DINERO 13 Negocio & Estilo de Vida V 13 de febrero de 2012 LA TRIBUNA (SFDJBDÆNPIFNPTMMFHBEPBRVÀ APUNTES FISCALES 1PS.´YJNP4VDIPXPMTLJ 1VFEFFOWJBSTVDPOTVMUBBNTVDIP!OFHPDJPDPN AXEL BOTTE - BTJUVBDJÊOFO(SFDJBDPO UJOÑBFNQFPSBOEPEÄBB EÄBZFTNVZQPDPQSPCB CMFRVFFMQBÄTQVFEBDVNQMJSTV PCMJHBDJÊOEFEFWPMWFS NJMMPOFTEFFVSPTFMQSÊYJNP NFTEFNBS[P1PSNVZTFWF SBTRVFIBZBOTJEPMBTNFEJEBT EFBVTUFSJEBEFOTVNBZPSQBS UFSFDPSUFTEFHBTUPT FMHPCJFS OPHSJFHPIBJODVNQMJEPFMPC KFUJWPEFEÀGJDJUEFCJEPBVOB DPOUSBDDJÊOEFM1*#TVQFSJPSB MBQSFWJTUBFOUPSOPBMFO -BTQFSTQFDUJWBTEFDSF DJNJFOUPQBSBBQVOUBOB PUSPEFTDFOTPEFMBBDUJWJEBE EFM-BTWFOUBTEFBDUJWPTQÑ CMJDPTUBNQPDPIBOTJEPOJOHV OBTPMVDJÊOZBRVFIBTUBBIP SBBQFOBTBTDJFOEFOBNJ MMPOFTEFFVSPTFODPNQBSB DJÊODPOVOPCKFUJWPBOVODJBEP EFNJMMPOFTEFFVSPTB MPMBSHPEFBÈPT &MNBSDPQPMÄUJDPTFIBDPN QMJDBEPNVDIPQBSB1BQBEF NPTQVFTFMHPCJFSOPEF.FS LFMTVHJSJÊSFDJFOUFNFOUFRVF (SFDJBEFCFSFOVODJBSBVOB QBSUFEFTVTPCFSBOÄBZQFSNJ UJSRVFMB6&UPNFUPEBTMBTEF DJTJPOFTQSFTVQVFTUBSJBT-P EFTBHSBEBCMFEFMBTVOUPFTRVF (SFDJBOPDVFOUBDPOMBDBQBDJ EBEQSPEVDUJWBOFDFTBSJBQBSB TPMVDJPOBSFMQSPCMFNBBUSBWÀT EFMBFYQPSUBDJÊO&OPUSBTQBMB CSBTBVORVFEFTBQBSFDJFSBFM EÀGJDJU QÑCMJDP DPOUJOVBSÄB FYJTUJFOEPVOEÀüDJUQPSDVFO UBDPSSJFOUFDFSDBOPBMEFM Es probable que Portugal siga los pasos de Grecia. EFE *ODMVTPTJOE¼öDJU QÍCMJDPBÍOIBCSÀB VOE¼öDJUQPS DVFOUBDPSSJFOUF DFSDBOPBMEFM1*# N N N N 1*#ZOPFTU¸DMBSPDÊNPTFGJ OBODJBSÄBFTUBOFDFTJEBEEFFO EFVEBNJFOUP &ONBZPEFMPTFTUBEPT NJFNCSPTEFMB6&ZFM'.*EFDJ EJFSPOJOUFSWFOJSQBSBFWJUBS VOBDSJTJTEFMBEFVEBTPCFSBOB FO(SFDJB&MQSJNFSQBRVFUFEF SFTDBUFJODMVÄBQSÀTUBNPTCJMB UFSBMFTEFPUSPTFTUBEPTNJFN CSPTEFMB6&QPSNJMMP OFTZVOQSÀTUBNPEFM'.*EF NJMMPOFT1SPOUPRVFEÊ DMBSPRVFFMFTGVFS[PEFSFEVD DJÊOEFMEÀüDJUQSPWPDBSÄBVOB EVSBSFDFTJÊODPOMBDPOTF DVFODJBEFVOSBUJPEFVEB1*# N¸TBMUPZQPSUBOUPRVFOP DPOUSJCVJSÄBBBUBKBSFMQSPCMF NBEFTPMWFODJBEF(SFDJB&MSB UJPEFVEB1*#FSBEFMFO ZFMEÀGJDJUQÑCMJDPEFM EFM1*#QVFEFIBCFSMPFMF WBEPQPSFODJNBEFMFO 4JOEVEBBMHVOBFTUBDBS HBEFEFVEBFSBJOTPTUFOJCMF EBEPFMFTDBTPQPUFODJBMEFDSF