Revisitando los incentivos fiscales como herramienta de promoción de las inversiones

The report examines the role of tax incentives in attracting investment, arguing that their effectiveness is often overstated and that the introduction of a 15% global minimum tax in January 2024 renders many profit-based incentives obsolete. It distinguishes between profit-based and cost-based incentives, noting that the latter are more efficient and less susceptible to the global minimum tax. The document advises governments in developing countries to shift focus toward non-fiscal investment facilitation, such as infrastructure and human capital, and to ensure that any remaining incentives are transparent, evidence-based, and linked to sustainable development goals.

• Tax incentives are not a mandatory prerequisite for attracting investment, as evidence suggests many investments would have occurred even without them. Their effectiveness varies by sector; large multinational enterprises and those with high intangible assets are more sensitive to tax policy, while location-dependent sectors like natural resources are less responsive.
• The OECD/G20 global minimum tax, effective January 2024, requires multinational enterprises with annual revenues of 750 million euros or more to pay an effective tax rate of 15%. This makes many profit-based incentives, such as income tax exemptions and free industrial zones, ineffective because the tax benefit would simply be collected by another jurisdiction.
• Cost-based incentives, such as accelerated depreciation and investment allowances, are preferable to profit-based incentives. They are more likely to induce investments that would not otherwise happen and are less prone to abuse. Furthermore, they are less affected by the global minimum tax as they impact the timing of tax payments rather than reducing the overall effective tax rate.
• Fiscal stability clauses in investment contracts and treaties can limit a government's ability to reform or dismantle ineffective tax incentives. However, evolving international standards, such as the 2020 OECD Guiding Principles for Durable Extractive Contracts, suggest that fiscal measures protecting against base erosion and profit shifting should not be limited by stability clauses.
• Governments are encouraged to shift investment promotion toward non-fiscal factors and sustainable goals. Recommended priorities include investing in physical infrastructure, human capital, and the rule of law, or linking incentives to specific objectives such as energy infrastructure, climate resilience, and the 2030 Sustainable Development Goals.

APA

Mataba, K., Lassourd, T., Readhead, A., & Nikièma, S. (2023). Revisitando los incentivos fiscales como herramienta de promoción de las inversiones. International Institute for Sustainable Development. https://www.iisd.org/system/files/2025-04/revisiting-tax-incentives-investment-promotion-tool-policy-makers-es.pdf

Chicago

Mataba, Kudzai, Thomas Lassourd, Alexandra Readhead, and Suzy Nikièma. Revisitando los incentivos fiscales como herramienta de promoción de las inversiones. International Institute for Sustainable Development, 2023. https://www.iisd.org/system/files/2025-04/revisiting-tax-incentives-investment-promotion-tool-policy-makers-es.pdf.

Wikipedia

{{cite report |last1=Mataba |first1=Kudzai |last2=Lassourd |first2=Thomas |last3=Readhead |first3=Alexandra |last4=Nikièma |first4=Suzy |title=Revisitando los incentivos fiscales como herramienta de promoción de las inversiones |publisher=International Institute for Sustainable Development |date=October 2023 |url=https://www.iisd.org/system/files/2025-04/revisiting-tax-incentives-investment-promotion-tool-policy-makers-es.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{mataba2023revisitando, author = {Mataba, Kudzai and Lassourd, Thomas and Readhead, Alexandra and Nikièma, Suzy}, title = {{Revisitando los incentivos fiscales como herramienta de promoción de las inversiones}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = oct, url = {https://www.iisd.org/system/files/2025-04/revisiting-tax-incentives-investment-promotion-tool-policy-makers-es.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }