Vývoj ekonomických indikátorů ČR a SR v letech 2005–2010

Author(s): Petr Valouch / Language(s): Czech Publication Year: 0

The aim of this paper is to analyze the development of basic macroeconomic indicators in the Czech and Slovak Republic in the period 2005 - 2010. The purpose of this analysis is to provide essential input for the next part of the solution of the research project “Impact of selected public policies on regional development in Slovakia and the Czech Republic” solved by mutual cooperation between the University of Economics and Management of the Public Administration in Bratislava and the Faculty of Economics and Administration of the Masaryk University in Brno.

Analýza nabídky bankovních produktů pro subjekty veřejné správy v regionech

Author(s): Jan Krajíček / Language(s): Czech Publication Year: 0

The financial sector is undoubtedly a major impact on the economic development of regions. It cannot forget the influence of the state, and particularly the state budget subsidies from the European Union, from which also financed numerous municipal projects, regional development, but the effect of the financial sector is indispensable. For support for regional development of the financial sector (especially banks) must be considered not only the provision of funds in the form of loans to municipalities directly, but also ensure that payments and other financial services to municipalities and last but not least, for the further development of business activities, which are then reflected in developing regions.

Would the Russian Economy Turn into a Lost Decade?

Author(s): Miloš Bikár,Katarína Vávrová,Marina Sedliačiková / Language(s): English Publication Year: 0

During the last couple of years the Russian economy was marked by a severe problems, those could turn into a quite long-lasting recession. The economic sanctions and low commodity prices caused significant damage and economic turmoil. The corporate and state-controlled investment into Russia significantly fell jointly with sharp rubble depreciation against major currencies. The paper deals with the analyses and predictions of the Russian economy development and the main factors influencing the current and future economy and the structure of GDP. The objective of this article is to analyse the time-varying nature among Russian GDP, oil prices and some major macroeconomic variables. The results of the carried out research reflected that the oil prices has played a key role and has indeed changed the nature of correlation relationship between analysed variables. The paper highlights the monetary policy including currency prediction, public debts, inflation levels, as well as commodity export dependency.

Holdings of Government Bonds by Commercial Banks during the Financial and Debt Crisis in Europe

Author(s): Vladimír Gvozdják,Božena Chovancová / Language(s): English Publication Year: 0

The government bonds of the EU countries were considered a safe investment amongst investors and asset managers. The main motive for their holding by commercial banks was to achieve additional revenue from investing spare funds and to store liquidity in them since they can be quickly sold on the secondary market or used as a collateral in refinancing operations. In this working paper we focus on the current issues related to government bond holdings by commercial banks. With the advent of financial and debt crisis some countries failed to meet their liabilities connected with bonds towards investors. This changed the global view of sovereign bonds as the safest form of investment. Based on the analysis of data provided by the Statistical Data Warehouse of the European Central Bank we focus on the evolution of government bond holdings by commercial banks during the debt crisis in Europe in 2010 – 2014 in selected EU countries. By using the panel data regression we will try to estimate the impact of some of the significant determinants which influenced the volume of the holdings – namely credit rating of the sovereign bonds and their interest rates. This regression suggests that there is a correlation between these independent variables and the holdings by commercial banks.

Accrual Accounting in the Army of Great Britain - Clarity, Transparency, and Accounting Data Analysis Options

Author(s): Miroslav Krč,Vladimír Golik,Jana Vodáková / Language(s): English Publication Year: 0

The article "Accrual accounting in the Great Britain army - clarity, transparency, and easy accounting data analyze" analyzes the application of the accrual accounting and resulting consequences of the introduction of resource accounting and budgeting in the Great Britain Armed Forces. The analysis was based on the selected financial statements: Summary of Resource Outturn; Operating Cost Statement, Balance sheet. The horizontal analysis was used to analyze trends of the changes on the annually managed expenditure limits during the period of RAB implementation. The Great Britain army was monitored as a business. Analyzed reports show data for the current and last year. Using data from individual years there was calculated the increase in absolute terms and as well as in percentage terms (growth rate). The original absolute data from financial statements are monitored in certain contexts. Analysis of the trends examined the changes of absolute indicators over time. Change is expressed in percentage or index. How many units of the item has changed over time? (Absolute change) and how many percent of the item has changed over time? (Percentage change). In the horizontal analysis we measured the development of selected items of expenditure limits and capital resources (Resource / Capital DEL) and Annually managed expenditure (AME).

