Simulation of Tax Planning in Operating Cash Flow
Anderson Rafael Costa Souza
Master’s student in Accounting
Federal University of Santa Catarina, UFSC, Brazil
rafaelcosta.cic@gmail.com
http://lattes.cnpq.br/4827686516415346
https://orcid.org/0000-0001-7729-3962
Salvina Lopes Lima Veras
Master’s degree in Accounting and Administration
Universidade Federal do Piauí, UFPI, Brazil
salvinaveras@ufpi.edu.br
http://lattes.cnpq.br/7985491703696972
http://orcid.org/0000-0002-4610-5153
Christiane Carvalho Veloso
PhD in Accounting Sciences and Administration
Universidade Federal do Piauí, UFPI, Brazil
christiane.veloso@ufpi.edu.br
http://lattes.cnpq.br/4429556599313414
https://orcid.org/0000-0002-7545-6761
Available at: https://doi.org/10.5965/2764747112232023043
Submission Date: 3/24/2023
Approval date: 6/30/2023
Issue: v. 12, n. 23, p. 043-068, Dec. 2023
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Simulação do Planejamento Tributário no Fluxo de Caixa Operacional
Resumo
Objetivo(s): Simular a projeção do Fluxo de Caixa Operacional (FCO) de uma empresa
de prestação de serviços de telecomunicações (call center) no planejamento tributário, a partir
da inserção de quatros possibilidades legais para identificar qual delas gera menos desembolso
no fluxo das operações e como o saldo responde às situações construídas. Método(s): Baseado
nas concepções de Vicente (2005), instrumentalizou-se um modelo incubador funcionalista de
simulação, pela semiestrutura de evidências empíricas e de contexto real que possibilitaram
construir o cenário e condições do objetivo. Resultados: A aplicação do planejamento
tributário no FCO, diante dos regimes de tributação e os benefícios fiscais, resultou na
economia de R$ 120.328,55 com variação positiva entre a projeção a) e a projeção d)
correspondente a 7,21%. Contribuições: Este estudo instrumentaliza uma ferramenta viável
para diminuir as dificuldades relacionadas ao capital de giro e alta carga tributária, variáveis
que comprometem a sobrevivência das Pequenas e Médias Empresas (PME). Verifica-se que
a simulação da Demonstração do Fluxo de Caixa (DFC) se apresenta como um subsídio da
tomada de decisões em pequenas e médias empresas e que os benefícios fiscais, como
desoneração da folha de pagamentos e alíquota mínima de Imposto sobre Serviços de Qualquer
Natureza (ISSQN), promovem a economia de recursos financeiros. Finalmente, confirma a
capacidade do planejamento tributário em diminuir os gastos das empresas. Portanto, espera-
se que gestores, pesquisadores e estudantes interessados repliquem, refutem e critiquem o
modelo com a finalidade de agregar valor e possibilitar que as PME tenham acesso a
ferramentas mais palpáveis e de fácil compreensão de planejamento e controle financeiro.
Palavras-chave: Planejamento Financeiro. Planejamento Tributário. DFC. Simulação.
Simulation of Tax Planning in Operating Cash Flow
Abstract
Objective: To simulate the projection of tax planning operating cash flow (OCF) at a
telecommunications company (call center) by inserting four legal possibilities to find which
generates less disbursement in the flow of operations and how the balance responds to these
situations. Method: Based on Vicente (2005), a functionalist simulation incubator model was
instrumentalized by the semi structure of empirical evidence and a real context, which enabled
this study to build its objective scenario and conditions. Results: In view of tax regimes and
benefits, applying tax planning to the FCO saved BRL 120.328,55, with a 7.21% positive
variation between projections a) and d). Contributions: This study instrumentalized a viable
tool to reduce the difficulties related to working capital and high tax burden, variables that
compromise the survival of small- and medium-sized enterprises (SMEs). It found that
simulating cash flow statements (CFS) subsidizes decision-making in SMEs and that tax
benefits, such as payroll exemption and minimum ISSQN (the Brazilian tax over services of
any nature) rates save financial resources. Finally, it confirms the ability of tax planning to
reduce corporate spending. Therefore, managers, researchers, and interested students are
expected to replicate, refute, and criticize the model to add value and enable SMEs to have
access to more tangible tools and easy understanding of financial planning and control.
Keywords: Financial Planning. Tax Planning. DFC. Simulation.
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Simulación de Planificación Fiscal en el Flujo de Caja Operativo
Resumen
Objetivo: Simular la proyección del Flujo de Caja Operativo (FCO) de una empresa de
servicios de telecomunicaciones (call center) en la planificación fiscal, a partir de la inserción
de cuatro posibilidades legales para identificar cuál de ellas genera menos desembolso en el
flujo de operaciones y cómo responde el saldo a las situaciones construidas. Método: A partir
de las concepciones de Vicente (2005), se instrumentalizó un modelo de incubadora de
simulación funcionalista, a través de la semiestructura de evidencia empírica y contexto real
que permitió construir el escenario y las condiciones del objetivo. Resultados: La aplicación
de la planificación tributaria en el FCO, en vista de los regímenes tributarios y beneficios
fiscales, resultó en ahorros de R$ 120.328,55 con variación positiva entre la proyección a) y la
proyección d) corresponde al 7,21%. Aportes: El estudio instrumentaliza una herramienta
viable para reducir las dificultades relacionadas con el capital de trabajo y la alta carga
tributaria, variables que comprometen la supervivencia de las PYME. Verifica que la
simulación de CFD es un subsidio de toma de decisiones en pequeñas y medianas empresas y
que los beneficios fiscales como la exención de nómina y la tasa mínima ISSQN promueven el
ahorro de recursos financieros. Finalmente, confirma la capacidad de la planificación fiscal
para reducir el gasto corporativo. Por lo tanto, se espera que los gerentes, investigadores y
estudiantes interesados repliquen, refuten y critiquen el modelo para agregar valor y permitir
que las PYME tengan acceso a herramientas más tangibles y una fácil comprensión de la
planificación y el control financiero.
Palabra clave: Planificación Financiera. Planificación Fiscal. DFC. Simulación.
Introduction
Before the pandemic brought on by the SARS-CoV-2 virus, Brazilian companies were
already grappling with a host of challenges in maintaining their operations and achieving their
desired objectives. These challenges included the lack of effective management control, a
shortage of financial resources, economic crises, mounting debt, and intense competition in the
globalized panorama (Vieira & Batistoti, 2015). In response, standout organizations employ
sophisticated tools to ensure security and stability while maximizing their performance. The
cash flow statement serves this purpose as an analytical instrument. It entails monitoring
monetary management by tracking disbursements to meet the company’s commitments,
facilitating advanced planning, averting operational difficulties, and effectively allocating cash
surpluses (Castro et al., 2020; Toledo Filho et al., 2010).
This report delineates the continuous or intermittent movements and activities that
deplete resources and cash equivalents, particularly those readily available. To this end, the
Cash Flow Statement (Demonstração de Fluxo de Caixa, DFC) encompasses three key aspects:
the flow of financing and investment operations, along with their impacts on the overall amount
(Braga & Marques, 2001).
Of the three flows, the Accounting Pronouncements Committee (Comitê de
Pronunciamentos Contábeis, CPC) – CPC 03 R2 (2010), a regulatory framework in Brazil,
underscores the operational flow as the pivotal indicator for assessing the financial structure.
It emanates from the primary revenue-generating activities of the organization and the
associated disbursements. Consequently, the operational flow stands as the healthiest and most
4
significant means for an organization to accumulate cash, involving the company’s inherent
activities and encompassing buying, selling, and utilizing its own resources to fulfill its
obligations (Gonçalves & Conti, 2011).
According to Brighman & Ehrhardt (2016), companies may, through their financial
statements, display a positive net profit and yet, abruptly declare bankruptcy, a situation that
could be anticipated by monitoring their Operating Cash Flow (Fluxo de Caixa Operacional,
FCO). To preclude unforeseen setbacks, Gitman (2010) advocates the creation of projected
cash flow statements as a planning technique. This approach outlines how resources derived
from cash inflows and outflows are expected to evolve over a specific period, whether it be
short or long-term.
