El Impacto del Impuesto Mínimo Global y el Futuro del Uso de los Incentivos Fiscales en las Zonas Económicas Especiales

This policy brief examines how the Global Minimum Tax (GMT) and other international tax reforms impact the design and effectiveness of tax incentives within Special Economic Zones (SEZs), particularly in developing countries. It argues that excessive reliance on tax holidays and exemptions is often ineffective for long-term competitiveness and may now lead to revenue loss as the GMT allows other jurisdictions to collect top-up taxes. The document recommends transitioning toward cost-based incentives, improving non-fiscal investment environments, and coordinating national policy to mitigate legal risks associated with investor-state dispute settlements.

• The Global Anti-Base Erosion (GloBE) rules establish a minimum effective tax rate (ETR) of 15% for multinational enterprises (MNEs) with annual consolidated revenues exceeding EUR 750 million. If the ETR in a specific jurisdiction is below 15%, a top-up tax is applied via a Qualified Domestic Minimum Top-up Tax (QDMTT), an Income Inclusion Rule (IIR), or an Undertaxed Profits Rule (UTPR).
• Common tax incentives used in SEZs, such as 100% corporate income tax (CIT) exemptions, performance-based exemptions, and reduced fixed rates, are at high risk under GloBE rules because they lower the ETR, potentially triggering top-up taxes that negate the incentive's benefit for the MNE.
• Evidence suggests that tax incentives in SEZs are often ineffective for long-term global competitiveness and can lead to a 'race to the bottom.' Tax holidays may result in poor long-term performance regarding employment and exports, and cannot compensate for poor infrastructure or a deficient investment climate.
• The Forum on Harmful Tax Practices (FHTP) has historically reviewed SEZs for harmful tax competition. Since 2000, this process has led to the abolition of eight SEZs and the identification of 31 others with harmful or potentially harmful characteristics requiring modification.
• Reforming SEZ tax incentives carries legal risks, particularly regarding Investor-State Dispute Settlement (ISDS) claims. Investors may invoke protections such as Fair and Equitable Treatment (FET) or indirect expropriation, especially when fiscal stabilization clauses are present in contracts or laws.
• To adapt to the GMT, countries are encouraged to shift from profit-based incentives to cost-based incentives (such as capital goods allowances) and to prioritize non-fiscal incentives, including skilled labor provision, streamlined administration, and specialized infrastructure.
• SEZs are identified as potential tools for the energy transition. The document suggests using them to incubate sustainable energy investments through a combination of non-fiscal support (land access, licensing) and specific fiscal tools like production-based tax credits or regulated tariffs.

APA

Ndubai-Ngigi, J. W., & Readhead, A. (2024). El Impacto del Impuesto Mínimo Global y el Futuro del Uso de los Incentivos Fiscales en las Zonas Económicas Especiales. International Institute for Sustainable Development. https://www.iisd.org/system/files/2024-12/global-minimum-tax-special-economic-zones-es.pdf

Chicago

Ndubai-Ngigi, Joy Waruguru, and Alexandra Readhead. El Impacto del Impuesto Mínimo Global y el Futuro del Uso de los Incentivos Fiscales en las Zonas Económicas Especiales. International Institute for Sustainable Development, 2024. https://www.iisd.org/system/files/2024-12/global-minimum-tax-special-economic-zones-es.pdf.

Wikipedia

{{cite report |last1=Ndubai-Ngigi |first1=Joy Waruguru |last2=Readhead |first2=Alexandra |title=El Impacto del Impuesto Mínimo Global y el Futuro del Uso de los Incentivos Fiscales en las Zonas Económicas Especiales |publisher=International Institute for Sustainable Development |date=July 2024 |url=https://www.iisd.org/system/files/2024-12/global-minimum-tax-special-economic-zones-es.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ndubaingigi2024impacto, author = {Ndubai-Ngigi, Joy Waruguru and Readhead, Alexandra}, title = {{El Impacto del Impuesto Mínimo Global y el Futuro del Uso de los Incentivos Fiscales en las Zonas Económicas Especiales}}, institution = {International Institute for Sustainable Development}, year = {2024}, month = jul, url = {https://www.iisd.org/system/files/2024-12/global-minimum-tax-special-economic-zones-es.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }