Intromisión adrede

El pasado 13 de setiembre fue publicado el Decreto Legislativo 1424, donde el Gobierno se entromete en una decisión que debería ser eminentemente empresarial y especialmente privada: la de establecer la estructura de capital de una empresa. La norma no limita la cantidad de deuda que una empresa puede tomar. Lo que limita es el monto de los intereses que puede deducir a la hora de calcular su renta imponible, encareciendo con ello el endeudamiento. En esta situación hay excepciones, sobre todo donde le conviene al Estado.

Esto significa que, a partir del 2019, una empresa no podrá deducir como gasto todos los intereses que pague si es que el total de sus deudas excede tres veces su capital. A partir del 2021 las cosas se pondrán peor: no se podrá deducir intereses por un monto que exceda el 30% del Ebitda del ejercicio anterior (Ebitda son las utilidades antes de intereses e impuestos y sindescontar la depreciación de equipos ni la amortización de intangibles).

Los límites a la deducción de intereses son, absolutamente inútiles desde el punto de vista de la recaudación fiscal. Los intereses que paga un prestatario son los intereses que cobra un prestamista. Lo que es gasto para uno es ingreso para el otro. Los impuestos que deja de cobrar la Sunat cuando una compañía deducelos intereses de su utilidad imponible son los mismos que cobra cuando el banco los declara como parte de la suya.

Limitar la deducción de intereses equivale a una doble tributación. Los intereses que no pueden deducirse tributan primero como parte de la renta del prestatario; y vuelven a tributar después como parte de la renta del prestamista. En definitivamente no es justo.

 

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