Publicado

2016-09-01

Tax shields, financial expenses and losses carried forward

Escudos fiscales, gastos financieros y amortización de pérdidas

Benefícios fiscais, despesas com juros e amortização de perdas

DOI:

https://doi.org/10.15446/cuad.econ.v35n69.54352

Palabras clave:

Weighted Average Cost of Capital (WACC), firm valuation, tax shields, tax savings, losses carried forward (en)
Costo promedio ponderado de capital (CPPC), valoración de empresas, escudos fiscales ahorros en impuestos, amortización de pérdidas (es)
Custo médio ponderado de capital (CPPC), avaliação de empresas, escudos fiscais, poupança em impostos, amortização de perdas (pt)

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Autores/as

  • Ignacio Vélez-Pareja Grupo Consultor CAV Capital Advisory & Valuation
This article deals with the proper procedure for calculating Tax Shields (TS). The calculation includes cases where Losses Carried Forward are allowed and there is financial Other Income (OI). The procedure takes into account the magnitude of Adjusted Earnings before Interest and Taxes (EBITAdj) -that is, EBIT + OI - OE excluding Financial- compared with Financial Expenses (FE). This comparison defines three intervals and results for TS. If EBITAdj. < 0, TS will be 0; if EBITAdj. > 0 and less than FE, TS is T x EBITAdj.; finally if EBITAdj. > FE, TS is T x FE. When firm possesses OI, TS are not equivalent to the difference in taxes and an adjustment is needed. Proper calculation of TS is important because their value might represent a substantial part of firm value.
Este artículo define el procedimiento adecuado para calcular los ahorros en impuestos (AI). Incluye el caso en que se permiten pérdidas amortizadas y hay otros ingresos financieros. El procedimiento compara la utilidad antes de intereses e impuestos ajustada (UAIIAj) -eso es UAII+OI-OE excl. Financieros- en comparación con los gastos financieros (GF). Esto define tres intervalos y resultados para AI. Si UAIIAj < 0, AI será 0, si UAIIAj > 0 y menor que GF, AI es T x UAIIAj, por último, si UAIIAj > GF, AI es T x GF. Cuando existen otros ingresos financieros, los AI no son la diferencia en los impuestos y se necesita un ajuste. Calcular adecuadamente los AI es relevante debido a que su valor podría ser una parte importante del valor de la empresa.
Este artigo define o procedimento adequado para calcular a poupança em impostos (AI). Inclui o caso em que são permitidas perdas amortizadas e há outras rendas financeiras. O procedimento compara o lucro antes dos juros e impostos ajustado (UAIIAj) -isto é UAII+OI-OE excl. Financeiros- em comparação com as despesas financeiras (GF). Isto define três intervalos e resultados para AI. Se UAIIAj < 0, AI será 0; se UAIIAj > 0 e menor que GF, AI é T x UAIIAj; por último, se UAIIAj > GF, AI é T x GF. Quando existem outras rendas financeiras, os AI não são a diferença nos impostos e é necessário um ajuste. Calcular adequadamente os AI é relevante devido a que o seu valor poderia ser uma parte importante do valor da empresa.

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Cómo citar

APA

Vélez-Pareja, I. (2016). Tax shields, financial expenses and losses carried forward. Cuadernos de Economía, 35(69), 663–689. https://doi.org/10.15446/cuad.econ.v35n69.54352

ACM

[1]
Vélez-Pareja, I. 2016. Tax shields, financial expenses and losses carried forward. Cuadernos de Economía. 35, 69 (sep. 2016), 663–689. DOI:https://doi.org/10.15446/cuad.econ.v35n69.54352.

ACS

(1)
Vélez-Pareja, I. Tax shields, financial expenses and losses carried forward. Cuad. econ 2016, 35, 663-689.

ABNT

VÉLEZ-PAREJA, I. Tax shields, financial expenses and losses carried forward. Cuadernos de Economía, [S. l.], v. 35, n. 69, p. 663–689, 2016. DOI: 10.15446/cuad.econ.v35n69.54352. Disponível em: https://revistas.unal.edu.co/index.php/ceconomia/article/view/54352. Acesso em: 27 dic. 2025.

Chicago

Vélez-Pareja, Ignacio. 2016. «Tax shields, financial expenses and losses carried forward». Cuadernos De Economía 35 (69):663-89. https://doi.org/10.15446/cuad.econ.v35n69.54352.

Harvard

Vélez-Pareja, I. (2016) «Tax shields, financial expenses and losses carried forward», Cuadernos de Economía, 35(69), pp. 663–689. doi: 10.15446/cuad.econ.v35n69.54352.

IEEE

[1]
I. Vélez-Pareja, «Tax shields, financial expenses and losses carried forward», Cuad. econ, vol. 35, n.º 69, pp. 663–689, sep. 2016.

MLA

Vélez-Pareja, I. «Tax shields, financial expenses and losses carried forward». Cuadernos de Economía, vol. 35, n.º 69, septiembre de 2016, pp. 663-89, doi:10.15446/cuad.econ.v35n69.54352.

Turabian

Vélez-Pareja, Ignacio. «Tax shields, financial expenses and losses carried forward». Cuadernos de Economía 35, no. 69 (septiembre 1, 2016): 663–689. Accedido diciembre 27, 2025. https://revistas.unal.edu.co/index.php/ceconomia/article/view/54352.

Vancouver

1.
Vélez-Pareja I. Tax shields, financial expenses and losses carried forward. Cuad. econ [Internet]. 1 de septiembre de 2016 [citado 27 de diciembre de 2025];35(69):663-89. Disponible en: https://revistas.unal.edu.co/index.php/ceconomia/article/view/54352

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CrossRef Cited-by

CrossRef citations7

1. Ignacio Vélez-Pareja. (2017). Do Personal Taxes Destroy Tax Shields? A Critique to Miller’s (1977) Proposal. Emerging Markets Finance and Trade, 53(10), p.2199. https://doi.org/10.1080/1540496X.2016.1220859.

2. Tomas Kliestik, Lucia Michalkova. (2018). Financial Management from an Emerging Market Perspective. https://doi.org/10.5772/intechopen.70943.

3. Pedro Fabiin Castilla vila. (2015). Ahorros En Impuestos: Una Cuantificaciin Teerica-Prrctica Aplicada (Tax Shields: A Theoretical-Practical Quantification Applied). SSRN Electronic Journal, https://doi.org/10.2139/ssrn.2606354.

4. Serhiy Lyeonov, Lucia Michalkova, T. Kliestik. (2021). Impact of Tax Effects on Profit Optimisation. Review of International Approaches. SHS Web of Conferences, 92, p.03016. https://doi.org/10.1051/shsconf/20219203016.

5. Juraj Medzihorský, Hussam Musa, Peter Krištofík, Yaroslav Lysenko. (2023). Advances in Empirical Economic Research. Springer Proceedings in Business and Economics. , p.849. https://doi.org/10.1007/978-3-031-22749-3_52.

6. Andrés Mosquera Sevilla, Carlos Andrés Cabezas Lozano. (2021). El efecto escudo fiscal como determinante de la estructura de capital y la generación de valor: un análisis empírico para el mercado colombiano. Apuntes Contables, (28), p.59. https://doi.org/10.18601/16577175.n28.04.

7. Lucia Michalkova, Katarina Frajtova Michalikova, T. Kliestik. (2020). Is the Value of the New Business Tax Shield Lower? Comparative Study of International Valuation Methods. SHS Web of Conferences, 74, p.01022. https://doi.org/10.1051/shsconf/20207401022.

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