Tax installment plans as a determinant of tax aggressiveness in Brazilian listed companies

Marinho, Ludimila Lopes da Silva; Machado, Lúcio de Souza

doi:10.1590/1808-057x20231754.en

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Brasil

Revista Contabilidade & Finanças

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Original Article • Rev. contab. finanç. 34 (93) • 2023 • https://doi.org/10.1590/1808-057x20231754.en copy

Tax installment plans as a determinant of tax aggressiveness in Brazilian listed companies

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The aim of this article was to study the impact of tax installment plans on the tax aggressiveness of Brazilian listed companies. Despite the relevance and timeliness of the topic, there are no studies that examine the use of special tax installment plans as a determinant of the tax aggressiveness of Brazilian listed companies. Tax installment plans have been used repeatedly by Brazilian companies and the number of adherents has grown significantly over time, where this resource can be understood by companies from the perspectives of tax regularization and tax savings. The research contributes to the scientific knowledge on the subject by providing evidence on the determinants of tax aggressiveness, and it is believed that the government can use the results to improve the offer of tax installment plans and the understanding of tax legislation, such as through the development of restrictions on access to installment plans, by allocating them to companies in real financial difficulties, as well as through improvements in its inspection process, considering that companies that pay taxes in installments are more tax aggressive. The data were obtained from explanatory notes, through the Ministry of the Economy’s access to information service, and from the Economatica® database. The Special Tax Regularization Program (PERT) 2017 was used as a reference for tax installment plans, and tax aggressiveness was measured using the effective tax rate (ETR), ETR Cash, and book tax difference (BTD). The period analyzed is from 2017 to 2020, and the statistical method applied was multiple linear regression for panel data with random effects. The results show that companies that choose to pay their taxes in installments tend to take a more aggressive tax position. The evidence contributes to extending the theory of the determinants of tax aggressiveness and can help the government in its inspections and in improving tax installment offers and tax benefits.

Keywords:
tax installments; tax aggressiveness; tax avoidance; tax planning; PERT

