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Efectos de los Impuestos Corporativos en la Inversión Extranjera en América Latina

Published online by Cambridge University Press:  05 September 2022

Claudio A. Agostini  and
Ileana Raquel Jalile
Claudio A. Agostini
Affiliation:
Ilades-Universidad Alberto Hurtado, Santiago, Chile
Ileana Raquel Jalile
Affiliation:
Instituto de Economía y Finanzas, Universidad Nacional de Córdoba, Argentina
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Resumen

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Durante los últimos años, varios países de América Latina han bajado las tasas de impuesto a las utilidades de las empresas, entre otras razones, con el objetivo de atraer más inversión extranjera. Sin embargo, dicha política sólo puede tener resultados significativos si la inversión extranjera es relativamente sensible a la tasa de impuestos. De lo contrario, el efecto principal se limitaría a una fuerte reducción en la recaudación tributaria. Desafortunadamente, para América Latina no hay evidencia empírica en la literatura económica que indique la magnitud de dicha elasticidad. Una primera contribución de este trabajo consiste precisamente en estimar la magnitud de los efectos tributarios en la inversión extranjera en América Latina. Una segunda contribución consiste en considerar explícitamente en el análisis empírico el hecho de que los inversionistas extranjeros tienen una outside option en sus alternativas de inversión y pueden decidir no invertir en ningún país de América Latina. La evidencia empírica en este trabajo, utilizando un modelo de elección discreta y un panel de once países en Latinoamérica para el período 1990–2002, muestra una elasticidad impuesto de la inversión extranjera entre –0.8 y –1.

Abstract

Abstract

Over the past few years, some Latin American countries have decreased their corporate income tax rates to attract foreign direct investment. However, such a policy will have a significant impact only if foreign investment is highly sensitive to tax rates. Otherwise, the main impact of a lower tax rate would be a decrease in tax revenue. Unfortunately there is no evidence in the economic literature for the magnitude of this elasticity in Latin American countries. The contribution of this article is twofold. First, it provides a consistent estimate of the foreign direct investment tax elasticity for Latin America. Second, it considers explicitly the fact that foreign investors have outside options and might decide not to invest in Latin America at all. If the empirical analysis does not consider the presence of outside options, the estimated elasticity will be biased.

The empirical evidence provided by this article, using a discrete choice model and a panel of eleven Latin American countries for 1990–2002, shows a point estimate of the tax elasticity of foreign direct investment that ranges between –0.5 and –0.9.

Type
Research Article
Information
Latin American Research Review , Volume 44 , Issue 2 , 2009 , pp. 84 - 108
Copyright
Copyright © 2009 by the Latin American Studies Association

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