ACTUALA RECESIUNE
A retrospective overview of the Financial Crisis, causes, consequences and predictions.
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A retrospective overview of the Financial Crisis, causes, consequences and predictions.
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The application of the earlier Pension and Disability Insurance Act caused constant losses that resulted in a high deficit in the Pension and Disability Insurance Institute. This finally raised serious questions about the pension system solvency in FB&H, pension adequacy and regular pension payments. In addition, bad economic and demographic situation, decline in working-age population, emigration of the young working class population etc. are just some of the reasons that also indicated the need for pension system reform in FB&H. This paper deals with the current reform of the pension system in FB&H through the analysis of the recently adopted Pension and Disability Insurance Act and the novelties introduced by it. Special emphasis is given to the provisions containing the elements of unlawful discrimination as well as unconstitutionality. As such, these provisions are contrary to the European and regional trends, the international conventions and to the Constitution of FB&H. As an obvious example of unlawful discrimination the paper particularly stresses the provision denying unmarried partners’ access to the survivor's pension. Also, the provision suspending the pension payments to one group of pensioners represents a violation of the right to property guaranteed by the FB&H Constitution and as such could be used as the basis for initiating a procedure for assessing its constitutionality. The analysis of the disputed provisions of the Pension and Disability Insurance Act points to their discriminatory and unconstitutional character and to the need for their amendment in order for FB&H to follow the European path and comply with the constitutionally accepted obligations with regard to the international conventions.
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The article discusses instability of tax rule in the construction industry. The author describe the practical problem of tax (VAT) in the whole industry and discrepancies in rules that cause misinterpretation and substantial sanctions for taxpayer.
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The article attempts to identify and assess the investment activity of Polish provincial capitals. Based on the group of diagnostic characteristics (municipal investment expenditure per resident, municipal investment expenditure against total municipal expenditure, municipal investment expenditure against its own revenues and investment expenditure per 1 km2 ) taxonomic synthetic measures were constructed for the studied cities. The research covered the years 2004–2014, the period of particular investment intensity resulting from the inflow of the European Union means. The research is important to determine the distance dividing the studied cities in terms of the selected aspect of development and, moreover, it allows identifying groups of cities characterized by a similar level of investment activity.
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Alcohol price policy is one of the most tightness areas in the state regulation. Alcohol industry protects its economical interest. The state has dual interest: to protect public health and to have profit from excise duties of alcohol beverages. These processes has direct link with consumption of alcohol and fixed excises duties and others alcohol price regulations tools. Alcohol consumption is very high which causes very high mortality, alcohol-related harm to person and society during the past decade in Lithuania. The research related to alcohol price policy shows direct connection between alcohol consumption and alcohol price. In general low prices lead to high consumption. The research of alcohol policy shows that alcohol excise duties, minimum price per ml of pure alcohol and ban to discount below fixed minimum price are the most discussed and used tools of alcohol price regulations. If excise duties are enough high, they raise the price of alcohol and prevent all society from alcohol related harm. Minimum price has to be related with price per ml of pure alcohol. This tool works well with restriction of discounted sales below a certain price per ml of pure alcohol. The balance of excise duties (income from alcohol tax) and cost-cutting for alcohol related harm is very important for Lithuania which faces the state budget deficit. The object of this article is excise duty of alcohol, price and consumption during 2000-2009 years. The main purpose of this study is to analyze how alcohol price and excise duties influence sale, consumption and income to national budget. Study is based on literature review and statistical analyses of data from State tax inspectorate under the Ministry of Finance of the Republic of Lithuania and Department of Statistics to The Government of the Republic of Lithuania Conclusion: Only alcohol excise duties, as one of the alcohol price regulation tools, formally used in Lithuania. The excise duties are various for the type of alcohol beverages. Excise duties are not balanced especially for beer. The consumption of pure alcohol from beer is a little higher than from strong alcohol beverages. An amount of income from the excise duties on beer is 1/6 from the total collection of excise duties from all types of alcohol. The collection of excise duty from strong alcohol beverages is 70% from total alcohol tax. If we consider that the consumption of pure alcohol from strong alcohol beverages and beer are similar, the income from tax has to be similar. But the difference of excise duties income from strong alcohol beverages and beer were 441 666 000 litas in 2009 years. The similar tendency was during 2000-2009 years period. The argument that excise duty for beer is low shows the fact that tax has no real impact on beer price during 2000-2009 years. The average of beer price during the past years increased (a few cents), but the sales (price discount) makes possible to by cheapest beer which is twice lower than average price. The research shows that people high price alcohol beverages substitute with lower price beverages. The data shows the same situation in Lithuania too. Recent proposals for supply reduction or increasing alcohol price are to set up minimum alcohol price per certain ml pure alcohol, ban on discount below fixed minimum price and increasing excise duties, especially for the beer witch consumption per capita in Lithuania is very high.
