hotmail.com) on 2017-12-18T01:16:56Z No. of bitstreams: 1 Diogo - Final - 171216 Alt Sub.pdf: 662604 bytes, checksum: 470c3e5e108fe8d07bd746f1fbd83cbb (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2017-12-18T17:46:49Z (GMT) No. of bitstreams: 1 Diogo - Final - 171216 Alt Sub.pdf: 662604 bytes, checksum: 470c3e5e108fe8d07bd746f1fbd83cbb (MD5) / Made available in DSpace on 2017-12-19T11:12:38Z (GMT). No. of bitstreams: 1 Diogo - Final - 171216 Alt Sub.pdf: 662604 bytes, checksum: 470c3e5e108fe8d07bd746f1fbd83cbb (MD5) Previous issue date: 2017-11-28 / No presente trabalho serão analisadas as características tributárias de doações realizadas por empresas a entidades do Terceiro Setor, ocorridas no âmbito de um mesmo grupo econômico. Serão avaliados os benefícios fiscais atinentes aos tributos incidentes e aplicáveis a tais movimentações, a forma como as autoridades fiscais tratam estas operações, bem como o posicionamento dos Tribunais administrativos e judiciais acerca deste tema. Do ponto de vista metodológico, trata-se de um trabalho exploratório de práticas jurídicas. Serão feitas análises conceituais das benesses tributárias e os requisitos previstos na legislação que devem ser cumpridos para sua fruição. Partindo do resultado deste estudo, serão propostas estruturas que propiciem a grupos econômicos com entidades do Terceiro Setor no Brasil, ainda que as fontes dos recursos advenham de empresas localizadas no exterior, eficiência tributária e mitigação de riscos. / In this study, it will be analyzed the tax features of the donations made by companies to Third Sector entities, in the context of the same economic group. It will be evaluated the tax benefits related to the taxes due on these financial transactions, the view of the tax authorities, as well the decisions issued by administrative and judicial courts regarding this matter. From the methodological standpoint, this is an exploratory study of the legal practice. The tax benefits and the legal requirements that must be fulfilled to its fruition will be conceptually analyzed. From the result of this study, it will be proposed structures that provide to economic groups with third sector entities in Brazil, even if the financial resources came from international companies, tax efficiency and risk mitigation.

Made available in DSpace on 2016-04-25T18:39:41Z (GMT). No. of bitstreams: 1 Joao Bosco de Santana.pdf: 2125179 bytes, checksum: 4352cae6e3fa0c2319e27fe8518f3688 (MD5) Previous issue date: 2011-08-04 / The Goods transitions operation tax, Intersatates or intermunicipality transports services prices and comunitcation Vat (value added tax, a tax added to the price of goods and services), Unless otherwise laws, it is included at use or consumption goods prices, at Intersatates or Intermunici transports services prices and communication, affecting the payment of final consumer. To be indirect is the main characteristic, as others contributing on tax burden that falls on individuals. Excluding the goods its incidence, or consumer's payment, or the company making the transfer due to the coffers public is commonly known as the tax benefit. The main objective of this study, through analysis of financial statements of four industrial sector of the electronics industry - two large and two of smaller size - which benefit from the tax incentive granted by the Government the State of Minas Gerais under conditions previously established. The results obtained by means of indices revealed that companies focus resources in current assets, since the investment in fixed assets represent less than 50% of total operating assets. In addition, work with low net profit margins and low return on assets net operating assets and when one takes into account the average tariff of VAT / O Imposto Sobre Operações Relativas À Circulação de Mercadorias e Sobre Prestações de Serviços de Transporte Interestadual e Intermunicipal e de Comunicação ICMS, salvo disposição de Lei em contrário, é incluído no preço das mercadorias de uso e ou consumo e no preço dos serviços de transportes interestaduais e intermunicipais e de comunicação, de forma que atinge ao consumidor para o seu pagamento. Sua principal característica é a de ser indireto, dentre outros contribui com boa parcela da carga tributária que recai sobre os indivíduos. Excluir a mercadoria de sua incidência, ou o consumidor do pagamento, ou a empresa de fazer o devido repasse para os cofres públicos é comumente conhecido como beneficio fiscal. Este estudo teve por objetivo investigar, por meio da análise das demonstrações contábeis de quatro empresas do setor industrial do ramo eletroeletrônico duas de grande porte e duas de porte menor beneficiárias do incentivo fiscal concedido pelo Governo do Estado de Minas Gerais mediante condições previamente estabelecidas. Os resultados apurados por meio de índices revelaram que as empresas concentram seus recursos no ativo circulante, visto que os investimentos em imobilizados representam menos que 50% do total do ativo operacional. Além disso, trabalham com reduzidas margens de lucro líquido, baixa rentabilidade do patrimônio líquido e do ativo operacional quando se leva em conta as alíquotas médias do ICMS que incidiu sobre as operações de saídas