Projected statements and scenario simulations are strategically designed to mitigate the
impacts of environmental uncertainty and government influence in Brazil. Smaller Brazilian
companies, which typically lack the influence to shape their external environment, must
navigate the adversities imposed by government policies to safeguard profits and ensure their
continued existence. In essence, they face hurdles in their quest to generate employment,
enhance profitability, and boost operational performance, especially in times of economic
turbulence (Fagundes & Gimenez, 2009; Toledo Filho et al., 2010).
The complexities and the high tax burden represent formidable challenges that may
jeopardize the financial well-being of small and medium-sized companies (SMEs), which are
pivotal players in the Brazilian economy. The backdrop for this heritage has evolved through
exploration, expanding in tandem with the growing needs of the State, dating back to Brazil
Colony (1500-1822). During this era, taxes played a crucial role in financing the Portuguese
crown (Pitta et al., 2018). Consequently, a robust treasury diminishes the likelihood of SME
bankruptcy. However, both short- and long-term debts present an adverse relationship with
available cash (Xará & Vieira, 2015).
In the context of size versus tax burden, micro-enterprises find themselves at a
disadvantage. The economic and tax burdens borne by smaller companies in meeting their tax
obligations are disproportionately higher, contingent on their size (Paes, 2014). Through the
lens of Keynesian theory, Junior (2018) underscores the connection between unemployment
and a burdensome tax system. Steep tax burdens, in particular, result in diminished profit
margins for businesses and constrain consumption and income distribution in society.
To alleviate the impact of the tax burden on companies’ cash flow and job creation, the
State employs mechanisms that grant tax exemptions or simplify tax procedures, thereby
promoting job offers. Such counter-cyclical measures aim to rectify the flaws of a convoluted
tax system and are commonly referred to as tax benefits or incentives (Salto & Pellegrini,
2020). The industrial and service industries heavily rely on labor costs and productivity to
sustain their competitiveness, which prompted the introduction of the Payroll Tax Exemption
benefit. Simulations and projections of the economic impact of this benefit reveal that, aside
from fostering an overall increase in Gross Domestic Product (GDP), it facilitates enhanced
family consumption, reduces labor costs, and stimulates formal job creation. These positive
effects of the benefit were reported by Porsse & Carvalho (2019).
From this perspective, the research delves into the intersection of financial and tax
planning within the call center industry. The most recent survey conducted by the Brazilian
Teleservices Association (Associação Brasileira de Telesserviços, ABT) in 2016 reveals that
the industry employed 1.5 million people in formal positions. Moraes & Oliveira (2019)
explored the industry’s growth in the Northeast region and highlighted the establishment of
large companies in the sector across all states in the region during the past decade. As per data
from the Annual Social Information List (Relação Anual de Informações Sociais, RAIS), the
region witnessed a growth from 8.6% to 30.9% in the period between 2007 and 2016. For
instance, the state of Paraíba had 3,860 active telemarketing operators in 2012, and this number
5
surged to 9,635 in 2014. According to Ricci & Rachid (2013), the government’s involvement
in the industry is underpinned by the potential for job growth and the export of such services.
The call center industry encompasses call centers, telephone communications, and
various other platforms. It is primarily engaged in customer service, ombudsman services,
billing, and most commonly, telemarketing and tele sales. Junior & Silva (2016) describe these
activities as repetitive, involving low added value, characterized by a substantial workforce,
mechanical tasks, and minimal qualification requirements. However, they often offer subpar
health and safety conditions at work. When outsourced, the occupation typically comes with
an average salary that is 8% lower than usual (Stein et al., 2017).
Hence, the objective of this research is to simulate the projection of the operational cash
flow of a company providing telecommunications services, specifically a call center, within
the context of tax planning. It examines the impact of incorporating four distinct legal
alternatives to identify the one that results in the lowest operational outlays and assesses how
the balance responds to these constructed scenarios. The possibilities revolve around the two
regimes that hold the largest share of the total number of companies in Brazil, namely Simples
Nacional and Presumed Profit (Rabello & Oliveira, 2015).
This choice is motivated by the aim to use scenario simulations to explore legal
alternatives for alleviating the burden of operational and tax expenses on the FCO, intending
to provide valuable support for accounting professionals, administrators, and researchers,
whether they operate within the industry or not, in making informed decisions to enhance a
company’s competitiveness. The projections will adhere to the prevailing tax legislation, and
even though the data and scenarios are hypothetical, they serve as a valuable tool to address
the challenges of staying competitive in the market, particularly concerning working capital
and tax planning. This approach aligns with insights gleaned from the works of Lizote, Floriani,
Azevedo, Tavares, & Hermes (2017), Vieira & Batistoti (2015), and Freitas, Borges, & Enoque
(2022).
Literature Review
Financial Planning and Cash Flow Statement
The term “planning” stems from the systematic process of outlining and coordinating
actions to achieve objectives while mitigating the influence of chance. In the context of
business management, planning entails making well-thought-out decisions to quantify realistic
and attainable progress toward setting goals. As these objectives expand, additional dimensions
become integrated into the planning process, often relating to a company’s resources, rendering
planning more robust, essential, and timely (Estrada & Almeida, 2007). This comprehensive
approach then spawns various planning components that demarcate decision boundaries and
ensure the continued existence of companies (Lucion, 2005).
Hoji (2017) emphasizes that managing financial resources without a guide is akin to
navigating in the dark without any form of support. Therefore, the author regards financial
planning as the advanced delineation of actions to be executed in light of foreseeable scenarios
and conditions, including the estimation of required resources. It is imperative to comprehend
and monitor the trajectory of financial transactions to meet obligations, optimize profits, make
necessary corrections, and avoid disruptions (Gonçalves & Conti, 2011).
In the realm of small and medium-sized companies (SMEs), financial planning and
control emerge as critical factors for their survival within the microenvironment. The lack of
working capital, coupled with the tax burden and debt, imperils the continuity of these
companies and heightens the risk of bankruptcy, as assessed through the z-score (Freitas et al.,
2022; Xará & Vieira, 2015).
6
In addition to planning and monitoring, it is vital to underpin decision-making and work
on controlling working capital through the utilization of instruments and tools that illustrate
financial liquidity (Assaf Neto, 2012). Hence, observing changes in liquidity and tracking the
company’s efforts “to generate operational cash, maintain and expand its operational capacity,
fulfill financial obligations, and distribute dividends” (Warren et al., 2008, p. 468) facilitate
more effective and well-informed decision-making. Misguided decisions or those aimed at
managing results through operational activities might yield short-term benefits but could prove
detrimental to future cash flows (Rodrigues et al., 2017).
Although traditional financial statements have been a requirement for over four
decades, in 2007, Law No. 11,638 amended Law 6,404 of 1976, incorporating the DFC into
the list of mandatory corporate reports. While CPC 03 R2 (2010) provides options for
presenting the statement using either the direct or indirect method, it does not prescribe a
specific method, making it a matter of choice. In a note, the CPC suggests that the International
Accounting Standards Board (IASB) favors the direct method and encourages its use. Silva,
Martins, & Lima (2018) advocate for presenting the DFC using the direct method, considering
it the most suitable for predicting future cash flows and performance, as well as having a
stronger correlation with share prices (value relevance).
Unlike other annual statements issued by organizations, the Direct Method DFC is
prepared on a cash basis, accounting for completed transactions, cash revenue receipts, and
actual cash payments (Andrade & Silva, 2017). In the literature, a noticeable trend is the
delayed introduction of the DFC by entities that regulate the stock market. This delay, as per
Santos & Schmidt (2015), can be attributed to the attachment of accounting professionals to
the accrual basis and their reluctance to embrace the cash basis.
