Portuguese Abstract: O presente artigo objetiva analisar a internacionalização de empresas brasileiras visando a busca de investidores estrangeiros e quais os impactos tributários no Brasil na alienação da participação societária dos investidores estrangeiros, tendo em vista a previsão do artigo 26 da Lei nº 10.833/2003 que determina o recolhimento de imposto sobre a renda no ganho de capital por pessoa jurídica não domiciliada no país que alienar bens localizados no Brasil.
English Abstract: This article aims to analyze the internationalization of Brazilian companies aiming at the search for foreign investors and which are the tax impacts in Brazil on the alienation of the equity interest of foreign investors, in view of the provision of article 26 of Law No. 10,833/2,003 which determines the collection income tax on capital gains by a legal entity not domiciled in the country that disposes of assets located in Brazil.
英语文摘:本文客观的分析了国际化的巴西公司,寻求外国投资者和税收带来的影响在巴西的外国投资者撤资的企业参与,以预测第二十六条法律决定10833/2003ºsolitude房租的资本所得税率法人即在处置资产位于巴西的国家。英语文摘:这篇文章的目的是分析巴西公司的国际化aiming at寻找外国投资者和它们在巴西的税收impacts on the alienation股权的外国投资者的利益,考虑到第二十六条规定的法律。10.833/2.003的集合确定所得税对资本收益的国家的法律实体不是domiciled disposes of坐落在巴西的资产。
{"title":"REESTRUTURAÇÃO INTERNACIONAL E IMPACTOS TRIBUTÁRIOS NA ALIENAÇÃO: aplicação do artigo 126 da Lei nº 10.833/2003 (International Restructuring and Tax Impacts on Alienation: Application of Article 126 of Law No. 10,833/2,003)","authors":"Fernanda Balieiro Figueiredo","doi":"10.2139/ssrn.3876701","DOIUrl":"https://doi.org/10.2139/ssrn.3876701","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente artigo objetiva analisar a internacionalização de empresas brasileiras visando a busca de investidores estrangeiros e quais os impactos tributários no Brasil na alienação da participação societária dos investidores estrangeiros, tendo em vista a previsão do artigo 26 da Lei nº 10.833/2003 que determina o recolhimento de imposto sobre a renda no ganho de capital por pessoa jurídica não domiciliada no país que alienar bens localizados no Brasil.<br><br><b>English Abstract:</b> This article aims to analyze the internationalization of Brazilian companies aiming at the search for foreign investors and which are the tax impacts in Brazil on the alienation of the equity interest of foreign investors, in view of the provision of article 26 of Law No. 10,833/2,003 which determines the collection income tax on capital gains by a legal entity not domiciled in the country that disposes of assets located in Brazil.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126168452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: O presente artigo avaliará o argumento, comumente empregado pelo Fisco, de que a demonstração de capacidade contributiva aliada à necessidade de tratar contribuintes de forma isonômica permitiria a desconsideração de planejamentos tributários voltados à redução da carga tributária. Serão analisadas as correntes doutrinárias formalista e substantivista do direito tributário à luz das normas constitucionais e do Código Tributário Nacional, e, a seguir, demonstrar-se-á que os Princípios da Capacidade Contributiva e da Isonomia não podem ser aplicados como instrumentos integrativos de hipótese de incidência tributária.
English Abstract: The article evaluates the argument used by the State Treasury that tax plannings used to reduce the tax burden could be cancelled once acknowledged the tax payer’s contributive capacity and considering that tax payers have to be treated equally. The formalist and the substance currents will be analyzed considering the national constitution and the tax code, and there will be demonstrated that the principles of isonomy and contributive capacity can not be used by authorities to extend the tax obligation.