Determinant	Main result	References
Company size	Company size (usually measured by the natural logarithm of assets) is positively related to tax aggressiveness.	Atwood et al. (2012Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. https://doi.org/10.2308/accr-50222 https://doi.org/10.2308/accr-50222... ); Martinez (2017Martinez, A. L., & Silva, R. F. (2017). Agressividade fiscal e o custo de capital de terceiros no Brasil. Revista de Gestão, Finanças e Contabilidade , 7(1), 240-251. https://doi.org/10.18028/2238-5320/rgfc.v7n1p240-251 https://doi.org/10.18028/2238-5320/rgfc.... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ); Silva (2016Silva, J. M. (2016). A influencia do ciclo de vida organizacional no nível de planejamento tributario [Tese de Doutorado]. Universidade de São Paulo. https://www.teses.usp.br/teses/disponiveis/96/96133/tde-06012017-151945/en.php https://www.teses.usp.br/teses/disponive... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
Leverage	Leverage can both encourage and discourage aggressive tax practices.	Atwood et al. (2012Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. https://doi.org/10.2308/accr-50222 https://doi.org/10.2308/accr-50222... ); Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
Return on assets	The return on the amount invested can both encourage and discourage tax aggressiveness.	Atwood et al. (2012Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. https://doi.org/10.2308/accr-50222 https://doi.org/10.2308/accr-50222... ); Marinho et al. (2022Marinho, L. L. da S., Almeida, L. M. R., & Machado, L. de S. (2022). A influência da qualidade de auditoria na tax avoidance de empresas brasileiras listadas na B3. Revista Contabilidade e Controladoria, 14(1), 115-132. https://doi.org/http://dx.doi.org/10.5380/rcc.v14i1.81927 https://doi.org/http://dx.doi.org/10.538... ); Martinez & Cerize (2020Martinez, A. L., & Cerize, N. M. F. (2020). A influência da estrutura de controle na agressividade tributária corporativa. Enfoque: Reflexão Contábil, 39(2), 153-163. https://doi.org/10.4025/enfoque.v39i2.43978 https://doi.org/10.4025/enfoque.v39i2.43... ); Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ).
BIG 4 audit	The company appears less aggressive when audited by a BIG 4.	Gaaya et al. (2017Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal, 32(7), 731-744. https://doi.org/10.1108/MAJ-02-2017-1530 https://doi.org/10.1108/MAJ-02-2017-1530... ); Hartmann & Martinez (2020Hartmann, C. F., & Martinez, A. L. (2020). Agressividade fiscal e as empresas de auditoria Big4. Revista de Administração, Ciências Contábeis e Sustentabilidade, 10(2), 37-46. https://doi.org/10.18696/reunir.v10i3.843 https://doi.org/10.18696/reunir.v10i3.84... ); Marinho et al. (2022Marinho, L. L. da S., Almeida, L. M. R., & Machado, L. de S. (2022). A influência da qualidade de auditoria na tax avoidance de empresas brasileiras listadas na B3. Revista Contabilidade e Controladoria, 14(1), 115-132. https://doi.org/http://dx.doi.org/10.5380/rcc.v14i1.81927 https://doi.org/http://dx.doi.org/10.538... ).
Hiring of tax services	The use of the tax services offered by audit firms has a positive impact on the tax aggressiveness of the hiring companies.	Santos et al. (2021Santos, L. P. G., Soares, P. A., Freitas, S. C. de, & Dias Filho, J. M. (2021). A influência dos serviços tributários prestados pelo auditor na tax avoidance das empresas: evidências do Brasil. Revista de Contabilidade e Organizações , 15(71), e175839. https://doi.org/10.11606/issn.1982-6486.rco.2021.175839 https://doi.org/10.11606/issn.1982-6486.... ).
Organizational life cycle	Whether organizations are in an early or advanced stage of their organizational life cycle positively affects their tax aggressiveness.	Silva (2016Silva, J. M. (2016). A influencia do ciclo de vida organizacional no nível de planejamento tributario [Tese de Doutorado]. Universidade de São Paulo. https://www.teses.usp.br/teses/disponiveis/96/96133/tde-06012017-151945/en.php https://www.teses.usp.br/teses/disponive... ).
Inspection activities	More effective enforcement has a negative impact on tax aggressiveness.	Atwood et al. (2012Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. https://doi.org/10.2308/accr-50222 https://doi.org/10.2308/accr-50222... ); Hoopes et al. (2012Hoopes, J. L., Mescall, D., & Pittman, J. A. (2012). Do IRS audits deter corporate tax avoidance? Accounting Review , 87(5), 1603-1639. https://doi.org/10.2308/accr-50187 https://doi.org/10.2308/accr-50187... ); Kubick et al. (2016Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2016). The effects of regulatory scrutiny on tax avoidance: An examination of SEC comment letters. The Accounting Review , 91(6), 1751-1780. https://doi.org/10.2308/accr-51433 https://doi.org/10.2308/accr-51433... ).
Tax amnesties	The repeated tax amnesties offered by the government have a positive impact on tax aggressiveness.	Ross & Buckwalter (2013Ross, J. M., & Buckwalter, N. D. (2013). Strategic tax planning for state tax amnesties: Evidence from eligibility period restrictions. Public Finance Review, 41(3), 275-301. https://doi.org/10.1177/1091142112461687 https://doi.org/10.1177/1091142112461687... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ).
Sector, geographic region, and tax assessment	The economic sector, geographic region, and whether the company has already been fined determine its tax aggressiveness.	Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Santos et al. (2021Santos, L. P. G., Soares, P. A., Freitas, S. C. de, & Dias Filho, J. M. (2021). A influência dos serviços tributários prestados pelo auditor na tax avoidance das empresas: evidências do Brasil. Revista de Contabilidade e Organizações , 15(71), e175839. https://doi.org/10.11606/issn.1982-6486.rco.2021.175839 https://doi.org/10.11606/issn.1982-6486.... ).

