Uprawnienia i obowiązku organów administracji rządowej w zakresie udzielania i rozliczania dotacji dla Jednostek Samorządu Terytorialnego

Author(s): Anna Kępa-Biraga / Language(s): English Issue: 1/2016

Public authorities while satisfying the needs of the society should strive towards greater efficiency in management of financial resources and better capability in execution of public tasks. Nowadays, when most of local governments is underfunded, the role of subsidies in financing tasks must not be overlooked. Nevertheless, of critical importance for efficiency of the executed tasks will be systematization of activities within granting and accounting of subsidies for local government units.

Analysis of taxation in Romania using Laffer curve, 1990-2012

Author(s): Andreea Stoian,Elena Pădurean / Language(s): English Issue: 1/2015

Fiscal policy offers the Member States of the European Union, and in particular the countries that have adopted the common currency, an important tool in influencing economic activity and, we could say, the only one that remained available for the governments of these economies after the unification of monetary policy. Through taxes and budgetary expenditures used as economic levers, tax policy can have a contractible or expansionary effect on the national economy. From our point of view, the Laffer curve,applied by its simplicity, is a tool that allows the analysis of tax impacts.

Samodzielność finansowa polskich gmin – dyspersja regionalna

Author(s): Dorota Jegorow / Language(s): Polish Issue: 2/2015

The structure of the budgets of Polish municipalities and cities with county rights shows to increase the share of own revenues in total revenues in the years 2002-2013, and at the same time shows the presence of distinct regional developmental disparities at the expense of the eastern region. This situation shows the lack of real effects of cohesion policy. On the other hand, in the context of potential opportunities arising from the implementation of projects co-financed with EU funds there is a real risk of excessive indebtedness of local governments in relation to the need to ensure the own contribution.

The condition and perspectives of using outsourcing in public services

Author(s): Liliana Hawrysz / Language(s): Polish Issue: 4/2015

In Poland, the public sector is an important segment of the national economy. It consists of approximately 67 thousand entities, which spend budgetary funds or decide how to spend them. In the present state of organisation of public sector entities, the same functions are repeated in the same locations but they are organized and operate in a different way. As a result, the sector cannot take advantage of returns of scale, or apply best practice and its costs are higher than costs of private entities (Shared Services in Public Sector, 2014). Therefore, outsourcing or centralization within the Shared Services Center of selected auxiliary functions, among others, payroll, paper supply, maintenance of bills for electricity and telephone, occupational safety and health and security of classified information, could reduce these costs. In addition, Shared Services Centers as an example of insourcing should be considered as a first step towards outsourcing, in which an external supplier based on a long-term contract carries out certain functions. It is a solution, which systemizes organisational processes without introducing drastic changes in the employment struture and organisational culture. Thus, it can be a starting point for further actions, including selective outsourcing, for which public sector organisations are not prepared at the present. The main aim of this article is to determine a degree of outsourcing usage in the public sector in Poland and in developed counties and to define limitations in the use of outsourcing in public services as well as to determine perspectives of using outsourcing in the public sector, with taking into consideration in particular Shared Services Centers. The desk research technique was applied in order to prepare this elaboration. Currently, polish public sector organisations are not ready to implement the idea of outsourcing. Firstly, due to current legal regulations and moreover due to risk aversion, lack of knowledge or limited knowledge on outsourcing, lack of efficiency goals in public institutions, and difficulties in investing potential savings in the institutional development.

What Causes the VAT Gap?

Author(s): Hana Zídková,Ján Pavel / Language(s): English Issue: 09/2016

This paper is focused on the possible factors influencing the value added tax (VAT) gap. The VAT gap is an estimate of unpaid VAT in the economy calculated as the difference between the theoretical VAT liability and VAT actually paid into the state budget. It is often expressed in relative terms as a percentage of unpaid VAT from the theoretical VAT that would be collected if all taxpayers report and pay VAT in full. The high value of this indicator may imply problems with tax evasion and inefficiency within the tax system. The article summarises the existing studies quantifying the VAT gap and seeking to identify the relationship between the VAT gap or VAT revenues and various economic, tax and social factors present in individual countries. The panel regression and pooled regression models were used in this paper to identify the statistically significant variables that have an impact on the VAT gap. From 21 variables, only four factors proved to be statistically significant. The analysis revealed that the increase in the ratio of VAT revenues to GDP causes a reduction in the VAT gap. Further findings were that if the standard VAT rate and the difference between the standard and reduced VAT rate are increasing, the VAT gap grows. Finally, the control variable – share of household consumption in GDP is increasing the VAT gap.

The Impact of Single Taxes on the Convergence of Taxation in the European Union

Author(s): Monika Švec Bušovská,Ladislav Bušovský / Language(s): English Issue: 09/2016

The European Union, as a result of original purely economic-oriented cooperation, cooperates in a number of areas including tax policy area. This paper results from works pointing out a tax convergence in the EU. The aim is to quantify the impact of single taxes and tax competition on the convergence of taxation in the EU. Panel regression with fixed-effects for the EU-28 countries between the years 1965 – 2011 is used. Two models report a statistically significant positive impact of all components but the most important determinants are tax competition and property taxes. All models meet diagnostic tests and are econometrically robust.

Economic and financial crises and changes in corporate governance in Russia (Part 1)

Author(s): Monika Fiedorczuk,Jerzy Grabowiecki / Language(s): English Issue: 3/2016

Motivation: Favorable conditions for the development of corporate governance in Russia emerged at the beginning of the 90s, together with the commencement of economic and political transformation. At the beginning, one of the main factors connected with building and developing a corporate governance system was the process of privatization of state-owned enterprises and main market reforms. In the subsequent years, more factors emerged, such as: further economic reforms, political transformations, adequate corporate legislation as well as financial and economic crises.Aim: The article’s main thrust is to evaluate the impact of financial crisis of 1998 on the evolution of selected internally and externally mechanisms of corporate governance in Russia.Results: The article uses theoretical analysis method based on a survey of literature and statistical data (especially from Russian Federal Statistics Service). The authors assume that the financial crisis of 1998 was a turning-point in the process of the evolution of corporate governance system in Russia. The crisis gave rise to new process of redistribution and consolidation of the ownership, caused significant changes in ownership structure and the process of building the new type of business groups (holdings). It caused the significant development of the corporate control market (mergers and acquisitions) as well as changes in the bankruptcy law.

Economic and financial crises and changes in corporate governance in Russia (Part 2)

Author(s): Monika Fiedorczuk,Jerzy Grabowiecki / Language(s): English Issue: 3/2016

Motivation: Favourable conditions for the development of corporate governance in Russia emerged at the beginning of the 90s, together with the commencement of economic and political transformation. At the beginning, one of the main factors connected with building and developing a corporate governance system was the process of privatization of state-owned enterprises. In the subsequent years, more factors emerged, such as: further economic reforms, political transformations, corporate legislation as well as financial and economic crises.Aim: The article’s main thrust is to evaluate the impact of economic and financial crisis of 2008 and the posible impact of actual crisis on the evolution of selected internally and externally mechanisms of corporate governance in Russia.Results: The article uses theoretical analysis method based on a survey of literature and statistical data (especially from Russian Federal Statistics Service). The authors assume that the 2008 crisis caused less significant changes in the process of the evolution of corporate governance system in Russia (in comparison with 1998 crisis). The crisis of 2008 resulted mainly in the increase in the state’s role, either as the owner as well as participant of the external corporate governance mechanisms. The impact of the current crisis on the corporate governance is possible because of restrictions in the access to foreign financial markets for big companies and the increase of dependence on financial support from the state.

Activity-Based Costing in Health Care Organizations

Author(s): Ljilja Antić,Vesna Sekulić / Language(s): English Issue: 4/2016

The concept of Activity-Based Costing (ABC) provides informational support to the performance of key management activities in different organizations. Focused on activities and processes within the organization, this concept, using appropriate cost drivers, provides more accurate information on activity costs and costs objects. The paper analyzes the specificities of applying the traditional and improved model of activity-based costing in health organizations.

