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Do Fiscal Drivers Matter for Sovereign Risk Spread in EU15?

Author(s): Irena Szarowská / Language(s): English Publication Year: 0

The price of government bonds reflects among other market confidence in governments' commitment towards sustainable fiscal policies. The aim of the paper is to examine the importance of fiscal fundamentals for sovereign risk spread in selected European Union member states in a period 1990-2012 and test if stronger fiscal discipline reduces sovereign risk premium. The empirical evidence is performed on unbalanced panel containing 15 EU countries and panel regression is a basic method of research.

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The Budget Support System in Eastern Partnership Countries

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

Here we present the general aims and characteristics of budget support in the EaP region, the volume of support and a breakdown by country. Budget support is the predominant EU tool in the Eastern Partnership countries, as around 60% of bilateral financial resources are scheduled to be spent through such means. This comprises financial assistance supporting government reforms and paid directly to the state budget of a specified country. Therefore, it requires close cooperation between the national administration and the EU delegation, ensured by frequent communication as well as the participation of common monitoring committees. Two types of budget support have been in use in the EaP region: general budget support and sector budget support. Under the former, funding is provided for a broad range of reforms planned by the government for a given period of time, for instance, implementation of the association agenda or action plans. The latter, sector budget support, goes for reforms only in a given sector, e.g., energy or health. Sector budget support has been the dominant form of support in all of the EaP countries except Armenia, where general budget support was employed.

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Ukraine: Too Big for School

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

This section presents how budget support has been used in Ukraine. Sector Budget Support (SBS) is the predominant EU assistance tool in Ukraine, with around 60% of all EU aid to the country planned to be spent in this way in the years 2007–2013. Six agreements were signed in the sectors of energy, energy efficiency, trade facilitation, environment, transport, and border management, and another is awaited in energy for an overall sum of €389 million. However, in total Ukraine received payments of no more than one third of this amount (€111.14 million) because since 2011 the EC has limited transfers for all operations. The main reason for this was non-fulfilment of a precondition on PFM, as since 2011 the country’s public procurement law and budgetary transparency have significantly deteriorated. This crucial condition ensures that funds are not fraudulently used. After two years of futile discussion on the implementation of this condition, the Ukrainian government finally adopted a PFM strategy in September 2013 (not made public) as this issue was made an EU condition to sign an AA.

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A Cross-Country Picture: Towards More Efficient EU Aid

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

The EU approach in the Eastern Partnership countries is to financially support concrete reforms: sector budget support operations are most commonly in use. Theoretically, such a tool, given teeth by precise conditions and indicators, should allow the smooth completion of the sector integration planned in the scope of the EaP. In practice, an analysis of the first years of use (2007–2013) shows that this instrument has potential in countries willing to integrate with the EU, while in the others its use has limited impact on guiding comprehensive reforms. The pace of fulfilment of budget support conditions differed much among the partners. This resulted mainly from the various level of willingness of the EaP governments to conduct Euoriented reforms. For Moldova and Georgia, the political will to integrate with the EU is clear, as proved by their determination to sign an AA. On the contrary, Armenia and Ukraine withdrew from signing such deals, a step that confirmed they were not interested in or were hesitant about EUbacked reforms. In Armenia, the EU had to stop support for DCFTA implementation and reshape its assistance, whereas for Ukraine the new pro-European government has signed the political part of the AA after an internal crisis. Azerbaijan is a case apart, as budget support was aimed to develop sector cooperation, but in the meantime it has shown it is not interested in complying with aid conditions on PFM: in this case, the EU help is rather useful in terms of advice on the directions of some reforms. Therefore, one can distinguish two groups of countries, EU-oriented and non-EU-oriented, with the latter being interested only in some sector cooperation.

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Poland: A Problem Shared?

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

Since the onset of the Eurozone debt-crisis, Poland’s approach to the EU has gone through at least three distinct shifts as it responds to the deepening of Eurozone integration and the changing locus of power within the bloc. The first of these saw Poland acting as the bloc’s equality supervisor, defending the principle of parity between governments, particularly as guaranteed by the supranational institutions. During its presidency of the Council in the second semester of 2011, it forged a successful partnership with the Commission and Parliament. Yet that effort ended with the British “veto” at the December summit and with the signature of the fiscal compact, a parallel legal architecture potentially excluding non-Euro members. For Poland, signing the compact meant still belonging, but to a different kind of EU.