Normative act	Benefit	No. of adherents
REFIS - Law No. 9,964 of April 10, 2000Law No. 9,964 of April 10, 2000 (2000, April 10). Establishes the Tax Recovery Program - Refis and makes other provisions, and amends Laws Nos. 8,036 of May 11, 1990 and 8,844 of January 20, 1994. https://www.planalto.gov.br/ccivil_03/leis/l9964.htm https://www.planalto.gov.br/ccivil_03/le...	Unlimited period for payment and amortization of fines and interest with credits from tax losses and negative CSLL calculation bases.	129,000
PAES - Law No. 10,684 of May 30, 2003Law No. 10,684 of May 30, 2003 (2003, May 30). Amends the tax legislation, provides for the payment in installments of debts with the Federal Revenue Service, the National Treasury Attorney General's Office, and the National Social Security Institute and makes other provisions. https://www.planalto.gov.br/ccivil_03/leis/2003/L10.684.htm https://www.planalto.gov.br/ccivil_03/le...	A 180-month deadline to pay off debts and a 50% reduction in fines.	282,000
Crisis REFIS - Law No. 11,941 of May 27, 2009Law No. 11,941 of May 27, 2009 (2009, May 27). Amends the federal tax legislation regarding the ordinary installment payment of tax debts; grants remission in the cases it specifies; establishes a transitional tax regime, amending Decree No. 70,235 of March 6, 1972, Laws Nos. 8,212 of July 24, 1991, 8,213 of July 24, 1991, 8,218 of August 29, 1991, 9, 249 of December 26, 1995, 9,430 of December 27, 1996, 9,469 of July 10, 1997, 9,532 of December 10, 1997, 10,426 of April 24, 2002, 10,480 of July 2, 2002, 10,522 of July 19, 2002, 10,887 of June 18, 2004, and 6,404 of December 15, 1976, Decree-Law 1,598 of December 26, 1977, and Laws Nos. 8,981 of January 20, 1995, 10,925 of July 23, 2004, 10,637 of December 30, 2002, 10,833 of December 29, 2003, 11,116 of May 18, 2005, 11,732 of June 30, 2008, 10,260 of July 12, 2001, 9,873 of November 23, 1999, 11,171 of September 2, 2005, 11,345 of September 14, 2006; extends the validity of Law 8,989 of February 24, 1995; revokes provisions of Laws Nos. 8,383 of December 30, 1991 and 8,620 of January 5, 1993, Decree-Law No. 73 of November 21, 1966, Laws Nos. 10,190 of February 14, 2001, 9,718 of November 27, 1998, 6,938 of August 31, 1981, 9,964 of April 10, 2000, and, from the establishment of the Administrative Council for Tax Appeals, Decrees Nos. 83,304 of March 28, 1979 and 89,892 of July 2, 1984, and art. 112 of Law No. 11,196 of November 21, 2005; and makes other provisions. https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2009/lei/l11941.htm https://www.planalto.gov.br/ccivil_03/_a...	14 payment methods with a 60-100% reduction in fines and 45-25% reduction in late payment interest. Tax losses and negative CSLL calculation bases can be used. This program has been reopened four times.	1,012,156 on its launch and four reopenings
PERT - Law No. 13,496 of October 24, 2017Law No. 13,496 of October 24, 2017. (2017, October 24). Establishes the Special Tax Regularization Program (PERT) in the Federal Revenue Service of Brazil and the Attorney General's Office of the National Treasury; and amends Law No. 12,249 of June 11, 2010 and Decree No. 70,235 of March 6, 1972. https://www.planalto.gov.br/ccivil_03/_ato2015-2018/2017/lei/l13496.htm https://www.planalto.gov.br/ccivil_03/_a...	A minimum of 20% discount when paying the debt in cash, in five installments, with the right to use tax losses and negative CSLL bases or other tax credits; or 120 installments, but without reductions/withdrawals on certain dates, with the right to a discount of up to 90% on interest and 70% on fines.	443,000