Thesis aims to map the developement of wages taxation in the period of 2003-2013 and to evaluate the impact of the tax on personal income from employment and function benefits to the taxpayers wit different levels of income in a variety of situations, particularly in the case of maintenance of one or more children. The aim was to identify how the changes in the Law on Income Tax had affected different income groups, which of them had been affected the most and how.

Cette thèse traite deux sujets distincts, les deux représentant des enjeux importants pour un grand nombre de Pays d’Europe Centrale et Orientale (PECO). La première partie porte sur les emprunts en devises étrangères. Plusieurs études antérieures montrent que dans de nombreux PECO, l’endettement en devises étrangères a augmenté de manière considérable avant la crise et est devenu un enjeu majeur pour les entreprises, les ménages et pour la politique budgétaire et monétaire. Pour évaluer les risques associés à l’endettement excessif en devises étrangères, nous étudions la volonté des entreprises d’apparier la composition en devises de leurs actifs et leurs passifs ainsi que leurs incitations à dévier de l’appariement parfait. Nos résultats fournissent des preuves solides à l’appui du rôle de la couverture naturelle. Néanmoins, ce dernier n’est pas le motif principal d’endettement en devise étrangères : le motif de couverture naturelle n’explique qu’environ 10 à 20 pour cent de la dette totale en devises étrangères des entreprises avant et pendant la crise, respectivement. La plus grande partie de la dette en devises étrangères correspondrait, au moins en Hongrie, à des positions de carry trade détenues par des sociétés non financières. La deuxième partie de la thèse est consacrée à l’exploration des liens entre les systèmes socio-fiscaux et l’offre de travail à la marge extensive. Le deuxième chapitre propose une nouvelle stratégie de modélisation de l’offre de travail comme alternative aux deux approches dominantes basées sur le calcul marginal et les modèles d’utilité aléatoire. Finalement, le dernier chapitre utilise ce modèle pour quantifier la part de la différence entre les taux d’activité tchèque et hongrois qui peut être expliquée par les divergences des systèmes d’imposition et de protection sociale. Les estimations donnent des élasticités d’offre de travail similaires, ce qui suggère que les préférences individuelles sont essentiellement identiques dans les deux pays. Nos résultats montrent que la moitié de l’écart entre les taux d’activité s’explique par les différences des systèmes socio-fiscaux. / This thesis deals with two distinct topics, both of them representing central issues for many Central and Eastern European (CEE) countries. The first part of the thesis focuses on foreign currency (FX) lending. Several previous studies point out that in many CEE countries, FX borrowing rose significantly before the crisis and has become a major challenge for firms, households and for fiscal and monetary policy. To evaluate the risks associated with excessive FX indebtedness, we investigate firms’ willingness to match the currency composition of their assets and liabilities and their incentives to deviate from perfect matching. Our results provide strong evidence to support the role of natural hedging, however, it is not the primary motivation for firms to choose foreign currency : it explains only about 10 percent of the overall corporate FX debt during the pre-crisis and 20 percent during the post-crisis periods. Most likely, the largest part of the corporate FX debt, at least in Hungary, corresponds to open carry trade positions held by non-financial corporations. The second part of the thesis is devoted to exploring the links between tax-benefit systems and labour supply at the extensive margin. The second chapter presents an alternative modelling strategy of labour supply to the two dominating approaches based on marginal calculus and on random utility models. Finally, the last chapter uses this model to quantify the difference between the Hungarian and the Czech participation rates that can be attributed to differences in taxation and welfare benefits. We find that the estimated labour supply elasticities for the Czech Republic are very close to the results for Hungary, suggesting that, at least in this dimension, individual preferences are similar in the two countries. Results suggests that about one-half of the total difference in the participation rates can be explained by differences in the tax-benefit systems.