Andrade & Silva (2017) clarify the distinction, explaining that the direct method of
DFC showcases movements in cash availability, whereas the indirect method highlights
variations in net working capital by reconciling net profit or loss and the impact on cash arising
from operational activities. Marion (2018) regards the elaboration using the direct method as
representative of the “true cash flow” and criticizes the indirect method for resembling the old
Statement of Origin and Application of Resources (Demonstração de Origem e Aplicação de
Recursos, DOAR), which, by its nature, prioritizes non-current items, overlooking the
emphasis on cash availability and its variations, which should be the primary focus of financial
flow analysis.
The net cash generated from positive operational activities signifies that the
organization self-financed its operational turnover using its own resources. It implies that the
search for third-party resources, affecting the financing flow through loans, is restrained in an
effort to maintain financial equilibrium. If there is an excess in the net variation of cash and
cash equivalents, these funds must be invested to generate greater economic benefits for the
entity and impact the investment flow (Brigham & Ehrhardt, 2016).
Despite its significance, research by Araújo, Teixeira, & Licório (2015) reveals that
micro-entrepreneurs often do not prepare the DFC for two primary reasons: (a) it is not
mandatory, and (b) the perceived high cost, which is deemed unnecessary due to the need for
professional expertise. Consequently, it becomes evident that without the use of a financial
decision support tool, micro-enterprises are at the mercy of limited financial success, primarily
focused on meeting operational obligations.
A literature review conducted by Belokurows, Bortoluzzi, & Silva (2017) highlights a
gap between theory and practice concerning tools that support performance management in
SMEs: (a) The limited availability of specific publications and tools for SMEs, (b) The
difficulty in obtaining and utilizing information, and (c) The constraints of human and financial
resources. About (a), Barbosa, Quintana, & Machado (2011) conducted a review of scientific
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literature on Cash Flow over a 20-year period and found that the theme was not sufficiently
explored and applied to SMEs, emphasizing the need for further research on the subject.
Additionally, a study by Moterle, Wernke, & Junges (2019) reveals the challenges faced
by owners, administrative staff, and managers in terms of financial management methods,
tools, and concepts. Furthermore, research by Silva, Marques, & Santos (2022) suggests that
although professionals possess knowledge, technical training, and accounting expertise, the
alignment with the accounting pronouncement applicable to SMEs (CPC PME) is inconsistent
with the standard. In the same sense, Toledo Filho, Oliveira, & Spessatto (2010) find that most
Microenterprise administrators do not adopt DFC as a management tool, leading to difficulties
in the administration and maintenance of financial resources, which aligns with points (b) and
(c). Arola (2015) conducted interviews with hundreds of individuals responsible for
preparing the DFC and identified six challenges that hinder professionals in its preparation and
analysis. These challenges include the perceived low importance of the statement, a propensity
for errors (as 90% of interviewees prepare the statement either manually or using Excel), and
difficulty in categorizing accounting events into one of the three cash flow categories.
Interestingly, 85% of the interviewees present operational flows using the indirect method,
despite indications from the standard and literature advocating the efficiency of the direct
method.
Based on an analysis of the pet shop market, Lizote et al. (2017) conclude that among
the difficulties of staying in the market, considering the sample of 44 companies observed, the
lack of working capital and tax planning stands out. Only 19% of companies claim to routinely
use DFC, indicating evident dissatisfaction with the substantial financial outlays required to
comply with tax obligations.
Tax Planning
The heavy tax burden, characterized by multiple taxation, represents a significant
barrier to the growth and development of SMEs in emerging countries. In Nigeria, the
underperformance of SMEs in job creation is linked to a lack of financing, insufficient social
infrastructure, managerial skill deficits, and an excessive tax burden relative to their size and
financial capacity. This underscores the necessity of formulating public development policies
to ensure the survival of SMEs (Agwu & Emeti, 2014; Adebisi & Gbegi, 2013). To the extent
that multiple taxation, tax rates, and tax incentives elucidate 43% of the variability in SME
sustainability. These factors have a detrimental impact on the tax burden and a positive effect
on tax incentives (Aribaba et al., 2019).
SMEs in Angola exhibit weak tax compliance due to the tax burden and a lack of clear
legislative guidance (Thabani & Richard, 2020). This scenario is replicated in China, where
high tax rates and complex regulations create impediments to obtaining credit, posing
significant risks to SME survival (Xu et al., 2019). Likewise, Zhu, Wittmann, & Peng (2012)
highlight that the tax burden, regulatory complexity, access to credit, and support systems pose
institutional barriers to SME innovation.
In Brazil, the situation is no different, with approximately 33% of revenue allocated to
taxes. Without prior tax planning, this percentage can escalate to as high as 55.51%, according
to Crepaldi (2021). As per Felício & Martinez (2019), this substantial tax burden poses a
hindrance to economic growth and development, discouraging entrepreneurship and
employment opportunities, as taxation consumes a portion of revenue and profit that could
otherwise be reinvested.
In addition to its magnitude, the tax burden in Brazil is intricate. To gain a
comprehensive understanding of the Brazilian tax landscape, “one would need to analyze three
8
thousand tax rules, study the 61 taxes imposed in the country, and navigate 93 ancillary
obligations affecting all Brazilian companies” (Lima & Rezende, 2019, p. 242). Felício &
Martinez (2019) point out that, from the enactment of the 1988 Federal Constitution until 2016,
an average of 45 federal, state, and municipal legal provisions were issued daily, amounting to
1.87 tax regulations for every working hour.
From this perspective, the objective is to mitigate the impact of the tax burden on a
company’s expenses through tax planning, a strategic tool designed to legally defer, reduce, or
even eliminate applicable taxation (Paula, 2018). It is essential to emphasize that tax planning
should not be misconstrued as tax evasion. In tax planning, businesses opt for the legal
alternatives that result in the least tax burden. In essence, it is a calculation process performed
prior to the occurrence of taxable events, intending to minimize tax liabilities (Paula, 2018).
Systematically, Crepaldi (2021) outlines the tax planning process in a series of steps.
First, a historical review of the company (if operational) is conducted to identify costly
operations and explore techniques for future cost reduction. Subsequently, a simulation of the
reading, interpretation, and application of tax legislation guiding the company’s activities is
carried out to comprehend the legislative impacts on the organization’s transactions. The
application of triggering events is scrutinized, calculations are projected, and tax benefits,
subsidies, exemptions, reductions in the calculation base, tax credits, amnesties, or remissions,
concerning taxes, fees, or contributions established by specific law (§ 6, of art. 150, of CF/88),
are explored.
The practice of tax planning is not opposed to the State; instead, it is a means to combat
tax evasion, which already costs the country up to five hundred billion BRL annually due to
tax complexity (Chaves, 2017). Consequently, tax benefits represent the most effective tools
when managing a business tax study. For Zanolla & Silva (2017), within the realm of market
variables, they exert direct influence on the net operating results. Furthermore, it serves as an
efficient political-economic mechanism for the sustenance of SMEs (Hansen et al. 2009). In
Brazil, due to political attrition, tax incentives predominantly benefit companies with greater
capacity, thus impacting the prosperity of wealthier entrepreneurs (Barretto & Barbosa, 2018).
Paula (2018, p. 23) proposes “the regular execution of annual simulations to determine
the most advantageous tax regime in each case, as this decision may result in tangible tax
savings”. According to her, this offers an opportunity to forecast the future cash scenario within
the framework of the company’s tax structure.
The tax regime represents the prescribed manner in which a legal entity must levy taxes
on its results, transactions, and earnings, taking into account variations in calculation methods,
revenue thresholds, and obligations specific to each regime. The simplified taxation model is
stipulated by federal tax legislation, which includes Simples Nacional, Presumed Profit, Actual
Profit, and Arbitrated Profit (Pêgas, 2022).
Table 1 compiles the information essential for the aforementioned study about each tax
regime. Simples Nacional streamlines tax collection, reducing complexity for SMEs. It
encompasses taxes at the state and municipal levels, with minimal exceptions deviating from
this system. Conversely, the Presumed Profit regime does not consolidate taxes to be
determined and collected through a single form. Consequently, the rules and rates of regular
taxation are applied to various components such as pensions, assets, income, and operations.