Sector	Total companies	Adherents to PERT 2017	% of adherents	Non-adherents to PERT 2017	% of non-adherents
Industrial goods	47	18	38	29	62
Communications	4	2	50	2	50
Cyclical consumption	69	17	25	52	75
Non-cyclical consumption	19	12	63	7	37
Basic materials	28	14	50	14	50
Others	16	0	0	16	100
Oil, gas, and biofuels	9	3	33	6	67
Health	13	5	38	8	62
Information technology	6	3	50	3	50
Public utilities	46	13	28	33	72
Total	257	87	34	170	66

Assumption	Test conducted
Normality of residuals	Sfrancia
Homoscedasticity	Wald
Multicollinearity	VIF
No correlation of residuals	Wooldridge

Variable	Calculation	How it was obtained	Source
ETR GAAP*	Ratio of total tax on calculated profit to profit before tax: $E T R = \frac{(I R + C S L L)}{P B T}$	Economatica^® database	Chen et al. (2010Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61. https://doi.org/10.1016/j.jfineco.2009.02.003 https://doi.org/10.1016/j.jfineco.2009.0... ); Christensen et al. (2021Christensen, D. M., Kenchington, D. G., & Laux, R. C. (2021). How do most low ETR firms avoid paying taxes? Review of Accounting Studies, 27, 570-606. https://doi.org/10.1007/s11142-021-09614-8 https://doi.org/10.1007/s11142-021-09614... ); Hanlon & Heitzman (2010Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178. https://doi.org/https://doi.org/10.1016/j.jacceco.2010.09.002 https://doi.org/https://doi.org/10.1016/... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ); Wang et al. (2019Wang, F., Xu, S., Sun, J., & Cullinan, C. P. (2019). Corporate tax avoidance: A literature review and research agenda. Journal of Economic Surveys, 34(4), 793-811. https://doi.org/10.1111/joes.12347 https://doi.org/10.1111/joes.12347... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
ETR Cash*	Ratio of cash outflow to pay tax to profit before income tax: $C a s h E T R = \frac{C a s h o u t f l o w t o p a y I R / C S L L}{P B T}$	Economatica^® database and cash flow statement	Hanlon & Heitzman (2010Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178. https://doi.org/https://doi.org/10.1016/j.jacceco.2010.09.002 https://doi.org/https://doi.org/10.1016/... ); Lennox et al. (2013Lennox, C., Lisowsky, P., & Pittman, J. (2013). Tax aggressiveness and accounting fraud. Journal of Accounting Research, 51(4), 739-778. https://doi.org/10.1111/joar.12002 https://doi.org/10.1111/joar.12002... ).
BTD	Profit before income tax minus the ratio of the amount of income tax at the nominal rate (IT + CSLL) divided by total assets. $B T D = \frac{P B T - ⌊\frac{(I R + C S L L)}{0.34}⌋}{T o t a l A s s e t s}$	Economatica^® database	Fonseca & Costa (2017Fonseca, K. B. C., & Costa, P. S. (2017). Fatores determinantes das book-tax differences. Revista de Contabilidade e Organizações, 11(29), 17-29. https://doi.org/10.11606/rco.v11i29.122331 https://doi.org/10.11606/rco.v11i29.1223... ); Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ).

Variable	Calculation	How it was obtained
PERT*	Dummy to characterize companies that adhered to PERT 2017 (1) and those that did not (0)	SIC, RFB, and companies’ explanatory notes