DJNJFOUPEFMBFDPOPNÄBHSJFHB FOFMGVUVSP 1PSUBOUPTFIJ[POFDFTBSJP VOTFHVOEPSFTDBUFDPOQBSUJDJ QBDJÊOEFMTFDUPSQSJWBEPFT EFDJSEFMPTCBODPTUJUVMBSFTEF CPOPTFTUBUBMFTHSJFHPTFOMP TVDFTJWP((#T /PPCTUBOUFFM TFHVOEPSFTDBUFFTUBCBDPOEJ DJPOBEPBMBQBSUJDJQBDJÊOEF MPTBDSFFEPSFTQSJWBEPT4JOFN CBSHPMBTOFHPDJBDJPOFTTPCSF FMDBOKFWPMVOUBSJPFTEFDJS TJOBDUJWBDJÊOEFMPTDPOUSBUPT EF$%4 EFEFVEBDPNFO[BSPO FOFMQBTBEPNFTEFKVMJPZMB RVJUBEFWBMPSBDUVBMOFUPIBQB TBEPEFMBMZQPTJCMF NFOUF FTUÀ BIPSB FO FM QVFTMPTQSFDJPTEFNFSDBEP IBOTFHVJEPCBKBOEP 4J(SFDJBBOVODJBSBJOFTQFSB EBNFOUFVOBTVTQFOTJÊOEFQB HPTEFUPEBMBEFVEBFODJSDVMB DJÊOMPTNFSDBEPTTFHVSBNFO UFTFMPUPNBSÄBONBMBMNFOPT JOJDJBMNFOUF/JRVFEFDJSUJFOF RVFMBOFHPDJBDJÊOFO((#TZ PUSPTNFSDBEPTEFEFVEBTPCF SBOBDPOQSPCMFNBTFTFYUSBPS EJOBSJBNFOUFEJGÄDJM-BTBDUVB MFTOFHPDJBDJPOFTBQBSFOUF NFOUFJOUFSNJOBCMFTIBOQB TBEPGBDUVSBBMNFSDBEPZBMB DSFEJCJMJEBEEFMHPCJFSOPEFMB 6&FOFTUBDSJTJT"IPSBQBSFDF FTFODJBMNBSDBSMÄNJUFTZDPMP DBSMBEFVEBHSJFHBFOVOOJWFM N¸TTPTUFOJCMF1PSFTUFNPUJ WPTFSFRVJFSFVOBRVJUBNBTJ WB4JOFNCBSHPFTUPEBS¸PSJ HFOBOVFWPTQSPCMFNBT -PT+FGFTEF&TUBEPIBOJOTJTUJ EPFORVFFMDBTPHSJFHPFT ÑOJDPQFSP1PSUVHBMFTPUSP QSPCBCMFDBTPEFJOTPMWFODJBZ MPTNFSDBEPTQPOES¸OBQSVF CBMBWPMVOUBEEFMPTSFTQPOTB CMFTQPMÄUJDPTEFBDUVBSEFDJEJ EBNFOUFFOGBWPSEF1PSUVHBM &TQSPCBCMFRVFMBEFVEBQPSUV HVFTBQSPOUPTFBJOTPTUFOJCMF QFTFBDJFSUBNFKPSBEFMEÀüDJU MBEFCJMJEBEEFMDSFDJNJFOUPIB S¸TVCJSFMSBUJPEFVEB1*# /P DSFFNPTRVFMPTHPCJFSOPTSF QJUBOFMFYQFSJNFOUPEFMB14* QBSUJDJQBDJÊOQSJWBEB FOFMDB TPEF1PSUVHBM1PSUBOUPMBTVT QFOTJÊOEFQBHPTFTEFDJSMBT EPOBDJPOFT QBSFDFNVZQSP CBCMFFOFMDBTPEFMPTQSÀTUB NPTPüDJBMFTV Estratega de renta fija de Natixis Asset management. 6OGBYEFÍMUJNBIPSB & OFTUFNJTNPFTQBDJPMB TFNBOBQBTBEBWFS/& (0$*0EFMEFGFCSFSP RVFEBCBSFTFÈBEBMBQPTJDJÊO DPOUSBSJBEFMB%JSFDDJÊO(FOF SBMEF5SJCVUPTBBDFQUBSRVFMB NJTNBFYFODJÊOFOFM*NQVFTUP TPCSF"DUPT+VSÄEJDPT%PDVNFO UBEPTQSFWJTUBQBSBMPTQSÀTUB NPTIJQPUFDBSJPTQVEJFTFUSBTMB EBSTFBMPTDSÀEJUPTIJQPUFDBSJPT EBEPRVFMBOPSNBEFMUSJCVUP OPNFODJPOBFYQSFTBNFOUFUBM WFOUBKBQBSBFMTVQVFTUPEFMDSÀ EJUP1VFTCJFOGBMMPTIBZEFMPT KVFDFTEPOEFMBBOBMPHÄBTÄRVF GVODJPOBFOFM¸NCJUPUSJCVUB SJPZVOCVFOFKFNQMPFTVOB TFOUFODJBEFM5SJCVOBM4VQFSJPS EF+VTUJDJBEF$BTUJMMBZ-FÊOGF DIBEBFMQBTBEPNFTEFKVMJP &MBTVOUPFTTFODJMMP6ODPO USJCVZFOUFQSFTFOUBQPSGBYFO FMÑMUJNPEÄBEFQMB[PDJFSUPSF DVSTPBOUFFM5SJCVOBM&DPOÊNJ DP "ENJOJTUSBUJWP 3FHJPOBM 5&"3 BDVFOUBEFVOBMJRVJEB DJÊOEFM*NQVFTUPTPCSF4VDF TJPOFTZ%POBDJPOFT&M5&"3EF FOUSBEBSFDIB[BMBSFDMBNBDJÊO QPSFYUFNQPS¸OFBZFMDBTPMMF HBBM54+&OFTFNPNFOUPMB"E NJOJTUSBDJÊOEFM&TUBEPTFBMMB OBTJONBZPSFTQSPCMFNBTFOGB WPSEFMEFNBOEBOUFQFSPMB $$""TFNBOUJFOFFOTVTUSFDF TPCSFMBFYUFNQPSBOFJEBE "KVJDJPEFMBBENJOJTUSBDJÊO BVUPOÊNJDBFMGBYOPFTVONF EJPBENJUJEPFYQSFTBNFOUFQPS MBMFZQBSBFTUFUJQPEFSFDMBNB DJPOFTEFNBOFSBRVFFMSFDVS TPRVFEÊTJOFGFDUPT4JOFNCBS HPFM54+SFDVFSEBRVFMBOPS NBUJWBTPCSFDPNVOJDBDJPOFT DPOMBBENJOJTUSBDJÊOBENJUF MPTNFEJPTFMFDUSÊOJDPTFOHF OFSBMTJOEJTUJOHVJSQPSUJQPMP HÄBEFDPNVOJDBDJÊOZRVFFM 4VQSFNPZBIBJOUFSQSFUBEPFTB OPSNBUJWBBDFQUBOEPMBTQSF TFOUBDJPOFTQPSGBY&M54+TVCSB ZBBEFN¸TMPBWBO[BEPEFMB IPSBFORVFTFQSFTFOUÊFMSF DVSTPFMÑMUJNPEÄBEFQMB[PZFM IFDIPEFRVFMPTSFHJTUSPTQÑ CMJDPTZBFTUBCBODFSSBEPT &MGBYQBSFDÄBMBÑOJDBTPMVDJÊO EFFTUFBQVSBEPDPOUSJCVZFOUF 1FSPBEFN¸TFM54+SFDVFSEB RVFDVSJPTBNFOUFMBQSPQJB $$""TÄRVFBENJUFFMGBYQBSB MPTSFDVSTPTBENJOJTUSBUJWPT RVFTFQSFTFOUBODPOUSBFMMBEF NBOFSBRVFQPSJNQPSUBOUFT SB[POFTEFBOBMPHÄBEFCFBDFQ UBSUBNCJÀOMPTNJTNPTSFDVS TPTDVBOEPTFQSFTFOUBOBOUF PUSBBENJOJTUSBDJÊOqFOFMDBTP EFMPT5&"3MBFTUBUBMq &M4VQFSJPSEF+VTUJDJBWFDMB SPRVFTFEFCJÊBDFQUBSFMSF DVSTPFOWJBEPQPSGBYTFRVFKB EFRVFMB$$""PQUBTFQPSMBUF NFSJEBEEFNBOUFOFSTVQPT UVSBJODMVTPTJOFMSFTQBMEPEF MBBENJOJTUSBDJÊOFTUBUBMZDPO EFOBBMBSFHJPOBMBQBHBSMBT DPTUBTEFMDBTPBMHPSFMBUJWB NFOUFQPDPIBCJUVBMFOFTUFUJ QPEFDPOþJDUPTUSJCVUBSJPTV EL APUNTE N El fallo del TSJ demuestra que los jueces sí que son proclives a aplicar la analogía en casos de vacío legal en el campo tributario. REAF, órgano del Consejo General de Colegios de Economistas. 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