Comparison of Health Care Results in Public Health Systems of European Countries

Author(s): Viera Pacáková,Pavla Jindrová,David Zapletal / Language(s): English Publication Year: 0

Health of citizens is a precondition for economic prosperity. Ensuring optimal functioning of health systems at limited financial resources of countries and regions is a difficult task. Its solution requires a lot of information that can be obtained only by appropriate analysis of data collected by authorized world, European and national institutions. About the state of public health systems there are collected and published a number of data on the regional, national, EU or OECD countries, continental and the world level. These databases can be used for comparative analyses on health status, risk factors to health, health care resources and utilization, as well as health expenditure and financing. Huge differences in health and healthcare exist between and within countries and regions. The aim of this article is to present the results of application of multivariate comparison statistical methods, regression analysis, factor analysis and cluster analysis, which provide an overview of the health care status and public health systems expenditures, various causal relations and regional differences or similarities. This information is essential to the development of national and international health policies for treatment and financial budget of public health systems.

NOVA RAZVOJNA PARADIGMA – POST-COVID RAZVOJ

Author(s): Tihomir Domazet / Language(s): Serbian Publication Year: 0

The relative development of Croatia in relation to the EU27 was 85.1% in 1986, and 59.5%in 2020, while the same ratio for Serbia is 66.0% (1986) and 37.5% (2020), and for allCEEC17 countries accounted for 62.0% (1986) and 70.4% (2020), respectively. So, simplified,it is a failure of convergence.Gross national income (GNI) is also unfavorable, so the GNI/GDP ratio CEEC17 was 85.0%in 2008 and 97.5% in 2019.Several CEEC17 countries essentially failed to resolve the crisis (2008), and then the whole world was hit by a pandemic, which can be classified as a natural disaster. Although almost all countries in the world are trying to solve the COVID-19 crisis by the common economic and financial measures, problems and doubts arise at the same time.There are some estimates of economic growth in the period 2021-2030, for example for Croatia2.0% on average per year, according to which individual development would still be significantly below the 1986 level. Thus, the question arises as to whether significantly higher growth and development can be achieved in the period 2021-2030, or what measures should be taken to achieve this.The new system is based on several postulates: (i) abandonment of existing economic models as well as economic theories that are no longer valid, (ii) creation of a development paradigm based on new social and economic relations brought by COVID-19, (iii) greater use of knowledge, technologies for the benefit of labor and society as a whole and (iv) a new relationship between economics and philosophy as the driving force of development.COVID-19 brings tremendous changes, and the existing Western civilization cannot provide answers to insoluble contradictions, which means that a new world and a new system is just emerging.A podcast to the new system is a possible contribution of regional connectivity to the new development paradigm.

UTICAJ PANDEMIJE VIRUSA KORONA NA OPORAVAK I RAST PRIVREDNIH SUBJEKATA U MALIM EKONOMIJAMA ZAPADNOG BALKANA − S OSVRTOM NA REPUBLIKU SRPSKU

Author(s): Dragan Mikerević,Đoko Malešević / Language(s): Serbian Publication Year: 0

The coronavirus pandemic has threatened not only our lives but also the maintenance of economic life. Prohibitions and restrictions, introduced due to epidemiological reasons, disrupted the established global, regional and even local supply chains, which ultimately affected the reduction of the volume of business activities of companies. That is why the financial performance of companies in the Republic of Srpska, as well as in most economies in 2020,is worse than it was before the coronavirus. In order to remain on the market and eventually grow, the economy in the Republic of Srpska does not have long-term available capital, so the chance should be sought through debt restructuring and other forms of financing and the precondition for that is a much more favorable business environment than the existing one.

Czy pandemia COVID-19 zmieni spojrzenie na rolę państwa w gospodarce w warunkach kryzysu?