Variable	Calculation	Where it was obtained	Expected sign	Source
LEV	Long-term debt divided by assets	Economatica^® database	+/-	Balakrishnan et al. (2019Balakrishnan, K., Blouin, J., & Guay, W. (2019). Tax aggressiveness and corporate transparency. The Accounting Review , 94(1), 45-69. https://doi.org/https://doi.org/10.2308/accr-52130 https://doi.org/https://doi.org/10.2308/... ); Campagnoni & Ruiz (2020Campagnoni, M., & Ruiz, K. de S. (2020). Características das empresas que pedem perdão tributário no Brasil. Revista de Contabilidade e Gestão Contemporânea, 3(1), 3-19. https://doi.org/https://orcid.org/0000-0001-6069-2385 https://doi.org/https://orcid.org/0000-0... ); Gaaya et al. (2017Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal, 32(7), 731-744. https://doi.org/10.1108/MAJ-02-2017-1530 https://doi.org/10.1108/MAJ-02-2017-1530... ); Hoopes et al. (2012Hoopes, J. L., Mescall, D., & Pittman, J. A. (2012). Do IRS audits deter corporate tax avoidance? Accounting Review , 87(5), 1603-1639. https://doi.org/10.2308/accr-50187 https://doi.org/10.2308/accr-50187... ); Lin et al. (2014Lin, S., Tong, N., & Tucker, A. L. (2014). Corporate tax aggression and debt. Journal of Banking and Finance, 40(1), 227-241. https://doi.org/10.1016/j.jbankfin.2013.11.035 https://doi.org/10.1016/j.jbankfin.2013.... ); Martinez & Martins (2016Martinez, A. L., & Martins, V. A. M. (2016). Alavancagem financeira e agressividade fiscal no Brasil. Revista de Contabilidade da UFBA, 10(3), 5-22. https://doi.org/10.14392/asaa.2020130304 https://doi.org/10.14392/asaa.2020130304... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
ROA	Company operating profit divided by assets	Economatica^® database	+/-	Campagnoni & Ruiz (2020Campagnoni, M., & Ruiz, K. de S. (2020). Características das empresas que pedem perdão tributário no Brasil. Revista de Contabilidade e Gestão Contemporânea, 3(1), 3-19. https://doi.org/https://orcid.org/0000-0001-6069-2385 https://doi.org/https://orcid.org/0000-0... ); Chen et al. (2010Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61. https://doi.org/10.1016/j.jfineco.2009.02.003 https://doi.org/10.1016/j.jfineco.2009.0... ); Hoopes et al. (2012Hoopes, J. L., Mescall, D., & Pittman, J. A. (2012). Do IRS audits deter corporate tax avoidance? Accounting Review , 87(5), 1603-1639. https://doi.org/10.2308/accr-50187 https://doi.org/10.2308/accr-50187... ); Lennox et al. (2013Lennox, C., Lisowsky, P., & Pittman, J. (2013). Tax aggressiveness and accounting fraud. Journal of Accounting Research, 51(4), 739-778. https://doi.org/10.1111/joar.12002 https://doi.org/10.1111/joar.12002... ); Marinho et al. (2022Marinho, L. L. da S., Almeida, L. M. R., & Machado, L. de S. (2022). A influência da qualidade de auditoria na tax avoidance de empresas brasileiras listadas na B3. Revista Contabilidade e Controladoria, 14(1), 115-132. https://doi.org/http://dx.doi.org/10.5380/rcc.v14i1.81927 https://doi.org/http://dx.doi.org/10.538... ); Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
SIZE	Natural log of total assets	Economatica^® database	+	Balakrishnan et al. (2019Balakrishnan, K., Blouin, J., & Guay, W. (2019). Tax aggressiveness and corporate transparency. The Accounting Review , 94(1), 45-69. https://doi.org/https://doi.org/10.2308/accr-52130 https://doi.org/https://doi.org/10.2308/... ); Campagnoni & Ruiz (2020Campagnoni, M., & Ruiz, K. de S. (2020). Características das empresas que pedem perdão tributário no Brasil. Revista de Contabilidade e Gestão Contemporânea, 3(1), 3-19. https://doi.org/https://orcid.org/0000-0001-6069-2385 https://doi.org/https://orcid.org/0000-0... ); Hoopes et al. (2012Hoopes, J. L., Mescall, D., & Pittman, J. A. (2012). Do IRS audits deter corporate tax avoidance? Accounting Review , 87(5), 1603-1639. https://doi.org/10.2308/accr-50187 https://doi.org/10.2308/accr-50187... ); Kubick et al. (2016Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2016). The effects of regulatory scrutiny on tax avoidance: An examination of SEC comment letters. The Accounting Review , 91(6), 1751-1780. https://doi.org/10.2308/accr-51433 https://doi.org/10.2308/accr-51433... ); Lennox et al. (2013Lennox, C., Lisowsky, P., & Pittman, J. (2013). Tax aggressiveness and accounting fraud. Journal of Accounting Research, 51(4), 739-778. https://doi.org/10.1111/joar.12002 https://doi.org/10.1111/joar.12002... ); Martinez & Sonegheti (2015Martinez, A. L., & Sonegheti, K. (2015). Contingências fiscais em face das mudanças de incidência do PIS e da COFINS. Revista Evidenciação Contábil & Finanças, 3(3), 6-18. https://doi.org/10.18405/recfin20150301 https://doi.org/10.18405/recfin20150301... ); Shevlin et al. (2017Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies , 22, 577-607. https://doi.org/10.1007/s11142-017-9390-6 https://doi.org/10.1007/s11142-017-9390-... ); Wilson (2009Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review , 84(3), 969-999. https://doi.org/https://doi.org/10.2308/accr.2009.84.3.969 https://doi.org/https://doi.org/10.2308/... ).
