IMPROVING TAX INFORMATION RELATING TO RISKS ARISING FROM PRIVATE PUBLIC PARTNERSHIPS
DOI:
https://doi.org/10.55532/1806-8944.2019.49Keywords:
Public-private partnership, Tax Risks, Contingent LiabilitiesAbstract
The present work seeks to analyze the quality of official information related to fiscal risks assumed in Public-Private Partnership (PPPs) contracts in Brazil. To this end, an investigation of the national rules governing tax publications is promoted, in particular the devices related to the disclosure of information regarding PPP contracts and contingent liabilities in general. In addition, we seek reference in the best international practices on the subject, as attested by works published in multilateral organizations. Based on this framework, an exploratory analysis of PPP contracts maintained by state governments is then promoted. 27 contracts were examined, where tax liabilities are identified, both of an explicit and contingent nature. An examination of the tax statements published by the respective government entities followed the examination of the contracts, in order to ascertain whether such documents properly reflect the information relating to the risks to which the granting authority is exposed as a result of those contracts. It is argued, in the light of national normative determinations and international best practices, that the quality of disclosure of this information by the public administration can be improved, notably with regard to contingent liabilities. In addition to the absence of some information required by the manuals in force, which in itself is already a compliance problem, the quality of some information can be improved. An example of improvement is the adoption of quantitative techniques for valuing contingent liabilities, as already practiced in some Latin American countries, such as Chile, Colombia and Peru. Recommendations for improving the transparency of information regarding tax risks present in PPP contracts are more active role of the control bodies, development of technical capacity in bureaucracies at different levels of government, and more detailed management of this information.
References
ARANCIBIA, D. O. D. Estimación y valoración de pasivos contingentes derivados de contratos de asociación público privada. Santiago: Universidad de Chile, maio 2015.
ASLAN, C.; DUARTE, D. How do Countries Measure, Manage, and Monitor Fiscal Risks Generated by Public-Private Partnerships? Chile, Peru, South Africa, Turkey. [s.l.] The World Bank, 2014.
BELLO, B. V. MODELAGEM DE GARANTIAS GOVERNAMENTAIS EM PROJECT FINANCE E PARCERIAS PÚBLICO-PRIVADAS ATRAVÉS DA APLICAÇÃO DA TEORIA DE OPÇÕES REAIS. fev. 2009.
BELSITO, B. G.; VIANA, F. B. O limite de comprometimento da Receita Corrente Líquida em contratos de parceria público-privada. Revista do BNDES, Rio de Janeiro, n. 39, 2013.
BLANK. TEORIA DE OPÇÕES REAIS EM PROJECT FINANCE E PARCERIA PÚBLICO-PRIVADA: UMA APLICAÇÃO EM CONCESSÕES RODOVIÁRIAS. Rio de Janeiro: PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO - PUC- RIO, 10 abr. 2008.
BORGES, L. F. X.; NEVES, C. Parceria Público-Privada: Riscos e Mitigação de Riscos em Operações Estruturadas de Infra-Estrutura. Revista do BNDES, v. 12, n. 23, p. 73–118, jun. 2005.
BOVA, M. E. The Fiscal Costs of Contingent Liabilities. Washington: International Monetary Fund, 2016.
BRANDÃO, L. E. et al. Incentivos governamentais em PPP: uma análise por opções reais. Revista de Administração de Empresas, v. 52, p. 10–23, jan. 2012.
BRANDÃO, L. E.; SARAIVA, E. C. Private risk in public infrastructure: a quantitative risk analysis as a contract modeling tool. Revista de Administração Pública, v. 41, n. 6, p. 1035–1067, 2007.
BURGER, P.; HAWKESWORTH, I. How to attain value for money: comparing PPP and traditional infrastructure public procurement. OECD Journal on Budgeting, v. 11, n. 1, p. 91, 2011.
CANTE LOEZA, F. L. Análisis de las finanzas públicas de 2006 a 2013 en el municipio de Valladolid, Estado de Yucatán. 2015.
CEBOTARI, A. Contingent liabilities: issues and practice. [s.l.] International Monetary Fund, 2008.
COLOMBIA. MINISTERIO DE HACIENDA Y CRÉDITO PÚBLICO.DIRECCIÓN GENERAL DE CRÉDITO PÚBLICO Y TESORO NACIONAL (ED.). Metodología
valoración y seguimiento de riesgos en contratos estatales. Bogotá (Colombia): El Ministerio, 2011.
EPEC. State Guarantess in PPPs A Guide to Better Evaluation, Design, Implementation and ManagementEPEC, , maio 2011. . Acesso em: 25 mar. 2017
FMI. Analyzing and Managing Fiscal Risks - Best Practices. 2016.