{"title":"A INADEQUADA APLICAÇÃO DOS PRINCÍPIOS DA ISONOMIA E DA CAPACIDADE CONTRIBUTIVA PARA DESCONSIDERAR PLANEJAMENTOS TRIBUTÁRIOS (The Inappropriate Use of Isonomy and Contributive Capacity to Cancel Tax Planning)","authors":"Bruno Campos Christo Teixeira","doi":"10.2139/ssrn.3875564","DOIUrl":"https://doi.org/10.2139/ssrn.3875564","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente artigo avaliará o argumento, comumente empregado pelo Fisco, de que a demonstração de capacidade contributiva aliada à necessidade de tratar contribuintes de forma isonômica permitiria a desconsideração de planejamentos tributários voltados à redução da carga tributária. Serão analisadas as correntes doutrinárias formalista e substantivista do direito tributário à luz das normas constitucionais e do Código Tributário Nacional, e, a seguir, demonstrar-se-á que os Princípios da Capacidade Contributiva e da Isonomia não podem ser aplicados como instrumentos integrativos de hipótese de incidência tributária.<br><br><b>English Abstract:</b> The article evaluates the argument used by the State Treasury that tax plannings used to reduce the tax burden could be cancelled once acknowledged the tax payer’s contributive capacity and considering that tax payers have to be treated equally. The formalist and the substance currents will be analyzed considering the national constitution and the tax code, and there will be demonstrated that the principles of isonomy and contributive capacity can not be used by authorities to extend the tax obligation.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129400255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: O presente texto contém considerações gerais sobre o instituto da responsabilidade tributária e patrimonial derivada da prática de atos irregulares, sobretudo no que diz respeito à responsabilização de terceiros e de empresas pertencentes a um grupo econômico. Nossas ponderações objetivaram expor a ótica que o Fisco Federal possui sobre o assunto, de modo a propiciar a mensuração de possíveis desdobramentos que o tema pode revelar, inclusive no âmbito das sociedades anônimas.
English Abstract: This academic paper contains general considerations regarding the institute of tax and financial responsibility over the practice of illegal acts, especially regarding the third party responsibility and companies that integrate an economic group. Our reflections were made in order to expose the Federal Revenue Office about this matter, as well as, to provide the tools to measure the different ways this theme can lead us, including under corporations.
{"title":"Novas perspectivas sobre a responsabilidade tributária no âmbito das Sociedades Anônimas (débitos federais): considerações gerais (New Perspectives on the Tax Responsibility Over Corporations (Federal Taxes): General Considerations)","authors":"Aurélio Longo Guerzoni","doi":"10.2139/ssrn.3442285","DOIUrl":"https://doi.org/10.2139/ssrn.3442285","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente texto contém considerações gerais sobre o instituto da responsabilidade tributária e patrimonial derivada da prática de atos irregulares, sobretudo no que diz respeito à responsabilização de terceiros e de empresas pertencentes a um grupo econômico. Nossas ponderações objetivaram expor a ótica que o Fisco Federal possui sobre o assunto, de modo a propiciar a mensuração de possíveis desdobramentos que o tema pode revelar, inclusive no âmbito das sociedades anônimas.<br><br><b>English Abstract:</b> This academic paper contains general considerations regarding the institute of tax and financial responsibility over the practice of illegal acts, especially regarding the third party responsibility and companies that integrate an economic group. Our reflections were made in order to expose the Federal Revenue Office about this matter, as well as, to provide the tools to measure the different ways this theme can lead us, including under corporations.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116705778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Indian economy has opened up significantly in the last two decades, especially since the initiation of the economic reforms in 1991. Domestic opposition within India to its joining international economies treaties such as the World Trade Organization (WTO) resulted in India aggressively pushing for various flexibilities in areas such as public health and access to drugs, local content measures, environmental standards and trade remedies. In recent times, India has signed comprehensive economic partnership agreements with developed economies such as Japan, South Korea and Singapore and is negotiating a trade and investment agreement with the EU and the Regional Comprehensive Economic Partnership (RCEP).This paper provides an analysis of the focus and coverage of issues under various trade and investment agreements and areas where India has negotiated development space or policy autonomy. In addition, the paper discusses the recent claims made against India under various Bilateral Investment Promotion Agreements (BIPA) and the safeguards adopted by India while negotiating such new agreements or renegotiating or reviewing existing agreements. Based on this approach this paper seeks to contribute to the project that attempts to compare and contrast the multiple strategies adopted by Southern countries in regulating trade and investment.
{"title":"Imagining Space in India's Trade and Investment Agreements","authors":"J. Nedumpara","doi":"10.2139/SSRN.2532582","DOIUrl":"https://doi.org/10.2139/SSRN.2532582","url":null,"abstract":"Indian economy has opened up significantly in the last two decades, especially since the initiation of the economic reforms in 1991. Domestic opposition within India to its joining international economies treaties such as the World Trade Organization (WTO) resulted in India aggressively pushing for various flexibilities in areas such as public health and access to drugs, local content measures, environmental standards and trade remedies. In recent times, India has signed comprehensive economic partnership agreements with developed economies such as Japan, South Korea and Singapore and is negotiating a trade and investment agreement with the EU and the Regional Comprehensive Economic Partnership (RCEP).This paper provides an analysis of the focus and coverage of issues under various trade and investment agreements and areas where India has negotiated development space or policy autonomy. In addition, the paper discusses the recent claims made against India under various Bilateral Investment Promotion Agreements (BIPA) and the safeguards adopted by India while negotiating such new agreements or renegotiating or reviewing existing agreements. Based on this approach this paper seeks to contribute to the project that attempts to compare and contrast the multiple strategies adopted by Southern countries in regulating trade and investment.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2014-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125002430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Michelle Ratton Sanchez Badin, J. Caiado, Adriane Sanctis de Brito
This publication presents selected papers of the 3rd Conference of the Post Graduate and Early Professionals and Academics Network of the Society of International Economic Law (PEPA Network), which took place at Direito GV in Sao Paulo (Brazil), 24-25 April 2014.
{"title":"Results of the 3rd PEPA/SIEL Conference","authors":"Michelle Ratton Sanchez Badin, J. Caiado, Adriane Sanctis de Brito","doi":"10.2139/SSRN.2514527","DOIUrl":"https://doi.org/10.2139/SSRN.2514527","url":null,"abstract":"This publication presents selected papers of the 3rd Conference of the Post Graduate and Early Professionals and Academics Network of the Society of International Economic Law (PEPA Network), which took place at Direito GV in Sao Paulo (Brazil), 24-25 April 2014.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2014-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115123258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyzes the main features of Chilean trade and investment treaties, examining if there is a Chilean pattern in the regulation of trade and investment flows or if it is influenced by agreements signed by Chile with developed countries. The article also examines if there are differences between the treaties signed by Chile and other “Southern” developing countries and those negotiated with “Northern” developed economies, and if sustainable development concerns are part of the negotiations of trade and investment agreements by Chile.
{"title":"The Chilean Experience in South-South Trade and Investment Agreements","authors":"R. Polanco","doi":"10.2139/SSRN.2532585","DOIUrl":"https://doi.org/10.2139/SSRN.2532585","url":null,"abstract":"This paper analyzes the main features of Chilean trade and investment treaties, examining if there is a Chilean pattern in the regulation of trade and investment flows or if it is influenced by agreements signed by Chile with developed countries. The article also examines if there are differences between the treaties signed by Chile and other “Southern” developing countries and those negotiated with “Northern” developed economies, and if sustainable development concerns are part of the negotiations of trade and investment agreements by Chile.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2014-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122623964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
State ownership of publicly-traded corporations remains pervasive around the world, and has been increasing in recent years. Existing literature focuses on the implications of government ownership for corporate governance and performance at the firm level. This Article, by contrast, explores the different but equally important question of whether the presence of the state as a shareholder can impose negative externalities on the corporate law regime available to the private sector. Drawing from historical experiments with government ownership in the United States, Brazil, China, and Europe, this study shows that the conflict of interest stemming from the state’s dual role as a shareholder and regulator can influence the content of corporate laws to the detriment of outside investor protection and efficiency. It thus addresses a gap in the literature on the political economy of corporate governance by incorporating the political role of the state as shareholder as another mechanism to explain the relationship between corporate ownership structures and legal investor protection. Finally, this Article explores the promise of different institutional arrangements to constrain the impact of the state’s interests as a shareholder on the corporate governance environment, and concludes by offering several policy recommendations.
{"title":"State Ownership and Corporate Governance","authors":"M. Pargendler","doi":"10.2139/ssrn.1854452","DOIUrl":"https://doi.org/10.2139/ssrn.1854452","url":null,"abstract":"State ownership of publicly-traded corporations remains pervasive around the world, and has been increasing in recent years. Existing literature focuses on the implications of government ownership for corporate governance and performance at the firm level. This Article, by contrast, explores the different but equally important question of whether the presence of the state as a shareholder can impose negative externalities on the corporate law regime available to the private sector. Drawing from historical experiments with government ownership in the United States, Brazil, China, and Europe, this study shows that the conflict of interest stemming from the state’s dual role as a shareholder and regulator can influence the content of corporate laws to the detriment of outside investor protection and efficiency. It thus addresses a gap in the literature on the political economy of corporate governance by incorporating the political role of the state as shareholder as another mechanism to explain the relationship between corporate ownership structures and legal investor protection. Finally, this Article explores the promise of different institutional arrangements to constrain the impact of the state’s interests as a shareholder on the corporate governance environment, and concludes by offering several policy recommendations.","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128672282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where Brazilian corporate governance is relatively strong and weak. Board independence is an area of weakness: The boards of most Brazilian private firms are comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Many firms have zero independent directors. At the same time, minority shareholders have legal rights to representation on the boards of many firms, and this representation is reasonably common. Financial disclosure lags behind world standards. Only a minority of firms provide a statement of cash flows or consolidated financial statements. However, many provide English language financial statements, and an English language version of their website. Audit committees are uncommon, but many Brazilian firms use an alternate approach to ensuring financial statement accuracy – establishing a fiscal board. A minority of firms provide takeout rights to minority shareholders on a sale of control. Controlling shareholders often use shareholders agreements to ensure control. Este artigo apresenta um panorama das praticas de governanca corporativa no Brasil, baseado em um extenso levantamento feito no ano de 2005 com 88 empresas com controle privado nacional. Identificamos areas onde a governanca corporativa no Brasil e relativamente forte ou fraca. Os conselhos de administracao da maioria das empresas privadas brasileiras sao compostos totalmente ou quase totalmente por membros ou representantes da familia ou grupo controlador. Muitas empresas nao tem nenhum conselheiro independente. Ao mesmo tempo, acionistas minoritarios tem direitos legais de representacao no conselho de administracao de muitas empresas e tal representacao e razoavelmente comum. Divulgacoes de informacoes financeiras estao aquem dos padroes internacionais. Apenas algumas empresas fornecem informacoes sobre os fluxos de caixa ou demonstracoes financeiras consolidadas. Entretanto, muitas empresas fornecem suas demonstracoes financeiras em ingles em suas paginas de internet. Comites de auditoria nao sao comuns, porem muitas empresas brasileiras buscam uma alternativa para assegurar a precisao das demonstracoes financeiras, por meio da criacao de um conselho fiscal. Uma pequena parte fornece direitos de protecao para os acionistas minoritarios em uma venda de controle da empresa. Os acionistas que detem o controle da empresa costumam utilizar os acordos de acionistas para garantir o controle. This document is in Portuguese. The English language version is available at http://ssrn.com/abstract=1003059 For a shorter English version, intended for a non-Brazilian audience, see Black, de Carvalho and Gorga, Corporate Governance in Brazil, Emerging Market
{"title":"The Corporate Governance of Privately Controlled Brazilian Firms (A Governança Corporativa Das Empresas Brasileiras Com Controle Privado Nacional)","authors":"Bernard Black, A. de Carvalho, Érica Gorga","doi":"10.2139/SSRN.1528183","DOIUrl":"https://doi.org/10.2139/SSRN.1528183","url":null,"abstract":"We provide an overview of the corporate governance practices of Brazilian public companies, based primarily on an extensive 2005 survey of 116 companies. We focus on the 88 responding Brazilian private firms which are not majority owned by the state or a foreign company. We identify areas where Brazilian corporate governance is relatively strong and weak. Board independence is an area of weakness: The boards of most Brazilian private firms are comprised entirely or almost entirely of insiders or representatives of the controlling family or group. Many firms have zero independent directors. At the same time, minority shareholders have legal rights to representation on the boards of many firms, and this representation is reasonably common. Financial disclosure lags behind world standards. Only a minority of firms provide a statement of cash flows or consolidated financial statements. However, many provide English language financial statements, and an English language version of their website. Audit committees are uncommon, but many Brazilian firms use an alternate approach to ensuring financial statement accuracy – establishing a fiscal board. A minority of firms provide takeout rights to minority shareholders on a sale of control. Controlling shareholders often use shareholders agreements to ensure control. Este artigo apresenta um panorama das praticas de governanca corporativa no Brasil, baseado em um extenso levantamento feito no ano de 2005 com 88 empresas com controle privado nacional. Identificamos areas onde a governanca corporativa no Brasil e relativamente forte ou fraca. Os conselhos de administracao da maioria das empresas privadas brasileiras sao compostos totalmente ou quase totalmente por membros ou representantes da familia ou grupo controlador. Muitas empresas nao tem nenhum conselheiro independente. Ao mesmo tempo, acionistas minoritarios tem direitos legais de representacao no conselho de administracao de muitas empresas e tal representacao e razoavelmente comum. Divulgacoes de informacoes financeiras estao aquem dos padroes internacionais. Apenas algumas empresas fornecem informacoes sobre os fluxos de caixa ou demonstracoes financeiras consolidadas. Entretanto, muitas empresas fornecem suas demonstracoes financeiras em ingles em suas paginas de internet. Comites de auditoria nao sao comuns, porem muitas empresas brasileiras buscam uma alternativa para assegurar a precisao das demonstracoes financeiras, por meio da criacao de um conselho fiscal. Uma pequena parte fornece direitos de protecao para os acionistas minoritarios em uma venda de controle da empresa. Os acionistas que detem o controle da empresa costumam utilizar os acordos de acionistas para garantir o controle. This document is in Portuguese. The English language version is available at http://ssrn.com/abstract=1003059 For a shorter English version, intended for a non-Brazilian audience, see Black, de Carvalho and Gorga, Corporate Governance in Brazil, Emerging Market","PeriodicalId":331576,"journal":{"name":"FGV DIREITO SP Law School Legal Studies Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121323107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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