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Wpłaty od plastikowych odpadów opakowaniowych niepodlegających recyklingowi – nowe źródło dochodów budżetowych Unii Europejskiej

Author(s): Maciej Cieślukowski / Language(s): Polish Publication Year: 0

Purpose: To present the construction of a new source of EU budget revenues (contributions from non-recyclable plastic packaging waste) and its assessment against the EU’s own resources system from the point of view of the set criteria. Design/methodology/approach: The study is of a literature and empirical character. The research consists of four stages. The first stage presents the evolution of the EU’s own resources in the period 1951–2020. Domestic literature and EU source documents in Polish and English were used. In the second stage, the construction of a new source of revenue was presented.The legal regulations of the EU were used. The third stage is the presentation of the proposed burden-sharing for the new resource between Member States in 2022. For this purpose, internal regulations and EU statistical data was used. In the final stage of the research, the new sourceof revenue was assessed against other own resources according to the criteria set (simple structure, transparency, fiscal stability and efficiency, link with the EU policy, low collection costs, fair burden sharing, financial autonomy). EU source material was used for this. The study mainlyuses the method of descriptive analysis, and for the assessment of own resources—also the method of qualitative multi-criteria analysis. Findings: The analysis shows that the new source of revenue is primarily characterized by a simple structure, low collection costs, is also closely related to the EU environmental policy, and ensures a relatively fair burden-sharing between the Member States. On the other hand, the weaknesses of the new source are poor transparency and poor fiscal efficiency. As a result, it provides the Union with little financial independence. The new source of revenue generally improves the quality of the entire system of UE own resources.

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Anti-inflation policy in Poland’s economy during the period of transformation and integration

Author(s): Ryszard Barczyk,Zuzanna Urbanowicz / Language(s): English Publication Year: 0

The aim of the article is to analyse the origin, course of inflation and scope of operation concerning the instruments of monetary and fiscal policy applied by the anti-inflation policy, as well as to evaluate their effectiveness for Poland’s economy in the years 2000–2021. To measure the relationship between decisions in the area of stabilisation policy and inflation, the authors carried out an econometric analysis using the dynamic autoregressive model with distributed lags. The parameters of the model confirmed that among the applied tools of monetary and fiscal policies, an anti-inflation nature was found between the monetary policy instruments and prices, and also linking budget expenditures with price level. Changes in budget incomes, according to the obtained results, were not conducive to price stabilisation in our economy. Anti-inflationary policy was dominated by monetary policy instruments. The anti-inflationary significance of fiscal policy has been much smaller since the beginning of the transformation of the Polish economy. Its anti-inflationary role increased in the period of difficulties related to the COVID-19 pandemic, in particular at the time of a strong increase in budget spending in the environment of rising price level.

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EKONOMSKO-FISKALNA OBILJEŽJA DRŽAVE BOSNE I HERCEGOVINE: STANJE I PERSPEKTIVE

Author(s): Kadrija Hodžić,Željko Rička / Language(s): Bosnian,Croatian,Serbian Publication Year: 0

In this article, the authors give arguments to develop the thesis that the constitutional order of Bosnia and Herzegovina ignores the government’s financial sovereignty, and conclude that Bosnia and Herzegovina is fiscally sovereign as much as a confederation. In the centre of economic and political-legal debate on the statehood of Bosnia and Herzegovina are different approaches to the allocation of responsibilities between the state and its entities, and approaches to organization of government. In this discussion, the dominant question is whether Bosnia and Herzegovina can be considered a federation or a confederation. In the disagreement of national and political elites, the dominant conflict is based on ethno-national notions of ethnic homogeneity and national sovereignty over “own territories”. The solution for the sustainability of Bosnia and Herzegovina in this article is observed through two conceptual levels. In the first, the involvement of the international community, especially the European Union, in designing the changes of Dayton Agreement seems inevitable. According to the second, Bosnia and Herzegovina will have to reconcile the current irreconcilable differences of its national political elites on its own. In both cases, the minimum acceptable framework for all legal solutions should include the establishment of mechanisms for fiscal sustainability of Bosnia and Herzegovina, including economic-fiscal coordination between the entities and the Brcko District, protection of equal individual and collective rights, equality of the constituent peoples in the entire territory of the country, including minority rights, and the adoption and implementation of international treaties and conventions on human rights.

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EUROPEAN UNION HEALTH SYSTEMS AND RESPONSES TO THE ECONOMIC CRISIS

Author(s): Jasmina Selimović,Velma Pijalović,Tea Mioković / Language(s): English Publication Year: 0

There is no doubt that the overall health of the population is the area of a special social concern of a state, hence, this concern is most often expressed through complex systems of healthcare insurance. Having in mind the fundamental social significance of the healthcare system, debates pertaining to its functioning and efficiency have been ubiquitously present all around the globe. The importance of scientific and practical research in the healthcare area are becoming particularly important in the unfavorable economic conditions as have been present in the most of the World’s countries during and after the 2007 economic crisis. Considering the severity of the crisis, many of the countries have been facing the need for a revision of their health systems in order to assure sustainability of their healthcare in newly arisen, adverse and uncertain financial reality. Additionally, although the healthcare systems can be grouped and attributed to a certain model, we must not neglect the fact that healthcare systems are different from state to state and that they are under a strong influence of history, tradition, political system, economy and national values of every state. Because of this, it has not been possible to offer a single set of universally efficient measures for tackling the crisis’ repercussions on healthcare systems. In this paper we analyze the responses implemented by European Union countries in the light of the most recent economic crisis, deemed unprecedented in the Union since its establishment.