Author(s): Oskar Urban / Language(s): Polish Publication Year: 0

Purpose: To answer the question of whether the COVID-19 pandemic will change the perspective on the role of the state in the economy under crisis conditions. Design/methodology/approach: A critical review of the literature on the role of the state in the economy, including its response to economic crises caused by various factors, was conducted. The achievements of various schools of economic thought were taken into account. The economic crises that occurred in the 20th century have been singled out. The most important actions taken by various states in the face of these crises are also presented. Findings: Views of the role of the state in the economy have been changing. The role of the state in the economy was viewed differently before the Great Depression of the 1930s and differently during it. There were clear disagreements about how the UK government responded to the crisis of the 1970s. Greater consensus on state interference in the economy was observed in response to the financial crisis that began in 2007. Countries with different political and economic systems reacted in a similar way to the crisis caused by the COVID-19 pandemic. Originality and value: The view of the role of the state in the economy is different depending on the values of the ruling party in a given country. The view also differs depending on the political system of the country and the prevailing (most popular) economic doctrine at a given time. Nevertheless, under conditions of economic crisis, the economic policy of states is characterized by increased intervention, regardless of the economic system in force in a given country. The reactions of governments to the crisis caused by the COVID-19 pandemic confirmed this observation.

Audyt podatkowy jako zewnętrzny mechanizm nadzorczy

Author(s): Edyta Małecka-Ziembińska / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to identify, characterize and compare types of tax audit and their location in the structure of the internal tax supervision framework. In addition, the role of tax advisory companies, audit companies, tax advisers and statutory auditors in this processwas highlighted. Design/methodology/approach: To achieve the purpose, an analysis of legal acts was used, including in particular the Tax Ordinance, as well as the documents of the National Revenue Administration (KAS) operationalizing the shape of the Cooperation Programme and its components. Initial data on the number of cooperation agreements and entities submitting applications for such agreements were also collected and analysed. Findings: In the light of the presented analyses and statistics, the tax audit institution is at the initial stage of development. In the case of an audit carried out by the Head of KAS, only pre-audit procedures are developed and verified, which is aimed at checking the taxpayer’s settlements in terms of potential risks related to the fulfillment of tax obligations and allows to determine whether the taxpayer has not only the willingness, but also the ability to effectively supervise tax function. There is no—so far—practice of monitoring audits aimed at ensuring that the Head of KAS can exercise effective and efficient supervision over the correct implementation of the cooperation agreement. There is a strong feedback loop between the latter type of audit and the audit of the tax function. The higher the level of effectiveness and adequacy of internal tax supervision, and the higher the level of tax function audit, the lower will be the scope and form of supervision carried out by the Head of KAS, especially in the form of a monitoring audit. Taking into account the complexity, high dynamics, as well as interpretative divergences and ambiguous jurisprudence of tax law, the development of the tax audit service can be expectedin the near future—not only within the framework of the cooperation agreement, but also outside such an agreement.

Digitalizacja rozliczeń VAT na tle zasady proporcjonalności

Author(s): Mateusz Bujak / Language(s): Polish Publication Year: 0

Purpose: The main objective of the following article is an analysis of the newest digitization tools included in Polish legislation with emphasis on their compliance with proportionality principle expressed in the jurisprudence of courts. Design/methodology/approach: In the study, the author used methods such as the analysis of legislative solutions, VAT gaps, and VAT settlements obligations across the Europe. The author also cites opinions of tax law experts to indicate their attitude to new solutions. Findings: The incompatibility of new digitization solutions with the proportionality principle has been demonstrated, mainly in the scope of imposing too much information burdens that are largely unjustified in terms of combating the VAT gap or complying with VAT obligations. The introduced solutions made the fulfillment of obligations even more complicated and introduced uncertainty relative to the legal basis of the new solutions. However, positive changes emerged, leading to some extent to compliance with the principle of proportionality in the simplifying changes in the last amendment to the law.