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This paper describes the impact of assessment or evaluation criteria on the selection of projects co-financed by EU structural funds. By multiple criteria method of selection four representative groups of projects were ranked based on quantitative financial and qualitative non-financial criteria. The first group of criteria relates to financial data from past statements and the second group of criteria relates to the content of the project idea and the quality of the applicant. Inappropriate criteria result in the co-financing of inappropriate projects, whose effects do not benefit the vision of smart and sustainable economy of EU.
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The paper presents how the Committee on Futures Research, within Section IX. of the Hungarian Academy of Sciences (HAS), sees the possible futures for Hungary for the year 2025, based on the expertise of Hungarian futurists and social scientists, including the opinions of younger generations. It offers insight to Hungarian society in 18 years from 2007, when the research began. In cooperation with experts coming from diverse scientific backgrounds and with those who feel responsibility for the future and are willing to act upon it, we need to continue discovering our horizon albeit in a different way and to embark on new roads. In summary, we need to change the HOW and the WHAT.
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When buildings or structures are treated as a fixed asset they are subject to tax depreciation. The standard depreciation rate for buildings used for dwelling purposes is 1.5% p.a. For other buildings the rate is 2.5% p.a. In case of buildings or structures improved or used for more than 60 months prior to their acquisition, a depreciation rate can be increased till 10% p.a. Any increase in the value of the already depreciated buildings (e.g. as a result of further modernization, or extension) is subject to the same depreciation rate. This article discusses some main rules applicable in a tax depreciation of improved or used buildings and structures.
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Synthesising a wide and diverse range of primary and secondary sources, An Account of 13th Century Qubchir of the Mongol "Great Courts + examines the formation and implementation of a tax within the Mongolian army during the early, formative period of the Mongol Empire before 1227. The examination extends to the period of Qubilai Qayan’s victory over the Southern Song in 1276. Sino-Mongolian cultural contacts are also explored and examined in detail, especially the notion of a reign vs. national title for the Mongols after 1222. The centerpiece of the paper is a silver coin, Dachao tongbao, which reveals unique epigraphic and symbolic elements via ciphers that are described and attributed for the very first time.
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We do not say that the Public Choice School has not made any positive contribution to political economy. It has. The originators of it, James Buchanan and Gordon Tullock, along with their many followers and collaborators, have done important work on rational voter theory, setting up a meeting agenda, game theory, etc. Nor can we object to the application of economic theory to political issues. Far from it. However, the present book seeks to uncover its many failures. For example, the fact that underneath the veneer of its supposed adherence to value-free positive analysis lies a value-laden support for statism. To wit, its emphasis and reliance on “theoretical unanimity” not the actual unanimity incorporated in every commercial act under free enterprise. We also take issue with its nomenclature “rent seeking” albeit not the concept itself. Why pick on innocuous “rent” to describe crony capitalism?
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This paper estimates models of Engel curves for two household commodities, namely food and clothing in Turkey using LAD, M and LTS regressions beside OLS. Obtain results indicate that income of both food and clothing expenditures are smaller than one, in other words both food expenditure and clothing expenditure are compulsory expenditures. In the light of the obtained information, it can be said that tax applications on compulsory expenditures that mean vital needs shall be in a way that will impact the low income groups less.