Table 1
Characteristics of Simples Nacional and Presumed Profit
Tax Feature
Simples Nacional
Presumed profit
Billing Limit
Up to BRL 4,800,000.00
Up to BRL 78,000,000.00
Payment of Federal Taxes
. Payment in a single bill:
IPRJ, CSLL, CPP, ISS
ICMS, IPI, PIS/COFINS.
Presumed Profit Margin; 1.8 to 32%
IRPJ (15%) and CSLL (9%)
PIS/COFINS: 3.65% on Gross Revenue.
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Tax Payment
At the State and Municipal Levels
Paid in a single bill, but subject
to sub-limits.
Standard Regime, with tax rates
established independently in each jurisdiction.
Employer INSS and Levies
Paid in a single bill.
Contribution: Employer INSS (20%);
RAT/FAP (From 1 to 3%); Third parties (5.8%).
Payment Exemption
At Payroll
Limited to companies within
the construction industry.
All activities sanctioned by the law.
Note. Authored by the writers (2023).
The most recent official survey on the distribution of companies based on their tax
regime indicates that Simples Nacional and Presumed Profit together constitute 91.3% of
businesses in Brazil, leading to this study’s primary focus on the two regimes. It is noteworthy
that 5.7% of companies fall into the immune/exempt category, while only 3% opt to operate
under the Actual Profit regime (Rabello & Oliveira, 2015).
Simples Nacional
According to Pêgas (2022), Simples Nacional is defined as a simplified tax regime
applied to SMEs, although some scholars question its classification as a tax benefit. Established
by Complementary Law No. 123 on December 14, 2006, it aims to provide a simplified taxation
system for small businesses, focusing on ensuring that the tax burden is levied most simply and
transparently, both from the perspective of government tax collection and for the ease of
taxpayer compliance. Paes (2014) presents two reasons for adopting measures more favorable
to small companies: correcting market failures and reducing the disadvantage small businesses
face due to their size.
The regime consolidates up to eight federal, state, and municipal taxes into a single
payment. Paes (2014) points out that Simples Nacional did not reduce the overall tax burden;
it merely simplified tax collection for administrative control. However, Pitta et al. (2018) argue
that the simplified regime does lead to a reduction in the tax burden.
Despite its simplified nature, Pêgas (2022) lists 27 restrictions on the regime, which are
reviewed annually on the website. Exclusion from the regime can be initiated either by the
taxpayer’s choice or in specific cases stipulated by law. The standard has V annexes
(commerce, industry, with annexes III, IV, and V intended for specified services), which
contain the rates and the amount to be deducted from the amount collected (Complementary
Law No. 155 of 2016).
The management of this regime often faces limitations, as “small companies do not
have strong financial and tax planning practices due to the cultural habit of focusing on
immediate availability and obligations,” as pointed out by Lima et al. (2019, p. 1538). Crepaldi
& Crepaldi (2019) explain that two factors contribute to this situation: financial planning is not
mandatory by law, and there is a lack of supervision in organizations of this nature.
Simples Nacional has resulted in changes in economic, fiscal, commercial, and income
policies, with job creation being increasingly driven by the system, making it a reference for
some developed countries. In contrast to such prerogatives, an addendum is made by Araújo,
Meirelles, Simão, Fraga, & Souza (2018) regarding the incomplete accounting records of
companies that opt for this regime, which conflicts with the determinations of the civil code. It
is expected that full bookkeeping will be required following the full implementation of the
2007-2010 Growth Acceleration Program (Programa de Aceleração do Crescimento) and the
periodic reviews of tax administration plans.
In summary, Simples Nacional has experienced significant growth compared to non-
opting businesses, which has allowed for the generation of more jobs, as suggested by Paes
(2015). Pessôa, Pinto & Zugman (2020) analyzed the arguments in favor of the specialized
Simples Nacional regime. Their findings indicate that it effectively lowers the tax compliance
10
costs for smaller companies, making tax compliance less burdensome. However, their research
does not yield evidence supporting these companies’ propensity for innovation. Furthermore,
there is no sustained correlation between the regime and employment, except in certain
industries, such as the retail trade sector.
Presumed Profit
Unlike Simples Nacional, the calculation of taxes under the Presumed Profit regime
does not occur in a unified manner. This regime calculates the tax burden based on assumptions
about the opting party’s profit, considering gross revenue and other revenues subject to
taxation, with rates defined by law. Regarding revenue, law 12,814/2013 sets the limit at BRL
78 million annually, or BRL 6.5 million monthly. Initially, companies opting for the Presumed
Profit regime afford taxes such as IRPJ, CSLL, PIS, and COFINS, with additional taxes and
conditions added depending on the specific business activity (Mendes & Garcia, 2021).
Another key difference between these regimes lies in the social charges related to the
payroll. Under Simples Nacional, these charges are included in the tax payment, as part of the
unification, including the Employer Social Security Contribution (Contribuição Patronal
Previdenciária, CPP), and only encompass the payroll and the Guarantee Fund for Length of
Service (Fundo de Garantia por Tempo de Serviço, FGTS) as established by law 8,036 of May
11, 1990. However, under the Presumed Profit regime, there is an additional charge,
particularly for call center activities, which can amount to 28.8% of the payroll (20% INSS,
5.8% INSS for other institutions, and 3% for RAT). Botelho & Abrantes (2018) criticize this
situation, pointing out that the high tax burden of a labor nature can contribute to
unemployment and informal work, emphasizing that taxation on labor in Brazil is nearly twice
as high as taxation on wealth and income. One solution to alleviate this burden is the tax benefit
of payroll relief.
Enacted by law No. 12,546 of December 14, 2011, this exemption replaces the
application of the 20% rate of the Employer INSS on Payroll with a lower rate applied to gross
revenue. Note that the exemption does not guarantee an overall reduction in tax burdens; it is
a benefit that calls for careful analyses and comparison.
After standardizing the benefit, researchers identify the impacts, whether positive or
negative, on the volume of company expenses. For instance, Silveira & Raupp (2017) found
that an information technology company, after adopting the payroll tax relief, initially reduced
social security contribution expenses by 50%, concluding that the company’s exempted
financial resources were then available for other activities. In the case of a food business, Silva,
Guimarães, Guzatti, Oliveira, & Andrade (2017) concluded that payroll tax relief had a positive
effect, resulting in a 56.89% savings on Employer INSS contributions.
Similarly, the financial and accounting impact of payroll tax relief was positive, leading
to cost reduction in the footwear industry in the Vale do Paranhana municipality, Rio Grande
do Sul, as observed by Bertini & Wünsch (2014). These results were corroborated by Brocker
& Silva (2015) when observing the public passenger transport industry in another municipality
in Rio Grande do Sul.
In a case study conducted in a hotel, Echevarrieta, Magalhães, Casagrande, & Rosa
(2015) found that the company stopped collecting BRL 54,072.03 from public coffers, in
addition to experiencing a 10% growth in the workforce, which not only reduced labor costs
but also strengthened the internal market. In the civil construction segment, studies conducted
by Finizola, Cruz, & Santos (2019) in Paraíba and Junior, Almeida, & Santos (2015) in Goiás
found an average reduction of 45% in the employer’s contribution to INSS.
It should be noted that, according to current legislation, only microenterprises in the
construction sector classified under groups 412, 421, 422, 429, 431, 432, 433, or 439 of the
11
CNAE 2.0 may combine the option for Simples Nacional with payroll tax exemption, as per
Instruction Normative No. 2053 of December 6, 2021. Given that the primary goal behind the
creation of this benefit is the reduction of labor costs to stimulate job creation, it is noteworthy
that primarily those companies whose activities rely on employment and, indirectly,
productivity, stand to benefit. Therefore, only activities listed under the annexes to law
12,546/2011 (and its amendments) have the option to adopt this benefit.
Call center activities are authorized at a rate of 3%. The impacts on the industry were
positive, according to a report released by ABT (2017), which analyzed the four years from
2012 to 2016: (a) Over 73 thousand new formal jobs were created; (b) Approximately 1.3
billion were invested in call centers; (c) The collection of municipal taxes and benefits
increased; (d) Job creation in the Northeast region increased from 15% to 24%; and (e) The
Social Security Contribution increased from BRL 78 million to BRL 90 million.