Koncepcje opodatkowania zysku w sektorze cyfrowym

Author(s): Szymon Mamajek / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to present and compare the proposed, as well as so far implemented digital tax models in selected countries, with particular emphasis on Poland. To the extent necessary, the issue of economic value creation using digital interfaces and the digital business models based on them will be discussed, which will be necessary for further consideration of the tax challenges associated with the digital economy. Design/methodology/approach: The goal was accomplished by analysing the literature on the subject, researching legislation or drafts there of, and other sources, including reports, policy papers, and Internet sources. The study examined, among other things, the European Commission’s draft directives, as well as Austrian, Spanish, Polish and Turkish legislation on the taxation of digital services. Findings: Digital taxes in the countries that were the focus of this chapter show numerous commonalities with the DST model developed by the European Commission. In those tax jurisdictions, the biggest changes can be observed in terms of the object of taxation, which was restricted for Austria, Spain and Poland and expanded for Turkey. Significant differences are also observed in the definitions of the taxpayer with threshold values for local income, as well as tax rates. Of the analysed digital tax models, the Spanish ISDS had the most in common with the DST model and the Polish VOD tax had the least. As far as the Polish proposal for a full DST model is concerned, some doubts about the legal quality of this solution have been raised in the literature.

Potencjalne implikacje podatku od transakcji finansowych dla rynku i inwestorów na Giełdzie Papierów Wartościowych w Warszawie

Author(s): Przemysław Gerschmann,Anna Siwiec,Wojciech Świder / Language(s): Polish Publication Year: 0

Purpose: The main aim of the chapter was to present the idea and the current state of work on the financial transaction tax (FTT) at the national and EU level. Moreover, in the empirical part, it was decided to estimate the burden of this tax on investors on the Warsaw Stock Exchange in order to assess the legitimacy of introducing FTT from the point of view of the domestic capital market. Design/methodology/approach: The research method used in this chapter is the review of the literature and legal acts concerning the financial transaction tax (FTT). In the empirical part, the tax burden on investors on the Warsaw Stock Exchange (WSE) was estimated. Additionally, based on data collected from the WSE and the tax rate proposed in the 2015 Polish FTT project,a simulation of the state budget revenues from this tax was carried out. Findings: The amount of the state budget revenues from the financial transaction tax on the Warsaw Stock Exchange estimated in the chapter is between PLN 416.1 and 654.4 million. The estimates were made taking into account the stock exchange turnover in 2015–2020 and assuming the tax burden only on individual investors trading instruments on their own behalf. The introduction of the tax with the rate proposed in the 2015 FTT project was assessed negatively, taking into account the further development of the Polish capital market and the competitiveness of GPW S.A. compared to other European exchanges. In the event of a possible implementation of the FTT in the future, it is the amount of the tax rate that is important. FTT should be introduced with a lower rate than the proposed one, and bearing in mind the time—tax should be proposed in the period of high volume and low volatility on the WSE. There after, the tax rate could be increased if turnover and volatility were not distorted.

Opodatkowanie nieruchomości w Polsce – symulacja zmiany na podatek katastralny

Author(s): Joanna Dąbrowska,Agnieszka Górska / Language(s): Polish Publication Year: 0

Purpose: For many years, there has been talk of a real estate tax reform that could positively affect the financial situation of local governments. The aim of the study is to assess the fiscal efficiency of real estate tax on the example of four selected communes located in the Kujawsko-Pomorskie voivodeship. Design/methodology/approach: At the beginning, the current structure of the analysed taxis shown. Then, the structure of revenues of local government units was presented and the importance of revenues from real estate tax was indicated. Cadastral tax has been defined and its essence explained. The advantages and disadvantages of ad valorem tax, both from the taxpayer’s and the commune’s point of view, have been identified. In order to achieve the aim of the study, the authors used a simplified simulation of a few selected real estates from given communes. Different percentages were used to determine the potential income in an ad valorem tax situation. The basis for the analysis is the literature on the subject, legal acts, statistical data and conclusions from the study. Findings: The result of the considerations described is the assessment of the effectiveness of the real estate tax reform implementation.