CG	Dummy - 1 for companies with some CG segment (new market, levels 1 and 2) and 0 for those without.	Economatica^® database	-	Borges & Rech (2021Borges, S. R. P., & Rech, I. J. (2021). Efetividade dos parcelamentos fiscais para a solvência corporativa no Brasil. Advances in Scientific and Applied Accounting, 14(1), 72-89. https://doi.org/https://doi.org/10.14392/asaa.2021140103 https://doi.org/https://doi.org/10.14392... ); Carrer & Slavov (2021Carrer, G., & Slavov, T. (2021). Tax aggressiveness and CEO overconfidence in the stock market: Evidence from Brazil. Investment Management and Financial Innovations, 18(1), 165-176. https://doi.org/10.21511/imfi.18(1).2021.14 https://doi.org/10.21511/imfi.18(1).2021... ); Martinez & Cerize (2020Martinez, A. L., & Cerize, N. M. F. (2020). A influência da estrutura de controle na agressividade tributária corporativa. Enfoque: Reflexão Contábil, 39(2), 153-163. https://doi.org/10.4025/enfoque.v39i2.43978 https://doi.org/10.4025/enfoque.v39i2.43... ); Martinez & Sonegheti (2015Martinez, A. L., & Sonegheti, K. (2015). Contingências fiscais em face das mudanças de incidência do PIS e da COFINS. Revista Evidenciação Contábil & Finanças, 3(3), 6-18. https://doi.org/10.18405/recfin20150301 https://doi.org/10.18405/recfin20150301... ).
BIG 4 - Audit quality	Dummy - 1 for companies audited by a BIG 4 and 0 for those not audited by a BIG 4.	Explanatory notes	-	Gaaya et al. (2017Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal, 32(7), 731-744. https://doi.org/10.1108/MAJ-02-2017-1530 https://doi.org/10.1108/MAJ-02-2017-1530... ); Hartmann & Martinez (2020Hartmann, C. F., & Martinez, A. L. (2020). Agressividade fiscal e as empresas de auditoria Big4. Revista de Administração, Ciências Contábeis e Sustentabilidade, 10(2), 37-46. https://doi.org/10.18696/reunir.v10i3.843 https://doi.org/10.18696/reunir.v10i3.84... ); Lisowsky (2010Lisowsky, P. (2010). Seeking shelter: Empirically modeling tax shelters using financial statement information. Accounting Review , 85(5), 1693-1720. https://doi.org/10.2308/accr.2010.85.5.1693 https://doi.org/10.2308/accr.2010.85.5.1... ); Marinho et al. (2022Marinho, L. L. da S., Almeida, L. M. R., & Machado, L. de S. (2022). A influência da qualidade de auditoria na tax avoidance de empresas brasileiras listadas na B3. Revista Contabilidade e Controladoria, 14(1), 115-132. https://doi.org/http://dx.doi.org/10.5380/rcc.v14i1.81927 https://doi.org/http://dx.doi.org/10.538... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Santos et al. (2021Santos, L. P. G., Soares, P. A., Freitas, S. C. de, & Dias Filho, J. M. (2021). A influência dos serviços tributários prestados pelo auditor na tax avoidance das empresas: evidências do Brasil. Revista de Contabilidade e Organizações , 15(71), e175839. https://doi.org/10.11606/issn.1982-6486.rco.2021.175839 https://doi.org/10.11606/issn.1982-6486.... ).
Sector	Dummy - Sector fixed effect based on the Economatica® System classification	Research data	+/-	Mocanu et al. (2020Mocanu, M., Constantin, S. B., & Vasile, R. (2020). Determinants of tax avoidance - Evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istrazivanja, 34(1), 2013-2033. https://doi.org/10.1080/1331677X.2020.1860794 https://doi.org/10.1080/1331677X.2020.18... ); Rezende et al. (2018Rezende, A. J., Dalmácio, F. Z., & Rathke, A. A. T. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas. Revista Universo Contábil, 14(4), 28-49. https://doi.org/10.4270/ruc.2018426 https://doi.org/10.4270/ruc.2018426... ); Santos et al. (2021Santos, L. P. G., Soares, P. A., Freitas, S. C. de, & Dias Filho, J. M. (2021). A influência dos serviços tributários prestados pelo auditor na tax avoidance das empresas: evidências do Brasil. Revista de Contabilidade e Organizações , 15(71), e175839. https://doi.org/10.11606/issn.1982-6486.rco.2021.175839 https://doi.org/10.11606/issn.1982-6486.... ).