Municipal administrative authorities also employ mechanisms to encourage job
creation and support local sustainability. Research by Fagundes, Kuhnen, & Haskel (2018),
carried out in a municipality in Rio Grande do Sul, and Couto & Ckagnazaroff (2017),
conducted in a municipality in Minas Gerais, indicates that reducing rates or even exempting
Tax on Services of Any Nature (Imposto sobre Serviços de Qualquer Natureza, ISSQN) and
Property Tax (Imposto Predial e Territorial Urbano, IPTU) are common practices to improve
municipalities’ appeal to companies. Fagundes, Kuhnen, & Haskel (2018) found a positive
relationship between tax incentives and the generation of formal jobs, along with an increase
in revenue without affecting the fiscal balance of the municipality analyzed. However, Couto
& Ckagnazaroff (2017) cautioned that externalities of tax incentives should be considered
when companies are not part of the municipality’s political development project, as they may
negate the effectiveness of incentives in generating formal jobs.
Crepaldi & Crepaldi (2019) suggest that due to the granting and accumulation of
benefits, the Presumed Profit regime is second only to the Actual Profit regime. These benefits
function as the government’s response to the value that companies can contribute to society,
such as employment and income generation, in addition to regional economic growth, in the
case of call center businesses.
Methodological Procedures
The simulation methodology was applied to achieve the objectives of the article, as
conceptualized by Vicente (2005), being a virtual experiment that allows for the identification,
observation, and construction of a model, its confirmation, or the projection of future events.
In the social sciences, simulation has been less prevalent compared to other research methods
such as investigation, comparison, and experimentation. The author argues that research
originating in the field of administration is influenced by factors that are beyond the control of
the researcher, such as market competition, consumer behavior, technology, and government
decisions.
Kleiboer (1997) defines simulation as a model that reflects the primary characteristics
of a system, process, or environment, either real or proposed, serving as a teaching tool,
research instrument, planning mechanism, decision-making support, and personnel selection.
Hence, Vicente (2005) recommends simulation in organizational research and lists its systemic
use for (a) confirmation, (b) searching for a model, and (c) projection. When used for
confirmation, operational models and empirical concepts must already exist in the context of
proof or discovery.
In this particular study, an empirical model that combines financial and tax planning to
project the DFC was not found in the literature. Therefore, following Vicente’s (2005)
guidance, when there is research and evidence but no existing model supporting the projection,
12
the projection is possible based on the available evidence, serving as a starting point for a
functional model. The assumptions made for this projection are listed in Table 1.
Table 1
Prerogatives and evidence for building the DFC Simulation in all 4 proposed scenarios.
Prerogatives
Evidence
In the globalized scenario, organizations formulate strategies to gain a
competitive edge in addressing structural and economic challenges tied
to the limited availability of financial resources.
Fagundes & Gimenez (2009); Vieira &
Batistoti (2015); Xará & Vieira (2015);
Freitas, Borges & Enoque (2022).
The heavy tax burden, resulting from multiple taxation, serves as a
hurdle to the growth of small and medium-sized enterprises in emerging
countries while hindering job creation.
Agwu & Emeti (2014); Zhu, Wittmann
& Peng (2012); Xu et al. (2019);
Thabani & Richard (2020); Aribaba et
al. (2019); Adebisi & Gbegi (2013).
In Brazil, alongside environmental uncertainty, companies contend with
government influences that erode their long-term viability and impede
their operational and financial performance, ultimately resulting in a
struggle for market survival.
Fagundes & Gimenez (2009); Paes
(2014); Pitta et al. (2018); Lima &
Rezende (2019); Lucion (2005); Lizote
at al. (2017).
It is crucial to oversee the monetary management of expenditures to
fulfill the commitments undertaken, offering opportunities for proactive
planning, preventing setbacks during operations, and effectively
allocating cash surplusses.
Castro et al., (2020); Gonçalves &
Conti (2011); Lucion (2005); Vieira &
Batistoti (2015); Hoji (2017); Toledo
Filho, Oliveira, & Spessatto (2010).
The DFC is a decision-making support tool and aims to highlight
changes in the availability of financial resources and cash generation.
Gitman (2010); Assaf Neto (2012);
Brigham & Ehrhardt (2016); Braga &
Marques (2001); Corolla (2015).
The FCO is linked to the organization’s operations, reflecting its
capacity to fund its operational activities using internal resources, either
through generating or requiring cash. It indicates what remains or is
lacking in achieving satisfactory financial and operational performance.
Warren, Reeve & Fess (2008); Neto,
Moura e Forte (2002), Marion (2018);
Batista, Oliveira & Macedo (2017);
Salotti & Yamamoto (2004).
The provision of services in the call center industry has experienced
significant growth over the past decade, particularly in the Northeast
region, leading to an increase in formal employment opportunities, a
decrease in tax evasion, and a rise in the collection of social security
contributions.
Júnior & Silva (2016); Moraes &
Oliveira (2019).
The tax burden in Brazil is both substantial and intricate. On average,
33% of revenue is directed towards taxation.
Pêgas (2022); Crepaldi (2021); Lima &
Rezende (2019).
Tax planning is the legal method for mitigating the effects of the tax
burden on a company’s expenses. It involves a thorough examination of
taxation regimes and tax benefits, ultimately supporting the
sustainability of organizations by minimizing the tax burden.
Hansen, Rand & Tarp (2009); Chaves
(2017); Pêgas (2022); Paula (2018);
Aribaba et al. (2019); Crepaldi (2021).
If the tax burden poses a challenge to the expansion and progress of
entrepreneurship and the labor market, what explains the growth of the
call center industry? [gap 1] Do municipal-level tax incentives and
benefits, such as ISSQN (Services Tax) and IPTU (Property Tax),
facilitate job creation in rural areas, and can they help to address gap 1?
[gap 1.1]
Júnior & Silva (2016); Couto &
Ckagnazaroff (2017); Fagundes,
Kuhnen, & Haskel (2018); Moraes &
Oliveira (2019).
Federal-level tax incentives and benefits, such as Payroll Tax
Exemptions, deliver cost savings to companies, support their expansion,
and promote job creation. [Previous works]
Echevarrieta et al. (2015); Brocker &
Silva (2015); Silva et al (2017);
Silveira & Raupp (2017); Junior,
Almeida, & Santos (2015); Bertini &
Wünsch (2014); Finizola, Cruz, &
Santos (2019).
How do taxation regimes and associated tax benefits impact FCO in call
center companies? Is the amalgamation of financial and tax planning
projections/simulations integral to the sustained presence of companies
in the market? [gap 2]
Vieira & Batistoti (2015); Lizote et al.
(2017); Paula (2018).
13
As per IN 2053/2021, it’s worth noting that only civil construction
companies have the option to combine the simplified tax regime with
payroll tax relief, a constraint that doesn’t apply to those choosing the
presumed profit method. This confirms that smaller companies may face
a disadvantage in terms of their tax burden, depending on their size.
Does this, in turn, raise another concern regarding the viability of small
and medium-sized enterprises? How can financial and tax planning
assist companies within this size limitation in making well-informed
decisions in the industry? [gap 3]
Paes (2014); Araújo et al. (2015); Lima
& Rezende (2019).
i) The inclination of accounting professionals toward the accrual basis
and their reluctance toward the cash basis; (ii) Challenges that hinder
various professionals from preparing and analyzing financial
statements, including the statement’s perceived lack of significance by
those creating and editing it, the potential for errors when manually
preparing it or using Excel, the complexity of categorizing accounting
transactions into one of the three cash flows, and the preference for
presenting operational flows using the indirect method, despite the
standard and a substantial portion of literature advocating the
effectiveness of the direct method; (iii) Brazilian companies,
particularly small ones, face deficiencies in financial planning and
control, with managers encountering obstacles in monitoring available
cash resources. DFC meets this need.
