Evaluación De Proyectos De Inversión En La Empresa Nassir Sapag Chain

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EFECTOS TRIBUTARIOS
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4.1 Efecto tributario de la venta de activos

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4.2 Efecto tributario de la compra de activos

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4.3 Efecto tributario de la variación de costos

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VyOR DO  GHO PD\RU JDVWR \D TXH HO  UHVWDQWH VH UHFXSHUD SRU OD YtD GH ORV PHQRUHV
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Ejemplo 4.4

(Q OD WDEOD  VH PXHVWUD XQD situación base GRQGH OD HPSUHVD WLHQH XWLOLGDGHV FRQWDEOHV XQD
situación con proyectoGRQGHVHDXPHQWDHO



(ODKRUURGHOHVHQ&KLOH(QRWURVSDtVHVSXHGHVHUVLJQLILFDWLYDPHQWHPD\RUGHDFXHUGRFRQODWDVDGHLPSXHVWR
DODVXWLOLGDGHVYLJHQWHHQFDGDXQRGHHOORV
&RPRVHYHUiPiVDGHODQWHKD\XQHIHFWRGHOYDORUWLHPSRGHOGLQHURTXHVHPDQLILHVWDHQTXHODHPSUHVDVHDKRUUD
HVWHLPSXHVWRHQGLVWLQWRVSHUtRGRVIXWXURV
FRVWRGHXQIDFWRU SRUHMHPSORVXHOGRV \ XQ análisis incrementalGRQGHVHPXHVWUDHOLPSDFWR
VyORGHODYDULDFLyQGHFRVWRV

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HQVyORODGLIHUHQFLDHQWUH\&RPRVHH[SOLFyDQWHVFXDOTXLHUEDMDHQOD
XWLOLGDGKDFHTXHODHPSUHVDGHMHGHSDJDUHOGHLPSXHVWRVVREUHHVDUHGXFFLyQ

7DEOD&iOFXORGHOHIHFWRWULEXWDULRGHODYDULDFLyQGHFRVWRV

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EDVH SUR\HFWR
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DVRFLDU FHUR LPSXHVWR D XQD XWLOLGDG QHJDWLYD VH FRQVLGHUD XQ DKRUUR WULEXWDULR HTXLYDOHQWH D OD
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FRQVLGHUDUTXHHODXPHQWRHQODVXWLOLGDGHVHVWiDVRFLDGRDXQDXPHQWRHQHOLPSXHVWRSDJDGHUR








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4.4 Efecto tributario del endeudamiento


(OFRVWRILQDQFLHURGHXQDGHXGDFRUUHVSRQGLHQWHDOSDJRGHLQWHUHVHVVREUHDTXHOODSDUWHGHOD
LQYHUVLyQ ILQDQFLDGD FRQ SUpVWDPR FRPR FXDOTXLHU FRVWR HV GHGXFLEOH GH LPSXHVWRV \ HQ
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GHEH LQFRUSRUDUVH HQ DTXHOORV IOXMRV TXH EXVFDQ PHGLU OD UHQWDELOLGDG GH ORV UHFXUVRV SURSLRV
LQYHUWLGRVHQXQSUR\HFWR

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GHODGHXGDHQGRVSDUWHVODDPRUWL]DFLyQ\ORVLQWHUHVHV0LHQWUDVODDPRUWL]DFLyQFRUUHVSRQGHD
XQDGHYROXFLyQGHOSUpVWDPR\SRUORWDQWRQRFRQVWLWX\HXQFRVWRQLHVWiDIHFWDDLPSXHVWRORV
LQWHUHVHV VRQ XQ JDVWR ILQDQFLHUR GH VLPLODU FRPSRUWDPLHQWR DO FRVWR GHO DOTXLOHU GH FXDOTXLHU
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8

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GHXGD



Ejemplo 4.5

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SUpVWDPR GH  DO  GH LQWHUpV DQXDO (Q ORV IOXMRV GH FDMD TXH VH PXHVWUDQ D
FRQWLQXDFLyQVH REVHUYD TXHDOLQFOXLUHVWHLQWHUpV  HOIOXMR GLVPLQX\HVyORHQ 
(VGHFLUHOGHVXPRQWRWRWDO


Tabla 4.5&iOFXORGHOHIHFWRWULEXWDULRGHODGHXGD

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GHULYDGRVGHXQDPD\RUSURGXFWLYLGDG

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VHSDJDEDVREUHpO

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LQVWLWXFLyQILQDQFLHUDPHQRVHODKRUURWULEXWDULRGHVXVJDVWRVILQDQFLHURV(VGHFLUDQXDOPHQWHOD

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HPSUHVDVHDKRUUDUiHOHTXLYDOHQWHDODWDVDGHLPSXHVWRDSOLFDGDVREUHODSDUWHGHOVHUYLFLRDQXDO
FRUUHVSRQGLHQWHDORVLQWHUHVHVGHOSUpVWDPR

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4.5 Efecto tributario relevante para la evaluación

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SULPHURVDxRVVHSXHGHQREVHUYDUODVVLJXLHQWHVVLWXDFLRQHV

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DODVSpUGLGDVHVWLPDGDVSDUDHOSUR\HFWR

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HVWLPDGDVSDUDHOSUR\HFWR

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HVSHUDGDVGHOSUR\HFWR

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HPSUHVDRKDFHUORLQVHUWRFRPRSDUWHGHHOOD


Ejemplo 4.6 (Situación 1)

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XWLOLGDGHV GH  SDUD HO WHUFHUR HO HIHFWR WULEXWDULR HQ OD SULPHUD VLWXDFLyQ VXSRQLHQGR TXH OD
HPSUHVDHVSHUDXWLOLGDGHVFRQWDEOHVDQXDOHVGHVHREWHQGUtDGHODVLJXLHQWHIRUPD

Tabla 4.66LWXDFLyQ&RPSDUDFLyQHIHFWRWULEXWDULRFRQ\VLQSUR\HFWR

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GHORV

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Tabla 4.76LWXDFLyQ&iOFXORHIHFWRWULEXWDULRLQFUHPHQWDO

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ODVSpUGLGDVGHORVSULPHURVDxRV(QHVWDVLWXDFLyQDOWHUFHUDxRVHDFXPXODQXWLOLGDGHVGH
SRUODVSpUGLGDVDFXPXODGDVHQORVGRVSULPHURVDxRV

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UHEDMDUODVXWLOLGDGHVWRWDOHVGHODHPSUHVDORTXHSHUPLWHREVHUYDUHQFRQVHFXHQFLDXQDKRUUR
WULEXWDULRHQORVGRVSULPHURVDxRVWDOFRPRVHPXHVWUDHQODWDEOD

Tabla 4.86LWXDFLyQ&iOFXORDOWHUQDWLYRHOHFWRWULEXWDULRLQFUHPHQWDO

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8WLOLGDGGHOSUR\HFWR    
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SDJR GH LPSXHVWRV HQ ORV GRV SULPHURV DxRV OD VHJXQGD LQFRUSRUD HO EHQHILFLR LQGLUHFWR GH OD
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ODHPSUHVD

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GHORVFDVRV



Ejemplo 4.7 (Situación 2)

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WLHQHXWLOLGDGHVHVWLPDGDVGHDQXDOHV(OHIHFWRWULEXWDULRSDUDODHPSUHVDVHUtD


Tabla 4.96LWXDFLyQ&RPSDUDFLyQHIHFWRWULEXWDULRFRQ\VLQSUR\HFWR

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8WLOLGDGHPSUHVDFRQSUR\HFWR    
,PSXHVWR    





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(OHIHFWRWULEXWDULRGHOSUR\HFWRWDPELpQVHSRGUtDFDOFXODUDOWHUQDWLYDPHQWHFRPRVLJXH

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 Evaluación De Proyectos De Inversión En La Empresa Nassir Sapag Chain


Tabla 4.106LWXDFLyQ&iOFXORHIHFWRWULEXWDULRLQFUHPHQWDO

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8WLOLGDGGHOSUR\HFWR    
,PSXHVWR ² ²  


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Tabla 4.116LWXDFLyQ&iOFXORDOWHUQDWLYRHIHFWRWULEXWDULRLQFUHPHQWDO

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8WLOLGDGGHOSUR\HFWR    
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SpUGLGD QR WUDQVIHULGD FRPR EHQHILFLR DO UHVWR GH OD HPSUHVD HQ ORV GRV SULPHURV DxRV 
DQXDOHVRDFXPXODGRV

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Ejemplo 4.8 (Situación 3)

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DQXDOHV GH  VL QR KDFH HO SUR\HFWR (O VLJXLHQWH UHVXOWDGR VH REVHUYD DO LQFOXLU HO HIHFWR
WULEXWDULRGHOSUR\HFWRVREUHODHPSUHVD

Tabla 4.12 6LWXDFLyQ&RPSDUDFLyQHIHFWRWULEXWDULRFRQ\VLQSUR\HFWR

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8WLOLGDGHPSUHVDVLQSUR\HFWR    
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8WLOLGDGHPSUHVDFRQSUR\HFWR    
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&XDQGRODHPSUHVDWLHQHSpUGLGDVVXUJHODGXGDGHVLHOSUR\HFWRGHEHRQRLQFOXLUFRPREHQHILFLR
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SDUDLQFRUSRUDUORDODHPSUHVD\QRLQFOXLUORFXDQGRH[LVWHPiVGHXQDLQYHUVLyQSRVLEOHSDUDQR
GLVWRUVLRQDUHOUHVXOWDGRGHODFRPSDUDFLyQGHODVUHQWDELOLGDGHVHQWUHGRVRPiVSUR\HFWRV(QOD
WDEODVHH[SRQHHOHIHFWRGHOLPSXHVWRFRQ\VLQFUpGLWRILVFDOSDUDODHPSUHVD



Tabla 4.136LWXDFLyQ&iOFXORHIHFWRWULEXWDULRLQFUHPHQWDO

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&RQFUpGLWRILVFDOHPSUHVD ² ²  
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(OVHJXQGRFDVRVLQFUpGLWRILVFDOGHODHPSUHVDHVVLPLODUDORH[SXHVWRSDUDODVGRVVLWXDFLRQHV
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GHVFRQWDUHOWHUFHUDxR

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4.6 Impuesto al valor agregado (IVA)

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Ejemplo 4.9

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Tabla 4.14(IHFWRQHWRGHO,9$

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\HOILVFRHQODUHFDXGDFLyQGHHVHLPSXHVWR

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 Evaluación De Proyectos De Inversión En La Empresa Nassir Sapag Chain

Preguntas y problemas

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