	Companies adhering to PERT		Companies not adhering to PERT
Variable	Mean	SD	Mean	SD
ETR GAAP	0.19	0.16	0.23	0.18
ETR Cash	0.09	0.16	0.15	0.17
BTD	-0.04	0.17	-0.11	0.61
LEV	0.54	2.92	0.17	0.17
ROA	-0.02	0.17	-0.09	0.60
SIZE	14.82	2.20	14.06	3.01

${A F}_{i, t} = β_{0} + β_{1} {P E R T}_{i t} + β_{2} {L E V}_{i t} + β_{3} {R O A}_{i t} + β_{4} {S I Z E}_{i t} {+ β_{5} {C G}_{i t} + β_{6} {B I G 4}_{i t} + β_{7} {S E C T O R}_{i t} + ε}_{i t}$
	Dependent
	ETR GAAP			ETR Cash		BTD
	Coef.	p value	Coef.	p value	Coef.	p value
Independent of interest
PERT	-0.04	*	-0.05	*	0.0009	0.83
Control
LEV	0.18	0.68	0.12	0.22	0.0208	**
ROA	-1.17	*	-0.39	**	0.9377	*
SIZE	0.00	0.19	0.00	0.57	0.0032	**
CG	-0.03	***	0.01	0.56	0.0015	0.75
BIG 4	-0.02	0.17	0.03	0.19	-0.0017	0.73
Sector Dummy: Yes	Significant		Significant		Significant
Between	0.23		0.14		0.99
VIF	1.49		1.45		1.69
N. Obs.	616		534		950

Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, Departamento de Contabilidade e Atuária Av. Prof. Luciano Gualberto, 908 - prédio 3 - sala 118, 05508 - 010 São Paulo - SP - Brasil, Tel.: (55 11) 2648-6320, Tel.: (55 11) 2648-6321, Fax: (55 11) 3813-0120 - São Paulo - SP - Brazil
E-mail: recont@usp.br

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