Moterle, Wernke, & Junges (2019);
Silva, Marques, & Santos (2022);
Arola (2015); Toledo Filho, Oliveira,
& Spessatto (2010); Lizote (2017);
Araujo, Teixeira, & Licório (2015).
There is a dearth of research in Brazilian literature concerning the
application of the DFC in MSEs, with a noticeable disconnect between
theoretical concepts and practical implementation.
Barbosa, Quintana, & Machado (2011);
Belokurows, Bortoluzzi, & Silva (2017).
= Forecasting the operational cash flow for a company operating in the call center service sector within the context
of tax planning. This involves considering the incorporation of four legal options to determine which one results
in the least expenditure within the operational cash flow, as well as analyzing how the balance reacts to the
scenarios created.
Note. Authored by the writers (2023).
The identified gaps in the literature pertain to unresolved discussions, focusing on
specific questions that stem from the logical combination of research findings. Through the
simulation methodology, more open conjectures such as this and the ‘what if’ type are assumed
in the construction of scenarios for the projection (Heijden, 1996; Ringland, 1998).
Structured interviews were initially attempted to collect documentary information to
gain insight into the operational, financial, accounting, corporate, and process routines of call
center companies. However, this approach yielded unsatisfactory results. Four of the seven
companies contacted were not receptive to providing information, nor to filling out an online
form with the justifications that: (a) The accounting function is outsourced to external service
providers; (b) The most critical decisions are made by senior management, often located at a
considerable distance from the company’s operational location; (c) Even professionals at the
strategic level do not have convenient access to financial and tax-related information. The
statements provided in the research findings support the concerns highlighted by Moraes &
Oliveira (2019) concerning the significant geographical and organizational separation between
call center operations and decision-making centers.
Nonetheless, on-site observational visits were conducted to three companies situated in
the Northeastern region, leading to the following conclusions: (a) Companies have opted to
insure their machinery and various operational support tools; (b) Contracts between companies
and their customers are typically structured based on the type of service provided. In certain
cases, they also include insurance provisions contingent upon the level of responsibility
assumed; (c) Staff turnover rates are notably high, resulting in substantial severance pay
expenses; (d) The hierarchical structure within these companies is extensive and characterized
by bureaucratic elements; (e) Employees are offered benefit programs that hinge on their
productivity and achievement of performance goals. They also may involve restrictions or
14
conditions in cases where the established objectives are not met. The activities undertaken are
repetitive and mechanical in nature, often with limited health and safety conditions, aligning
with the traits elucidated by Júnior & Silva (2016).
To determine the revenue for analysis, the study considered the average annual revenue
for the less complex services offered by these companies over the past three years.
Subsequently, the percentage variation from one year to the next was calculated. The research
focused on the least complex services as the most complex ones, when aggregated, surpassed
the revenue ceiling prescribed by Simples Nacional. The study adhered to the prevailing
legislation governing tax regimes for its projections. However, the temporal context of March
2023 was a significant aspect of consideration. The choice of salary base for analysis was
influenced by Provisional Measure (MP) 1,172/2023, which set the salary base at BRL
1,320.00.
Analysis and Discussion of Results
In the specific case of Alfa Comunicações (a fictitious name) located in Municipality
Y in the State of Piauí, the company had opted for the Simples Nacional tax regime in 20X0.
Utilizing the revenue projection method, taking into account the previous year’s revenues and
percentage variation, the study projected the tax payments associated with the Simples
Nacional regime for the year 20X1. This calculation followed the progressive method as
detailed below: Gross Revenue for the last 12 months x rate, minus the portion to be deducted
(PD2) – PD2 / RBT12 = quotient x 100 = effective rate – Revenue for the Reference month x
Effective Rate = Amount to be Collected (Lima et al., 2019).
Table 2
Projection of Simples Nacional 20X1 Collection
Accumulated Gross Revenue for the 12 months
Effective Tax Rate
Tax Due
Jan/X0
BRL 375,850.00
Jan/X1
BRL 375,840.00
≅19%
BRL 70,675.92
Feb/X0
BRL 369,500.00
Feb/X1
BRL 395,650.00
≅19%
BRL 74,401.03
Mar/X0
BRL 389,350.00
Mar/X1
BRL 410,520.00
≅19%
BRL 77,529.22
Apr/X0
BRL 401,260.00
Apr/X1
BRL 398,520.00
≅19%
BRL 75,521.12
May/X0
BRL 357,540.00
May/X1
BRL 398,520.00
≅19%
BRL 75,487.84
Jun/X0
BRL 390,540.00
Jun/X1
BRL 410,650.00
≅19%
BRL 78,294.22
Jul/X0
BRL 398,250.00
Jul/X1
BRL 405,250.00
≅19%
BRL 77,507.79
Aug/X0
BRL 357,000.00
Aug/X1
BRL 420,150.00
≅19%
BRL 80,444.79
Sep/X0
BRL 375,850.00
Sep/X1
BRL 395,210.00
≅19%
BRL 76,398.91
Oct/X0
BRL 345,680.00
Oct/X1
BRL 375,890.00
≅19%
BRL 72,873.09
Nov/X0
BRL 400,450.00
Nov/X1
BRL 403,050.00
≅19%
BRL 78,484.57
Dec/X0
BRL 403,650.00
Dec/X1
BRL 403,520.00
≅19%
BRL 78,605.70
Total in 20X0
BRL 4,564,920.00
Total in 20X1
BRL 4,792,770.00
19%
BRL 916,224.20
Note. Authored by the writers (2023).
The call center activity is currently regulated under Annex III of Complementary Law
No. 123/06 and its subsequent amendments. The average revenue for the relevant years was
BRL 380,410.00 and BRL 399,397.50, respectively. With this information, the projected
amount for Simples Nacional payment in 20X1 is BRL 916,224.20, approximately 19% of the
annual revenue.
For businesses opting for the Presumed Profit regime, there is no simplified option.
Therefore, first, the amounts equivalent to IRPJ are identified: The calculation process begins
by determining the amounts equivalent to IRPJ, as follows: Quarterly Billing x Presumption
Rate = IRPJ Calculation Base x 15% tax rate. If the amount exceeds BRL 60,000, subtract BRL
60,000 from the IRPJ calculation base and increase the Tax Base Calculation by 10%. The final
amount is equal to the amount to be collected.
15
Next, calculate CSLL: Quarterly Revenue x Presumption Rate = IRPJ Calculation Base
x 9%. In CSLL there is no 10% increase in the share exceeding BRL 60,000. For both IRPJ
and CSLL, the call center activity falls under a presumption rate of 32% (Pêgas, 2022; Law
No. 9,430 of 1996).
Table 3
IRPJ and CSLL Payment Projection – Presumed Profit in 20X1
20X1
Rec Presumption
(32%)
15% Rate
Extra
IRPJ
9% CSLL
1st
Quarter
BRL 378,243.20
BRL 56,736.48
BRL 31,824.32
BRL 88,560.80
BRL 34,041.89
2nd
Quarter
BRL 386,460.80
BRL 57,969.12
BRL 32,646.08
BRL 90,615.20
BRL 34,781.47
3rd
Quarter
BRL 390,595.20
BRL 58,589.28
BRL 33,059.52
BRL 91,648.80
BRL 35,153.57
4th
Quarter
BRL 378,387.20
BRL 56,758.08
BRL 31,838.72
BRL 88,596.80
BRL 34,054.85
TOTAL
BRL 1,533,686.40
BRL
230,052.96
BRL
129,368.64
BRL
359,421.60
BRL
138,031.78
Note. Authored by the writers (2023).
In 20X1, the payment for IRPJ and CSLL, which includes a total of BRL 497,453.38,
amounts to approximately 10.38% of the annual gross revenue. PIS (governed by Law No.
10,637/2002) and COFINS (governed by Law No. 10,833/2003), both fall under the non-
cumulative regime, allowing deductions of eligible credits as defined by legislation, with rates
of 0.65% and 3%, respectively. With monthly calculation, the rates mentioned above are
multiplied by the monthly billing. Taking into account the revenue presented, annual PIS and
COFINS payments of BRL 31,153.01 and BRL 143,783.10 are required.
