Impacto de la reducción del impuesto a la salida de divisas en la liquidez y rentabilidad de las empresas del sector industrial manufacturero en la ciudad de Cuenca para el periodo 2020 - 2022

Abstract

This study analyzes the impact of the reduction of the Foreign Exchange Outflow Tax (ISD) on the liquidity and profitability of companies in the manufacturing industrial sector in Cuenca during the period 2020-2022. The research uses a mixed methodology, combining quantitative analysis of financial indicators with a qualitative approach based on surveys of companies in the sector. The sample includes 26 manufacturing companies selected from the business ranking of the Superintendence of Companies. The results reveal that the reduction of the ISD did not generate significant improvements in the financial indicators analyzed. A deterioration in liquidity will be observed, with a cumulative decrease of 9.17% in current liquidity and 21.76% in the acid test during the period studied. In terms of profitability, although the net profit margin showed a moderate increase of 30.23%, the detailed analysis indicates that the ISD represents on average less than 5% of the main financial variables, except in the net profit where it reaches approximately 26%. The surveys carried out indicate that 29% of companies reported a reduction in operating costs and 24% identified greater ease in making international payments after the reduction of the ISD. However, 58% of respondents were uncertain about the long-term benefits of this measure. The study concludes that the effectiveness of reducing the DST as an isolated measure is limited, suggesting the need for a more comprehensive approach to improve the financial performance of the sector.