Portugal introduced a sugar-sweetened beverages (SSB) tax in 2017. This study uses unique administrative accounting data for all SSB producers/importers in Portugal, and an event study design with bottled water firms as the primary comparison group, to assess the causal impacts of the tax on multiple firm-level outcomes. We find a 6.8% average decrease in domestic SSB sales, relative to bottled water. The soda tax hindered SSB firms’ financial health, namely net income, ability to convert receivables into cash, and liabilities. SSB producers/importers did not decrease wages, cut jobs, or modify their workforce toward higher R&D capacity. Forgone corporate income tax appears negligible compared to the government revenue generated by the tax itself.

葡萄牙于 2017 年引入含糖饮料 (SSB) 税。本研究使用葡萄牙所有 SSB 生产商/进口商的独特行政会计数据，以及以瓶装水公司作为主要比较组的事件研究设计，以评估因果影响对多种企业层面成果征税。我们发现国内 SSB 销量相对于瓶装水平均下降 6.8%。苏打税阻碍了SSB公司的财务健康，即净收入、将应收账款转化为现金的能力以及负债。SSB 生产商/进口商没有降低工资、裁员或调整劳动力以提高研发能力。与税收本身产生的政府收入相比，放弃的企业所得税似乎可以忽略不计。