Incentivos fiscais em infraestrutura: uma revisão de literatura

Abstract

The problem in promoting tax incentives to develop a given sector is how the government will raise taxes to meet its budget, since part of the tax bill will no longer enter the public coffers. However, assuming that this measure will imply more investment by the private sector and, consequently, the development of the country or regions, generating more wealth and increasing the collection in the future, sometimes close, then, assuming the hypothesis is confirmed, it would be reasonable to adopt tax incentives policy. The literature finds divergent results, but they were not systematized. This paper aims to make a bibliographical survey of the studies in Brazil that have already been carried out that deal with the fiscal incentive so that investments in infrastructure are triggered in a continuous and productive way. It was verified that the Brazilian literature suggests that investment in infrastructure in Brazil generally occurs through investments in the financial and capital markets, but there are attempts by recent governments to encourage private participation through financial mechanisms such as: the creation of incentive debentures for infrastructure through Law nº 12.431 / 2011, which granted exemption from tax on capital gains to Brazilian investors (individuals) and foreigners, and issued more than R $ 10 billion of debentures infrastructure; the creation of the Infrastructure Investment Fund (FIP-IE), as well as the expansion of existing projects installed or in the process of being installed. The relation investment in infrastructure and growth is positive and in Brazil some studies pointed out in the work indicate this. Studies of the effects of the measures according to Law nº 12.431 / 2011 and FIP-IE have not been tested, but can be empirically tested, being the suggestion for future studies.