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Estructura tributaria y desempeño de las firmas colombianas

Author

Listed:
  • Juan Esteban Carranza
  • Alejandra Ximena González-Ramírez
  • Mauricio Villamizar-Villegas

Abstract

Este documento analiza la estructura tributaria de las firmas colombianas, caracterizada por una alta heterogeneidad en las tasas efectivas del impuesto sobre la renta. En particular, identificamos la existencia de un impuesto implícito al tamaño de las firmas, definido como el cambio en la carga tributaria efectiva asociado con cambios en distintas medidas del tamaño de las firmas. En particular, encontramos una variación sistemática en la tasa efectiva de tributación con respecto a medidas del patrimonio de las firmas. Nuestros hallazgos indican que este impuesto implícito es progresivo para firmas de menor tamaño y regresivo para aquellas de mayor tamaño. Tomando como marco las reformas tributarias vigentes durante 2017–2018 y 2022–2023, estimamos el efecto de este impuesto sobre el desempeño empresarial. Encontramos que, además de reducir el tamaño patrimonial de las firmas, este impuesto tiene efectos adversos sobre la inversión real y genera distorsiones en las decisiones de financiamiento. *****ABSTRACT: This paper analyzes the tax structure of Colombian firms, which is characterized by a high heterogeneity in effective corporate income tax rates. In particular, we identify the existence of an implicit tax on the size of firms, defined as the change in the effective tax burden associated with different measures of firms’ size. In particular, we find that the effective tax rate of firms varies with the change in firms’ equity. Our findings indicate that this implicit tax is progressive for smaller firms and regressive for larger ones. We estimate the effect of this tax on firm performance using the tax reforms enacted during the period of analysis. We find that, in addition to reducing firms’ equity size, this tax has adverse effects on real investment and generates distortions in financing decisions.

Suggested Citation

  • Juan Esteban Carranza & Alejandra Ximena González-Ramírez & Mauricio Villamizar-Villegas, 2025. "Estructura tributaria y desempeño de las firmas colombianas," Borradores de Economia 1332, Banco de la Republica de Colombia.
    • Handle: RePEc:bdr:borrec:1332
    DOI: 10.32468/be.1332
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    References listed on IDEAS

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    1. A. M. Iregui-Bohórquez & L. A. Melo-Becerra & A. J. Orozco-Gallo, 2022. "Corporate Taxes and Firms Performance: Evidence from an Emerging Economy," Revista de Economía del Rosario, Universidad del Rosario, vol. 25(1).
    2. Oliver Pardo & Liliana Heredia & Angélica Nieto & Gabriel Millán, 2024. "La tributación en impuesto sobre la renta por actividad económica en Colombia: descripción a partir de la tasa efectiva de tributación," Coyuntura Económica, Fedesarrollo, vol. 54, pages 61-82.
    3. Ligia Alba Melo-Becerra & Javier Ávila Mahecha & Jorge Enrique Ramos-Forero, 2021. "Corporate Taxation and Investment: Evidence from a Context of Frequent Tax Reforms," Hacienda Pública Española / Review of Public Economics, IEF, vol. 237(2), pages 3-31, June.
    4. Hernando José Gómez R. & Roberto Steiner, 2015. "La reforma tributaria y su impacto sobre la tasa efectiva de tributación de las firmas en Colombia," Coyuntura Económica, Fedesarrollo, vol. 45(1), pages 13-45.
    5. Camilo Gómez & Ligia Melo-Becerra & Héctor Zárate-Solano, 2024. "Firms’ Responses to Changes in Corporate Income Tax Rates: A Retrospective of Colombia’s Tax Reforms," Journal of Tax Reform, Graduate School of Economics and Management, Ural Federal University, vol. 10(2), pages 417-434.
    6. Fatih Guvenen & Gueorgui Kambourov & Burhan Kuruscu & Sergio Ocampo & Daphne Chen, 2023. "Use It or Lose It: Efficiency and Redistributional Effects of Wealth Taxation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 138(2), pages 835-894.
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing

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