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Зеленото бюджетиране като иновативна бюджетна методика – средство за постигане на глобалните климатичните цели

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

The innovative budgeting methods are becoming a tool for achieving specific goals related to the impact of organizations on the environment. Green budgeting is a used for achieving environmental goals. Its role in public policy is essential, and the prospects for its application in the private sector are broad as well. However, science and practice in Bulgaria are lagging behind this trend. Thus, it is necessary for the private and the public sector to build expertise and gain experience in the field of green budgeting.

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Polski Ład z perspektywy sektora finansów publicznych

Author(s): Aleksander Łożykowski / Language(s): Polish Publication Year: 0

Purpose: The purpose of the article is to present the scope and importance of Polish Deal on the public finance sector. Design/methodology/approach: The disponible data on Polish Deal impact assessment will be analysed in terms of the impact on public finance sector. Findings: Polish Deal is one of the most important changes in the Polish tax and contribution system with an impact of PLN 26 688 million. Set of changes constituting a Polish Deal impacted most heavily on local governments budgets, less on central budget while the National Health Fund benefited the most. However, this does not involve clear impact on the spendings for health system in Poland. An informal and formal legislative procedure had a greatest impact on the configuration and cost of Polish Deal. One of the most important consequences of Polish Deal in terms of public finance sector was also the total change of the income tax expenditures.

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Polski Ład z perspektywy form opodatkowania i oskładkowania dochodów osób fizycznych

Author(s): Monika Banaszewska / Language(s): Polish Publication Year: 0

Purpose: The aim of the chapter is to assess changes sanctioned under Polish Deal in the field of taxes and contributions imposed on the income of natural persons with a particular emphasison natural persons engaged in non-agricultural economic activities. Design/methodology/approach: The reasons for the introduction of the legislative changes and their economic effects were discussed. Findings: Polish Deal in the field of taxes and contributions on natural persons affects various functions of budgetary policy: revenue collection, redistribution, stabilisation and stimulation. Of particular importance are changes in the rules of calculating and deducting health insurance contributions. The impact of Polish Deal on labour supply and entrepreneurship is not clear-cut.

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Изкуствен интелект във финансовата система за защита на сигурността

Author(s): Boyko Mitkov Petev / Language(s): English,Bulgarian Publication Year: 0

The digital transformation carried out in banking and non-banking financial institutions through the use of artificial intelligence and not only is the basis for increasing both financial security and countering money laundering and terrorist financing, with one clear goal – protecting the public interest and preserving the wealth of the population and companies. The use of artificial intelligence as a new technology tool is part of the ongoing digital transformation and its highest form.

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Финансова сигурност и изкуствен интелект

Author(s): Boyko Mitkov Petev / Language(s): English,Bulgarian Publication Year: 0

Investigating threats related to financial security to minimize and eliminate the negative impacts and encroachments of fraud attempts on people, businesses, the state and the EU are current security issues and challenges. The Internet has become a hyper-attractive place for criminals, as they often use tricks and promises to obtain money or valuable banking information. The techniques and tactics used are increasingly innovative and difficult to detect and deserve a thorough review in order to protect potential victims of bank fraud from threats. In this direction is the application of the unlimited possibilities of artificial intelligence.

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Приложение на изкуствения интелект при извършване на данъчен контрол върху онлайн търговията и влиянието върху финансовата сигурност

Author(s): Nedyalka Ivanova Petrova / Language(s): English,Bulgarian Publication Year: 0

The report examines the application of artificial intelligence in the execution of revisions of e-commerce merchants through courier services in connection with the collection and comparison of a large amount of data in electronic format. Attention shall also be paid to the case-law in which the tax assessments under appeal concerning those revisions are annulled.

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Изкуственият интелект и влиянието му върху данъчната сигурност

Author(s): Nedyalka Ivanova Petrova / Language(s): English,Bulgarian Publication Year: 0

This report looks at the possibilities for the application of artificial intelligence in the tax control carried out by the National Revenue Agency and the impact on tax security.