Personal Income Taxes - Dual Taxation

Author(s): Miloš Ranđelović,Dragana R. Petković,Ljiljana Prole / Language(s): English Issue: 4/2016

Personal income tax is one of the most important tax forms in the tax systems of modern countries, very generous and flexible. Personal income taxation can be organized as regular, synthetic or mixed taxing. In modern tax legislation there are alternative ways of personal income taxing, such as the double taxation system, proportional tax on income and negative income tax. Fiscal reforms performed in Serbia were often delayed due to numerous, sometimes non-economic reasons. The seriousness and necessity of a dynamic approach to the process of the tax system reforms in our country is still topical. In this respect, the aim of this paper is to highlight the advantages and disadvantages of the double tax system, as well as to point out the need to reform the personal income taxation in Serbia.

Kształtowanie wyniku bilansowego a dyferencjacja form pierwszych ofert publicznych

Author(s): Tomasz Sosnowski / Language(s): Polish Issue: 4/2016

This paper empirically investigates the links between the specific strategies of earnings management and the different forms of initial public offerings. Using a sample of 221 IPOs from Warsaw Stock Exchange between 2005 and 2015 I find that the sale of secondary shares by the original shareholders in IPO is more likely in the case of companies, which aggressively manage their earnings. The data also reveal that issuance of new shares is more common in new stock companies with the negative value of the pre-IPO discretionary accuruals.

PROBLEMS AND PERSPECTIVES OF BANKING REGULATION IN UKRAINE DURING ECONOMIC CRISIS IN 2014-2016

Author(s): Bogdan Adamyk / Language(s): English Issue: 3/2016

This paper focuses on highlighting of essential moments and a behavior of banking system of Ukraine during the financial crisis of 2014-2016. We analyze the development of key banking indicators and bankruptcies of banks and run the segmentation of the banking system on various groups. We show that insolvency and bankruptcy of many banks with Ukrainian capital could be often attributed to illegal behavior of owners (shareholders) and top management of these banks regarding capital withdrawal and forced bankruptcy. Moreover, we run a critical analysis of the National Bank of Ukraine (Central Bank) and banking regulation during financial crisis. We show that the so-called “curators” or supervisors appointed by the National Bank of Ukraine contributed to the capital withdrawal and money embezzlement, and finally to the partial collapse of banking regulation. In addition, we analyze the operations of Deposit Guarantee Fund (DGF) on deposits reimbursements to depositors along with provisional administration and liquidation of insolvent banks. It turns out that DGF has not found investors for insolvent banks in most cases and the sale of assets of bankrupted banks has been non-transparent and inefficient.

FISCAL CONSOLIDATION EFFECT IN THEORY AND PRACTICE

Author(s): Oleksandr Dluhopolskyi / Language(s): English Issue: 4/2016

This paper focuses on the issues of fiscal policy and specific institutional mechanism represented by the fiscal consolidation that represent the powerful tools of preventing the debt crisis and strengthening fiscal discipline. The paper analyzes the cases of USA, Japan, and EU countries which implemented fiscal consolidation policy with a varying degree of success. The main value-added of our paper is the explanation and reasoning for the relevance of implementing fiscal policy in a crisis economy through “institutional arrangement” of fiscal rules into legal procedures of debt and fiscal strategy. The paper discusses the experience of Ukrainian fiscal consolidation based on up-date statistics and comes up with analytical results and discussions that might be interesting for both policy-makers and “big sharks” of the business community.

Stabilność finansowa jednostek samorządu terytorialnego w aspekcie nowej perspektywy finansowej Unii Europejskiej i zmian w systemie dochodów samorządowych

Author(s): Marzanna Poniatowicz / Language(s): Polish Issue: 4/2016

The aim of the article is to identify the key challenges facing local government units as beneficiaries of European Union funds in the new financial perspective 2014–2020, especially in the context of their financial stability and changes relating to their budget revenues introduced in recent years. The author assumes that in the system of local finances there are four key components which determine financial (fiscal) stability of local government units (gminas, poviats and voivodeships), projecting on the absorption capacity of these units as beneficiaries of EU funds. These are budget revenues, budget expenditures, results achieved (general and operational) and debt. In the article, special emphasis is placed particularly on the first of these categories, trying to link this topic with issues of financial stability of units of the public finance sector, as well as the issue of the specificity of the new EU financial perspective. An attempt was made to answer the question of why this perspective is much more difficult for the beneficiaries of local governments from the previous one, i.e. relating to the years 2007–2013.