Municipality Y establishes an ISSQN rate of 5% for call center activities (general rule),
resulting in a payment of BRL39,638.50 for both companies operating under the Presumed
Profit and Simples Nacional regimes. It is worth noting that Alfa Comunicações exceeded
ISSQN’s sub-limit defined by the regulation, making the company liable for paying this tax
outside the simplified regime. Regarding the property’s assessed value, the municipality has
assigned an 8% tax rate for the payment of Property Tax (Imposto Predial e Territorial Urbano,
IPTU), resulting in an annual payment of BRL 13,600.00. Additionally, the company incurs
staff expenses, as detailed in Table 4.
Table 4
Projection of Personnel Expenses and Charges
Position
Amount
Gross Salary within
the Industry
Total per Position
8% FGTS
Attendants
76
BRL 1,320.00*
BRL 100,320.00
BRL 8,025.60
Technician
3
BRL 1,600.00
BRL 4,800.00
BRL 384.00
Supervisors
5
BRL 2,100.00
BRL 10,500.00
BRL 840.00
Directors
3
BRL 4,000.00
BRL 12,000.00
BRL 960.00
BRL 127,620.00
BRL 10,209.60
Note. Authored by the writers (2023). Caption: *The minimum wage base for the year 2023.
The calculation of Presumed Profit includes the payment of Employer INSS, INSS
contributions collected from other development entities and funds (as stipulated by Article 109,
caput, RFB Normative Instruction No. 971/2009), and the payment of Environmental Risk of
Work (Risco Ambiental de Trabalho, RAT). The rates are provided for in the legislation, and
the outcomes are detailed in Table 5.
16
Table 5
Social Charge Projections – Presumed Profit in 20X1
Employer INSS (20%)
Third Parties INSS (5.8%)
RAT (1%x3%)
BRL 20,064.00
BRL 5,739.22
BRL 2,968.56
BRL 960.00
BRL 278.40
BRL 144.00
BRL 2,100.00
BRL 609.00
BRL 315.00
BRL 2,400.00
BRL 696.00
BRL 360.00
BRL 25,524.00
BRL 7,401.96
BRL 3,828.60
Note. Authored by the writers (2023).
The charges constitute 28.8% of the payroll and significantly impact operational
expenses, particularly given the need for a growing workforce.
FCO in Compliance with the Taxation and Tax Benefits Regimes.
Table 6
Projection of the company’s FCO under the Simples Nacional and Presumed Profit
frameworks, respectively.
a) FCO – Simples Nacional
20X1
b) FCO – Presumed Profit
20X1
Cash receipt by
Services provision
BRL 4,792,770.00
Cash receipt by
Services provision
BRL 4,792,770.00
Tax Expense
Tax Expense
Payment of Simples
BRL 916,224.20
IRPJ
BRL 359,421.60
ISS
BRL 239,638.50
CSLL
BRL 138,031.78
IPTU
BRL 13,600.00
PIS
BRL 31,123.01
COFINS
BRL 143,783.10
ISS (5%)
BRL 239,638.50
IPTU
BRL 13,600.00
Personnel Expenses and Charges
Personnel Expenses and Charges
Salary Payment
BRL 1,403,820.00
Salary Payment
BRL 1,403,820.00
FGTS
BRL 112,305.60
FGTS
BRL 112,305.60
Christmas Bonus
BRL 127,620.00
Christmas Bonus
BRL 127,620.00
Paid Leave
BRL 170,160.00
Paid Leave
BRL 170,160.00
FGTS on Paid Leave
BRL 13,612.80
FGTS on Paid Leave
BRL 13,612.80
FGTS on Christmas Bonus
BRL 10,209.60
FGTS on Christmas Bonus
BRL 10,209.60
Employer INSS (20%)
BRL 340,320.00
Third Parties INSS
BRL 81,421.56
RAT
BRL 42,114.60
Administrative Expense
Administrative Expense
Utilities
BRL 60,000.00
Utilities
BRL 60,000.00
Rent
BRL 36,000.00
Rent
BRL 36,000.00
Insurance
BRL 18,000.00
Insurance
BRL 18,000.00
Computer maintenance
BRL 3,000.00
Computer maintenance
BRL 3,000.00
Severance Pay
BRL 25,000.00
Severance Pay
BRL 25,000.00
Security
BRL 13,200.00
Security
BRL 13,200.00
Marketing
BRL 14,400.00
Marketing
BRL 14,400.00
Accounting
BRL 24,000.00
Accounting
BRL 24,000.00
Employee Benefits
BRL 14,000.00
Employee Benefits
BRL 14,000.00
Other expenses
BRL 31,000.00
Other expenses
BRL 31,000.00
Total expenses
BRL 3,245,790.70
Total expenses
BRL 3,465,782.15
Net Cash Balance of
Operational Activities
BRL 1,546,979.30
Net Cash Balance of
Operational Activities
BRL 1,326,987.85
Note. Authored by the writers (2023).
17
Specific observations can be made based on the projection of the operational cash flow
for Alfa Comunicações in the two discussed taxation regimes: In terms of total gross revenue,
24.40% is allocated for tax payments under the simplified regime, while in the Presumed Profit
regime, the percentage represents only 19.31% of total revenue. Personnel expenses and
charges consume 37.93% of total gross revenue in the simplified tax regime and 47.51% in the
Presumed Profit regime. In both regimes, other administrative and operational expenses
correspond to 4.98% of total gross revenue.
There is an inversely proportional relationship between taxes and personnel expenses
and charges between the two regimes. Under Simples Nacional, the company incurs higher tax
payments and lower personnel expenses, while the Presumed Profit regime allows for lower
tax payments, with higher personnel expenses. Consequently, the choice of the Simples
Nacional seems more profitable, as net operating cash corresponds to 32.28% of total gross
revenue, compared to 27.69% in net operating cash when opting for the Presumed Profit
regime.
Regarding the totals paid with taxes, there is a reduction of 20.85% in the Presumed
Profit regime (BRL 925,597.99) compared to Simples Nacional (BRL 1,169,462.70).
However, the totals paid in personnel expenses and charges show an increase of 20.15% in the
Presumed Profit regime (BRL 2,301,584.16) compared to Simples Nacional (BRL
1,837,728.00). Other administrative and operational expenses remained stable.
Before the presentation of Table 7, it is highlighted that the two flows were designed
considering the framework under the Presumed Profit regime. Subsequently, the corollary of
two tax benefits will be compared, the first being municipal and the second federal.
To promote job creation, Municipality Y legally enacted that companies opting for the
Presumed Profit or Actual Profit regime would have a reduced rate of 2% ISS on a list of
activities, including call centers.
The federal benefit concerns Payroll Tax Exemption, the possibility of replacing the
application of the 20% percentage on the payroll in the payment of the Employer INSS with
the application of a rate on revenue. The benefit was established by Law No. 12,546 of
December 14, 2011, and its subsequent amendments. A 3% tax rate will apply to the turnover
of the call center activity.