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Luka VAT i jej konsekwencje dla finansów publicznych – perspektywa UE i Polski

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

Purpose: The purpose of the chapter is to examine the fiscal significance of VAT in Poland and other European Union (EU) countries and to demonstrate its role in balancing public finances of these countries. Then, estimates of the tax gap in 2019 and 2020 (for the EU) and additionally in 2021 and 2022 (for Poland) were presented, while an attempt was made to identify the impact of the COVID-19 pandemic on its level. Design/methodology/approach: The chapter consists of three points. The first section presents the fiscal significance and role of VAT in EU countries. The subject of the second point is the characteristics of the VAT gap in EU countries and an attempt to demonstrate the impact of the COVID-19 pandemic on its amount, while the third point presents estimates of the VAT gap for Poland in 2021 and indicates the implemented initiatives that contributed to its significant reduction. Findings: The National Revenue Administration (KAS) successfully uses the opportunities created by the development of the digital economy in order to improve its functioning. The period of a very strong decrease in the VAT gap in Poland occurred in 2016 and 2017. Poland approached the EU average in terms of this size. During this period, the Ministry of Finance introduced many legislative, systemic and organizational measures aimed at increasing the degree of fulfillment of VAT obligations. The sealing and streamlining solutions implemented at that time and in the following years proved to be resistant to the epidemic crisis, because even then – under the conditions of restrictions in the functioning of KAS – they allowed to maintain the downward trend of the VAT gap.

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Ryzyko podatkowe związane z VAT w czasach pandemii

Author(s): Łukasz Pastuszka / Language(s): Polish Publication Year: 0

Purpose: The purpose of this chapter is to analyse the risk resulted from COVID-19 pandemic, the increase of the risk for the entrepreneurs concerning unconscious participation in tax fraud. This chapter pictures the difficulties taxpayers have faced and in which areas entrepreneurs should pay extra caution when participating in business transactions. This will enable to illustrate the problems taxpayers faced during the COVID-19 pandemic. Design/methodology/approach: Analysis based on the author’s experience, theses based on decisions of administrative courts, data published by the Ministry of Finance and publications concerning of the COVID-19 pandemic. Findings: The analysis showed that the COVID-19 pandemic relevantly influenced the risk of the entrepreneur’s unwitting participation in tax fraud. The pandemic increases the interest in illegal activities aimed at rapid profit, caused by emerging “opportunity”, the occurrence of new conditions. At the same time, it significantly hindered the verification processes of contractors. It is more difficult for an entrepreneur to demonstrate due diligence than in the previous period. For this reason, entrepreneurs should be particularly careful in economic transactions, especially those concluded with new contractors.

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Międzynarodowa pomoc administracyjna państw członkowskich UE w zapobieganiu i zwalczaniu oszustw związanych z VAT

Author(s): Agnieszka Krysztofiak / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to identify and present the rules of administrative assistance between EU Member States in the field of VAT aimed at combating fraud. Administrative assistance instruments such as automatic exchange of information, information exchange on request, information exchange without prior request, Eurofisc network, Multilateral Controls (MLC) and Presence in Administrative Offices and Participation in Administrative Enquiries (PAOE) were characterised and compared. Finally, the challenges faced by the tax administrations of EU Member States in the combating fraud were presented. Design/methodology/approach: To achieve the purpose, an analysis of legal acts was used, including in particular Council Regulation (EU) No. 904/2010 of 7 October 2010 on administrative cooperation and combating fraud in the field of Value Added Tax as well as the documents published by the European Commission and issued internal by Supreme Audit Office (Najwyższa Izba Kontroli, NIK). Findings: Based on the analysis, it can be concluded that close cooperation between administrations is of great importance for the efficiency of the tax authorities of all EU Member States. The exchange of information between Member States should mainly be based on joint analysis of information and joint direct actions. Such an innovative approach will enable full use of the anti-fraud tools available within the European Union and, consequently, will contribute to faster elimination of VAT fraud. Cooperation between countries using the tools described in this chapter is the most appropriate way to combat cross-border VAT fraud.

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Podatkowe oddziaływanie na politykę rachunkowości

Author(s): Artur Jastrzębowski,Dawid Obrzeżgiewicz,Jarosław Szyszka / Language(s): Polish Publication Year: 0

The authors discuss the practical impact of solutions used in tax law on the accounting policy of entities which keep accounting books. The purpose of this chapter is to verify whether entities adopt and include in their accounting policies solutions resulting from specific provisions of tax law. Discussing the basic differences between accounting and taxation systems, the authors point to the basic theoretical distinctions in the process of identification, valuation and recognition of economic operations. To achieve the research goal they detail the differences in the valuation principles of both legal systems, which are disclosed in the entities’ accounting policies. Using five case studies, they analyse the accounting policies of entities from various industries, presenting the use of tax valuation methods inthe accounting policies.

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