Wydatki inwestycyjne jako stymulanta wydatków bieżących w miastach na prawach powiatu

Author(s): Marcin Będzieszak / Language(s): Polish Issue: 4/2016

The aim of the article is to indicate the strength of the impact of investment expenditures on operational expenditures in large cities in Poland. To achieve this goal theoretical background have been conducted, where justification for the increase in operational expenditure due to investment expenditures incurred in previous years was indicated. The article also points out the role of investment policy and its focus on the use of available , non-returnable sources of revenues (grants) . Therefore, for the research period 2004–2015 was chosen, i.e. comprising two programming periods of the EU funds. The analysis was performed using the classical least squares method and the fixed effects panel analysis. The results confirm that a statistically significant effect on the operational expenditures are primarily affected by investment expenditures in previous years, which is consistent with the objectives of the study

Władztwo zadaniowe gminy w postępowaniu z odpadami komunalnymi w gminie

Author(s): Dorota Burzyńska / Language(s): Polish Issue: 4/2016

Economy municipal wastes is the important priority in communal units of local governments in Poland. The introducing the new system from 1 July 2013 imposed on the local authority municipality new responsibilities. By creating the new system of the waste management the arrange of the waste reception, selective waste collection, maintenance and operation of the installation (for their recovery and disposal in accordance with EU expectations) has been taken into account. The aim of the article is to define the scope of the local task authority in municipal waste procedure in Poland, indication of the legal conditions, implementing the new system and the evaluation of the functioning the local authority activity implementation in the relevant ratios of the municipal waste management.

Limitowanie zadłużenia JST na przykładzie województw samorządowych

Author(s): Małgorzata Gorzałczyńska-Koczkodaj,Rafał Koczkodaj / Language(s): Polish Issue: 4/2016

Sekurytyzacja jako forma finansowania jednostek samorządu terytorialnego

Author(s): Dorota A. Hałaburda / Language(s): Polish Issue: 4/2016

This article presents a process of securitization, from a point of view of a local government, the initiator of the process. Securitization is a method of local governments units refinancing based on the use of assets. In Polish legal system there are basically two normative acts which provisions refers to the issue of securitization; the act on investment found and the Banking Law Act. Those acts do not regulate a securitization process as a whole. Securitization as a method of financing of local government units have many benefits. A process of securitization has been discussed as well as a cost of such a process of refinancing. The local governments should take into consideration advantages and disadvantages of this process.

Zadłużanie się jednostek samorządu terytorialnego w parabankach – przyczyny, skutki, przeciwdziałanie

Author(s): Maria Jastrzębska / Language(s): Polish Issue: 4/2016

The aim of this paper is to analyse reasons and effects of running up debts by local government units in shadow banking system and competences of supervision and control central organs in order to counteract such a debt. The main method to discuss the chosen topic is descriptive method. The article focus mainly on identification of existing in practice, reasons and effects of running up debts by local government units in shadow banking system and competences of regional accounting chambers, Supreme Audit Office, Prime Minister, voivodship governors, Parliament to counteract running up such a debt. In the article were formulated some recommendations in the field of changing law regulations as: introduction of prohibition for local government units to take a loan in shadow banking system; increasing competencies, especially of regional accounting chambers, in order to prevent local government units from excessive debt and to announce bankruptcy of highly indebted local government unit.

Zróżnicowanie zadłużenia jednostek samorządu terytorialnego

Author(s): Elżbieta Malinowska-Misiąg / Language(s): Polish Issue: 4/2016

The aim of the article is to present the diversity of the local government units’ debt in 2008–2015. The analysis takes into account the distinction between different types of the units (gminas, powiats, voivodships), but in the case of gminas it also includes separation of cities with powiat status – as the leading units in total local government debt structure. Special attention is given to the debt of local government units in its regional context, where you can see many interesting relationships. The paper begins with a presentation of the share of self-government debt in total public debt in Poland. The last section is focused on an analysis of local government units’ debt in 2015, with particular emphasis on so called an individual debt repayment indicator, which has been applicable as of 1 January 2014.