Table 7
Projection of Operational Flows – Presumed Profit with Municipal and Federal Tax Benefits
from Payroll Tax Exemption
c) FCO – Presumed Profit
with a 2% Municipal
Tax Benefit
20X1
d) FCO – Presumed Profit
with Payroll Tax
Exemption
20X1
Cash receipt by
Services provision
BRL 4,792,770.00
Cash receipt by
Services provision
BRL 4,792,770.00
Tax Expense
Tax Expense
IRPJ
BRL 359,421.60
IRPJ
BRL 359,421.60
CSLL
BRL 138,031.78
CSLL
BRL 138,031.78
PIS
BRL 31,123.01
PIS
BRL 31,123.01
COFINS
BRL 143,783.10
COFINS
BRL 143,783.10
ISS (2%)
BRL 95,855.40
ISS (2%)
BRL 95,855.40
IPTU
BRL 13,600.00
IPTU
BRL 13,600.00
Personnel Expenses and Charges
Personnel Expenses and Charges
Salary Payment
BRL 1,403,820.00
Salary Payment
BRL 1,403,820.00
FGTS
BRL 112,305.60
FGTS
BRL 112,305.60
Christmas Bonus
BRL 127,620.00
Christmas Bonus
BRL 127,620.00
Paid Leave
BRL 170,160.00
Paid Leave
BRL 170,160.00
FGTS on Paid Leave
BRL 13,612.80
FGTS on Paid Leave
BRL 13,612.80
18
FGTS on Christmas Bonus
BRL 10,209.60
FGTS on Christmas Bonus
BRL 10,209.60
Employer INSS (20%)
BRL 340,320.00
Payroll Tax Exemption
BRL 143,783.10
Third Parties INSS
BRL 81,421.56
Third Parties INSS
BRL 81,421.56
RAT
BRL 42,114.60
RAT
BRL 42,114.60
Administrative Expense
Administrative Expense
Utilities
BRL 60,000.00
Utilities
BRL 60,000.00
Rent
BRL 36,000.00
Rent
BRL 36,000.00
Insurance
BRL 18,000.00
Insurance
BRL 18,000.00
Computer maintenance
BRL 3,000.00
Computer maintenance
BRL 3,000.00
Severance Pay
BRL 25,000.00
Severance Pay
BRL 25,000.00
Security
BRL 13,200.00
Security
BRL 13,200.00
Marketing
BRL 14,400.00
Marketing
BRL 14,400.00
Accounting
BRL 24,000.00
Accounting
BRL 24,000.00
Employee Benefits
BRL 14,000.00
Employee Benefits
BRL 14,000.00
Other expenses
BRL 31,000.00
Other expenses
BRL 31,000.00
Total expenses
BRL 3,321,999.05
Total expenses
BRL 3,125,462.15
Net Cash Balance from
Operational Activities
BRL 1,470,770.95
Net Cash Balance of
Operational Activities
BRL 1,667,307.85
Note. Authored by the writers (2023).
The variation in the amount of ISS paid under the simplified regime (at the standard
rate without municipal tax incentives and paid outside the regime due to exceeding the revenue
sub-limit stipulated by Law No. 155/16) compared to the total paid with tax incentives in the
Presumed Profit regime is 60%, resulting from a reduction of BRL 143,783.10.
The tax and other administrative expenses percentages remain unchanged at 16.31%
and 4.98% of total gross revenue, respectively. Personnel expenses and charges without the
application of tax benefits account for 47.51% of total revenue. This percentage decreases to
43.48% after applying for the Payroll Tax Exemption. This decrease equates to a savings of
BRL 196,536.90, which is the difference between the payment of 20% of the Employer INSS
and the payment under the Payroll Tax Exemption.
Ultimately, a positive variation of 7.21% is achieved in Net Cash from Operational
Activities when comparing the Simples Nacional and Presumed Profit regimes, both with their
respective benefits. In the first scenario, Net Cash amounts to BRL 1,546,979.30, whereas in
the second scenario, the result is BRL 1,326,987.85. This implies that choosing the Presumed
Profit regime over Simples Nacional would initially reduce the Net Cash position. However,
when Alfa Comunicações opts for the Presumed Profit regime in 20X1 and leverages the
applicable tax benefits, it achieves a more advantageous position with BRL 1,667,307.85 in
Net Cash from Operational Activities compared to Simples Nacional.
Final considerations
As the market becomes more demanding and competitive, companies need secure
internal control mechanisms to track financial resource input and output operations in
managing operational, financing, and investment flows. Such flows are detailed through the
Cash Flow Statement, which records them to support decision-making, leading to an increase
in both efficiency and accuracy. Failure to plan can lead managers to rely on alternatives that
increase debt.
In this context, the goal was to emphasize the operational cash flow and the inferences
drawn based on the applied tax regimes—Simples Nacional and Presumed Profit—, along with
the corresponding applicable benefits. This analysis pertains to a company in the
telecommunications service (call center) industry located in Municipality Y, in the State of
Piauí. The projections in this work showcase the comparability of operational flows with four
different scenarios: (a) Simples Nacional, (b) Presumed Profit under the general regime, (c)
19
Presumed Profit with a municipal tax benefit of ISS rate reduction, and (d) Presumed Profit
with municipal and federal benefits from Payroll Tax Exemption.
The positive variation in Net Cash from Operational Activities between projection (a)
and projection (d) amounts to a 7.21% increase. This does not necessarily imply that the
organization has earned this amount as profit; rather, it indicates that obligations were self-
financed, allowing the resulting funds to be used for other financial needs.
This finding highlights the importance of effective tax planning (legally examining
operations and activities to lower the tax burden) and financial planning (preparing, designing,
and analyzing financial statements to make informed decisions) in generating savings and
ensuring self-financing in operational cash flow, which not only contributes to the
organization’s financial health but also reduces dependence on external sources of funding.
The approach not only ensures the financial well-being of the organization but also reduces
reliance on external funding sources.
Drawing on Vicente’s (2005) conceptions, a functional incubator model for operational
cash flow tax planning has been introduced with the anticipation that interested managers,
researchers, and students will replicate, challenge, and critique it, adding to its value and
making it accessible to small and medium-sized companies. This should be this research’s
greatest contribution to the market.
Of the three gaps presented in Table 2, only gaps 1 and 1.1 were not fully addressed in
this work. Gaps 2 and 3 demonstrate that the combination of financial and tax planning through
projection and simulation is vital for the continuity of companies and can inform decision-
making processes for smaller-sized companies. This is exemplified in the operational cash flow
projections for Alfa Comunicações, reflecting savings of BRL 120,328.55.
The literature presented in Table 1 provides support for the constructed model.
However, it is worth noting that the research validates: Belokurows, Bortoluzzi, & Silva
(2017), for creating a tool that effectively bridges the gap between theoretical concepts and the
practical challenges of performance management in SMEs; Lizote et al. (2017), for presenting
a practical approach to mitigating issues associated with working capital and tax planning, both
of which have a significant impact on the sustainability of SMEs. Additionally, Vieira &
Batistoti (2015), for highlighting the importance of DFC simulation as a valuable decision
support tool for small and medium-sized enterprises. It is worth reiterating that Payroll
Exemption plays a pivotal role in conserving financial resources, as emphasized by Silveira &
Raupp (2017) and Silva et al. (2017), Bertini & Wünsch (2014), Brocker & Silva (2015),
Echevarrieta et al. (2015), Finizola, Cruz & Santos (2019), Almeida & Santos (2015); as well
as the benefits dedicated to ISSQN, according to Fagundes, Kuhnen & Haskel (2018). This
research aims to guide professionals, managers, leadership roles, administrative members, and
especially micro-entrepreneurs on how to effectively utilize and maintain the DFC as a
decision-making support tool (Moterle et al., 2019; Silva et al., 2022; Arola, 2015; Toledo
Filho et al., 2010; Araujo, Teixeira & Licório, 2015). Finally, it corroborates Paula’s (2018)
standpoint regarding tax planning’s capacity to reduce company expenses.
The research’s limitations are recognized when the analysis is based on observations of
real companies rather than primary data from these companies due to the difficulties and access
constraints mentioned earlier. Additionally, the projection does not factor in the influence of
economic variables on the time value of money, as it relies on historical variations of the
companies studied.
However, further research is recommended to conduct projections encompassing all
taxation regimes specified by Brazilian tax laws and consider financing and investment flows,
along with an investigation of credit approval and resource allocation policies. It is advisable
to conduct multi-year projections to assess the impact of tax changes on company management
20
and various business sectors while considering the diverse tax benefits outlined in federal, state,
and municipal legislation.
Projections a), b), c), and d) take into account the current legislation applicable to
payroll taxation and relief regimes, with a reference date of June 2023. The minimum wage
used is based on Provisional Measure 1172/23, as updated by the Official Gazette of the Federal
Government (Diário Oficial da União) on May 1, 2023. This information is crucial for future
research to conduct comparisons, analyses, and gain a deeper understanding of the basis for
projection calculations. The model featured in Table 1 should be replicated by other
researchers, particularly to address gaps in industries 1, 2, and 3.
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