{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,8]],"date-time":"2026-01-08T09:08:10Z","timestamp":1767863290589,"version":"3.49.0"},"reference-count":36,"publisher":"Emerald","issue":"4","license":[{"start":{"date-parts":[[2015,7,13]],"date-time":"2015-07-13T00:00:00Z","timestamp":1436745600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2015,7,13]]},"abstract":"<jats:sec>\n               <jats:title content-type=\"abstract-heading\">Purpose<\/jats:title>\n               <jats:p> \u2013 The purpose of this paper is, first, to discuss if the Portuguese corporate tax reform, implemented in 2014, moved the system towards international trends. Second is to analyse in what areas the similarities and disparities are more pronounced when assessing the Portuguese reform against the Common Consolidated Corporate Tax Base, the Mirrlees Review or other relevant international guidelines. Finally, it assesses how a European country under a bailout could significantly reform the corporate tax. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Design\/methodology\/approach<\/jats:title>\n               <jats:p> \u2013 The methodology employed is based on a mix of the legal research method and case study analysis. The legal method will be applied under comparative income taxation, and the case study will draw on the Portuguese reform to broaden the discussion about critical issues like the participation exemption regime and its place in the taxation of international income flows. The paper will analyse core issues in international income taxation, the present state of corporate tax harmonization in the European Union, discuss the main issues that were dealt by the Portuguese tax reform and offer a critical assessment of tax policy choices that underpinned the reform. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Findings<\/jats:title>\n               <jats:p> \u2013 During the past decades, Portugal was increasingly out of line with international trends in corporate taxation. The bailout asked for the Portuguese Government in 2011 placed a heavy burden in public finances, with an apparent lack of room to follow international trends of corporate tax reform. However, it can be concluded that, after convincing the troika that investment and growth were paramount to overcome the severe economic and social crisis that fell upon the country, the corporate tax was seen as an important policy tool to promote these goals. The reform was thus possible even in the context of a restrictive public finance situation, and followed most guidelines put forward in highly regarded international reports. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Practical implications<\/jats:title>\n               <jats:p> \u2013 A broad corporate tax reform, including rate reduction, a participation exemption regime, a more flexible rule on cost acceptance, an extension of loss carry over period, to name a few, was possible in a very constrained public finance situation. By placing the emphasis on moving the system towards international trends and promoting measures to enhance investment and growth, international creditors could accept such a reform. Also, a consensus with the main opposition party was a very important factor in securing much needed political support. <\/jats:p>\n            <\/jats:sec>\n            <jats:sec>\n               <jats:title content-type=\"abstract-heading\">Originality\/value<\/jats:title>\n               <jats:p> \u2013 The findings from what can be considered as an experiment in corporate tax reform in tough economic and social times can be useful to policymakers, tax authorities and international bodies dealing with tax reform processes. The impact on managerial decisions such as investment and financing is also relevant.<\/jats:p>\n            <\/jats:sec>","DOI":"10.1108\/ijlma-03-2014-0019","type":"journal-article","created":{"date-parts":[[2015,6,18]],"date-time":"2015-06-18T05:09:55Z","timestamp":1434604195000},"page":"281-299","source":"Crossref","is-referenced-by-count":9,"title":["The Portuguese corporate tax reform and international trends: an assessment"],"prefix":"10.1108","volume":"57","author":[{"given":"Ant\u00f3nio","family":"Martins","sequence":"first","affiliation":[]}],"member":"140","reference":[{"key":"key2020122220430142100_b1","doi-asserted-by":"crossref","unstructured":"Auerbach, A.\n                (2012), \u201cThe mirrlees review: a US perspective\u201d, \n                  National Tax Journal\n               , Vol. 65 No. 3, pp. 685-708.","DOI":"10.17310\/ntj.2012.3.07"},{"key":"key2020122220430142100_b2","unstructured":"Brealey, R.\n               , \n                  Myers, S.\n                and \n                  Allen, F.\n                (2007), \n                  Principles of Corporate Finance\n               , McGraw Hill, New York, NY."},{"key":"key2020122220430142100_b3","unstructured":"Caron, P.\n                (2003), \n                  Tax Stories\n               , Foundation Press, OH."},{"key":"key2020122220430142100_b4","unstructured":"Chynoweth, P.\n                (2008), \u201cLegal research\u201d, in \n                  Knight, A.\n                and \n                  Ruddock, L.\n                (Eds), \n                  Advanced Research Methods in the Built Environment\n               , Wiley-Blackwell, Oxford."},{"key":"key2020122220430142100_b5","unstructured":"Comiss\u00e3o para a Reforma do IRC\n                (2103), \n                  Relat\u00f3rio Final\n               , Secretaria do Estado dos Assuntos Fiscais, Lisboa."},{"key":"key2020122220430142100_b6","doi-asserted-by":"crossref","unstructured":"Cullen, J.\n                and \n                  Gordon, R.\n                (2007), \u201cTaxes and entrepreneurial risk-taking; theory and evidence for the US\u201d, \n                  Journal of Public Economics\n               , Vol. 91 Nos 7\/8, pp. 1479-1505.","DOI":"10.1016\/j.jpubeco.2006.12.001"},{"key":"key2020122220430142100_b7","unstructured":"Damodaran, A.\n                (2011), \n                  Applied Corporate Finance\n               , Wiley, New York, NY."},{"key":"key2020122220430142100_b8","doi-asserted-by":"crossref","unstructured":"De Mooij, R.\n                (2012), \u201cTax biases to debt finance: assessing the problem, finding solutions\u201d, \n                  Fiscal Studies\n               , Vol. 33 No. 4, pp. 489-512.","DOI":"10.1111\/j.1475-5890.2012.00170.x"},{"key":"key2020122220430142100_b9","doi-asserted-by":"crossref","unstructured":"Devereux, M.\n                and \n                  Loretz, S.\n                (2008), \u201cThe effects of EU formula apportionment on corporate tax revenues\u201d, \n                  Fiscal Studies\n               , Vol. 29 No. 1, pp. 1-34.","DOI":"10.1111\/j.1475-5890.2008.00067.x"},{"key":"key2020122220430142100_b10","unstructured":"Diamond, J.\n                and \n                  Zodrow, G.\n                (2013), \u201cThe case for corporate income tax reform\u201d, Rice University Baker Institute for Public Policy, Houston."},{"key":"key2020122220430142100_b11","doi-asserted-by":"crossref","unstructured":"Donohoe, M.\n               , \n                  McGill, G.\n                and \n                  Outsaly, E.\n                (2013), \u201cBack to the drawing board: the structural and accounting consequences of a switch to a territorial system\u201d, \n                  National Tax Journal\n               , Vol. 66 No. 3, pp. 713-744.","DOI":"10.17310\/ntj.2013.3.07"},{"key":"key2020122220430142100_b12","unstructured":"European Commission\n                (2011), \n                  Proposal for a Council Directive on a Common Consolidated Corporate Tax Base (CCCTB\n               ), European Commission, (COM 2011-12\/4), Brussels."},{"key":"key2020122220430142100_b14","doi-asserted-by":"crossref","unstructured":"Ferede, J.\n                and \n                  Dahlby, M.\n                (2012), \u201cThe impact of tax cuts on economic growth: evidence from the Canadian provinces\u201d, \n                  National Tax Journal\n               , Vol. 65 No. 3, pp. 563-594.","DOI":"10.17310\/ntj.2012.3.03"},{"key":"key2020122220430142100_b15","unstructured":"Ferreira, E. 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