TAX PLANNING FROM THE PERSPECTIVE OF TAXES IMPLIED AT THE CORPORATE LEVEL IN BRAZILIAN PUBLIC COMPANIES

This research investigated whether companies with lower tax burdens have higher implicit taxes than companies with higher explicit tax burdens. Using a database of companies listed on B3 from 2011 to 2018, the ordinary least squares (OLS) regression model was employed to test the hypotheses. The results align with the theory of implicit taxes, revealing their existence in companies with lower tax burdens listed on B3. The data also indicate that implicit taxes offset the fiscal benefits derived from the reduction of explicit taxes for companies with lower tax burdens. In contrast, companies with higher explicit tax burdens manage to retain the benefits obtained from fiscal savings and pass them on to shareholders. These results are consistent with the theory but are limited to the selected sample. Future research could expand the analysis to other sectors to examine evidence of implicit taxes. It is believed that in regulated sectors, such evidence may be even more prominent.