Механизъм за предупреждение на макроикономически дисбаланси в ЕС – концептуална рамка и литературен преглед по проблема за финансовата дисциплина и макроикономическите дисбаланси в ЕС

Author(s): Silvia Trifonova,Valya Vasileva / Language(s): Bulgarian Publication Year: 0

This article focuses on the EU’s macroeconomic imbalances prevention mechanism. The aim of the article is to explore the nature and conceptual framework of this mechanism and to systematize, group and critically analyze the theoretical and empirical research on the problem of financial discipline and macroeconomic imbalances in the EU. To achieve the set goal, the following research methods were used – theoreticalmethodological, inductive-deductive, method of analysis and synthesis, historical-logical approach, comparative analysis, systematic approach, and others. The first part of the article clarifies the nature of the mechanism for preventing macroeconomic imbalances in the EU. The second part of the article provides a literature review and critical analysis of theoretical and empirical research on the problem of financial discipline and macroeconomic imbalances in the EU. Finally, the article concludes with a summary of the findings of the study.

Кайзен концепцията като основа за съвременна бюджетна методика

Author(s): James Jolovski / Language(s): Bulgarian Publication Year: 0

Intensive research related to budgeting is focused on various areas. One of the leading ones considers the specificities and the application of different budget methodologies. However, the publications dedicated to the motives and principles for their development and categorization are limited. The Kaizen concept is the basis of one of the relatively new budget methodologies, which has not been thoroughly analyzed in Bulgaria. The need for an overview of the methodologies is needed to determine its place. Furthermore, such review presents opportunities for rethinking the concept of the budget in the view of its expanding application.

Пандемията КОВИД-19 и съответствието на системата на финансиране на Европейския съюз с основополагащата цел за кохезия и с основните ценности за равенство, демокрация и върховенство на правото

Author(s): Dencho Georgiev / Language(s): Bulgarian Publication Year: 0

The package of the European Union's Multiannual Financial Framework 2021-2027, including the Green Deal and the Own Resources Decision, was conceived as the EU's main response to address the devastating effects of the COVID-19 pandemic. However, the question arises as to what extent the acts of this package, as well as the system of the financing of EU policies as a whole, are consistent with the fundamental objectives and values enshrined in the Treaties on the European Union. In particular, in view of the expected deepening of economic, social and territorial inequalities as a result of the pandemic, it is of key importance to answer the question whether the MFF package complies with the fundamental aim of cohesion and solidarity between Member States in Article 3 of the EU Treaty, which in turn is based on the values in Article 2 TEU, including equality, democracy and the rule of law, which are at the top of the hierarchy of EU law. The paper offers answers to this question, paying particular attention to the requirement under Article 175 of the Treaty on the Functioning of the European Union that all EU policies (not only its cohesion policy) and actions, as well as the functioning of its internal market, are consistent with the objectives of cohesion and contribute to their achievement. What follows from this requirement is a sui generis primacy of the objectives of cohesion over the objectives of all other EU policies and activities.

Многогодишната финансова рамка на Eвропейския съюз и неговите основни цели и ценности

Author(s): Dencho Georgiev / Language(s): Bulgarian Publication Year: 0

Brexit is an opportunity for the EU to bring its finances in line with its fundamental aim of cohesion and with its fundamental values of equality, democracy and the rule of law, incl. the requirement of Art.175 TFEU that all its policies and actions and the implementation of its internal market shall contribute to the achievement of the objectives of cohesion. This could be done by eliminating the regressive elements and introducing progressivity into the system of ‘own resources’ and the financing of the policies of the EU. In the new MFF progressivity could be introduced for Member States’ contributions based on GNI, with a coefficient which would reflect the percentage deviation of the respective Member State from the EU average GNI per capita. ‘Automatic progressive stabilizers’ could take the form of ‘progressive national co-financing' for Member States above the cohesion threshold of 90% of the EU average GDP per capita, with a progressive increase of national co-financing depending on the deviation from the EU average GDP per capita.

Zaključci i preporuke

Author(s): Not Specified Author / Language(s): English Publication Year: 0

Poglavlje 32: Finansijska kontrola

Author(s): Marko Sošić / Language(s): Montenegrine Publication Year: 0

Svi napori učinjeni ka harmonizaciji u ovom poglavlju direktno će se održavati na živote građana i građanki Crne Gore, jer se radi o izgradnji sistema koji za cilj ima zakonito, efikasno, efektivno i ekonomično trošenje sredstava poreskih obveznika.