FRANÇA, M. A. DE C. Parcerias público-privadas: repartição objetiva de riscosFaculdade de Direito, Universidade de São Paulo, , 14 maio 2012. Disponível em: <doi:10.11606/T.2.2011.tde-14052012-162009>. Acesso em: 11 mar. 2017
FRANCO, V. G.; PAMPLONA, J. B. Alocação de Riscos em Parcerias Público- Privadas no Brasil. Revista Econômica do Nordeste, v. 39, n. 1, p. 25–45, 2008.
FREITAS, A.; BRANDÃO, L. E. Real Options Valuation of e-Learning Projects.
International Journal on E-learning, v. 9, n. 3, p. 363–383, 2010.
HEMMING, R. (ED.). Public-private partnerships, government guarantees, and fiscal risk. Washington, D.C: International Monetary Fund, 2006.
HULL, J. C. Options, futures, & other derivatives. 5. ed. ed. Upper Saddle River, NJ: Prentice Hall, 2003.
IRWIN, T. Public money for private infrastructure: deciding when to offer guarantees, output-based subsidies, and other fiscal support. Washington, D.C: World Bank, 2003.
. Government Guarantees: Allocating and Valuing Risk in Privately Financed Infrastructure Projects. [s.l.] The World Bank, 2007.
IRWIN, T.; MOKDAD, T. Managing Contingent Liabilities in Public-Private Partnerships: Practice in Australia, Chile, and South Africa. [s.l.] World Bank, 2010.
JIN, X.-H.; ZHANG, G. Modelling optimal risk allocation in PPP projects using artificial neural networks. International Journal of Project Management, v. 29, n. 5, p. 591– 603, jul. 2011.
MARTINS, J.; MARQUES, R. C.; CRUZ, C. O. Real Options in Infrastructure: Revisiting the Literature. Journal of Infrastructure Systems, v. 21, n. 1, p. 04014026, mar. 2015.
MENDONÇA, C. L. DE. PUC-2014_Metro-L3. TEORIA DAS OPÇÕES REAIS: APLICAÇÃO EM PARCERIAS PÚBLICO-PRIVADAS (PPP), UM ESTUDO DE CASO EM SISTEMAS METROVIÁRIOS, jan. 2014.
MINISTERIO DE HACIENDA Y CREDITO PUBLICO, C. Marco Fiscal de Mediano Plazo 2017, 2017.
NG, A.; LOOSEMORE, M. Risk allocation in the private provision of public infrastructure. International Journal of Project Management, v. 25, n. 1, p. 66–76, jan. 2007.
PINTO, M. B. Repartição de Riscos nas Parcerias Público-Privadas. Revista do BNDES, Rio de Janeiro, v. 13, n. n. 25, p. 155 182, jun. 2006.
RAMASESH, R. V.; BROWNING, T. R. A conceptual framework for tackling knowable unknown unknowns in project management. Journal of Operations Management, v. 32, n. 4, p. 190–204, maio 2014.
RETAMALES, M. V.; MOLINA, L. C. Financiera. 2016.
RIAL, I.; FUNKE, K.; IRWIN, T. Budgeting and Reporting for Public-Private Partnerships. Paris: OECD Publishing, 1 abr. 2013. Disponível em: <http://www.oecd- ilibrary.org/transport/budgeting-and-reporting-for-public->. Acesso em: 11 mar. 2017.
RIBEIRO, M. P. 20 anos da Lei de Concessões. [s.l: s.n.].
RIBEIRO, M. P.; PRADO, L. N. Comentários à lei de PPP-parceria público-privada: fundamentos econômico-jurídicos. São Paulo, SP: Malheiros Editores : Sociedade Brasileira de Direito Público, 2007.
SARAIVA, E. C. G. Projetos de infraestrutura pública: risco, incerteza e incentivos. Rio de Janeiro: Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas, 2008.
SIQUEIRA MORAES, M.; REYES-TAGLE, G. Os impactos fiscais dos contratos de parceria público-privada: Estudo de caso do ambiente institucional e da prática no Brasil. [s.l.] Inter-American Development Bank, 2017. Disponível em:
<https://publications.iadb.org/handle/11319/8142>. Acesso em: 9 mar. 2017.
WALKER, W. E. et al. Defining Uncertainty: A Conceptual Basis for Uncertainty Management in Model-Based Decision Support. Integrated Assessment, v. 4, n. 1, p. 5–17, mar. 2003.
WB-2012_PPPs_Guarantees.pdf. , [s.d.].
WORLD BANK. Best Practices in Public-Private Partnerships Financing in Latin America: the Role of GuaranteesWorld Bank, , jan. 2012.
. Implementing a Framework for Managing Fiscal Commitments from Public Private Partnerships. [s.l.] World Bank, 2014.
ZHANG, X.; CHEN, S. A systematic framework for infrastructure development through public private partnerships. IATSS Research, v. 36, n. 2, p. 88–97, mar. 2013.
ZHENG, E. Z. H. Gestão de incertezas em projetos complexos: quadro conceitual e estudos de caso. São Paulo, SP: USP, 2016.
Downloads
Published
How to Cite
Issue
Section
License
The articles can be copied, since quoted the source.