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The Olympic Games (OG) are the world’s greatest sporting event, gathering athletes from more than 200 states. They bring into the spotlight not only the sports competitions featured on the Olympic program, but also the image of the host community and country, and each people’s culture and heritage. Lately, great emphasis has been placed on the economic component of the Olympic Games. This paper aims to outline OG economics through the funding programmes for the Olympic Movement. The timeline of this paper covers the period from 1993 until 2016. With every new edition, the Olympics raise more and more revenue, even if still falling short, by far, of the organisation costs incurred. The revenue generated by broadcasting the sporting events accounts for the largest share in the total income, as opposed to the licensing revenue, which is on the lowest end. Also, there is usually a significant difference between the summer OG and the winter OG, the former generating higher revenue.
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Actuality of article consists in performing complex analysis of state social insurance budget for the years 2005-2014. The aim of this work is to elucidate the real situation in terms of financing social protection system which is part of the national public budget of Republic of Moldova and determination of its interdependence with demographic trends, namely aging.
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This paper identifies, selects and analyses the share of profit tax in the overall public revenue in the Republic of Serbia and its impact on the level of investment in companies. The aim of this paper is to analyse the economic signifi cance of profit tax of legal entities and the impact of the profit tax collection on the economic development of the country, creation of new jobs, increase of investment, maintaining the employment rate, rise of economic competitiveness and decrease of insolvency of the economy. The value of the paper mainly lies in laying emphasis on profit tax and its contribution to the increase of the public revenues and investment in companies, which facilitates better tax policy management and planning of its measures towards sustainable economic development. This analysis is based on the quantitative data of a large number of indicators.
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Existing financial theory and practice show that there are many more ways of funding than those presented in this paper. Many of these ways are very punctual, strictly related to a transaction or of an activity aspect of requesting company. Including Romanian banks have started introducing structured finance products, off company balance, or financing combined schemes, with mixes products, depending on the specific activities of financed companies.
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Nejasno je na osnovu koje objektivno provjerljive sistemske ekonomske analize je donesena Odluka o izmjenama i dopunama Odluke o komunalnim taksama kojom je normotvorac previdio judikate Ustavnog suda FBiH i ranije zauzete stavove. Održivost Odluke o izmjenama i dopunama Odluke o komunalnim taksama na Ustavnom sudu FBiH je direktno uslovljena odgovorom na ovo prethodno pitanje. Bez konkretnih podataka, kojima javne vlasti mogu potkrijepiti zaključak o djelatnostima koje su u aktu navedene kao visokoakumulativne, Odluka neće biti dugog vijeka. U ingerenciji javne vlasti, kao mogućnost, nije predviđeno disponiranje karakterisanja djelatnosti kao izuzetno profitne i sa velikom dobiti na osnovu intuicije, ili štetnosti djelatnosti, takav podatak mora biti egzaktno statistički provjerljiv i utemeljen. Iz do sada navedenog slijedi da su neuralgične tačke Odluke: 1. Nerazumijevanje koncepta diskriminacije od predlagača i donosilaca akta. Naime, opći standard koji je potvrđen od Ustavnog suda FBiH i Ustavnog suda BiH je da formalna ustavnost akta nije garancija zakonitosti akta. Efekti semantički-leksički neutralne norme, mogu proizvoditi diskriminatorne posljedice kao da je norma formalno neustavna. 2. Kriterij visokoakumulativnosti djelatnosti potvrđen kao ustavan od Ustavnog suda FBiH, ne daje za pravo Gradskom vijeću da odredi visinu/tarifu komunalne takse paušalno i proizvoljno neargumentujući razloge za noveliranje tarife. 3. Skrivena diskriminacija, formalnim propisivanjem kriterija visokoakumulativnih djelatnosti, a suštinskim zadržavanjem kriterija vrste djelatnosti kao osnovice za tarifu komunalne takse, je također, u suprotnosti sa ustavnim poretkom koji počiva na zabrani diskriminacije. 4. Paušalno određena tarifa komunalne takse za visokoakumulativne djelatnosti nije u skladu sa konceptom jednakosti pred zakonom, jer je objektivno utemeljena statistička analiza osnova, a koja ne postoji u konkretnom slučaju, jedini metod dokazivanja ustavnosti Odluke. 5. Najvažnije je pitanje kojim objektivnim metodom je utvrđeno da su djelatnosti u Odluci, označene kao visokoakumulativne zaista iznadprosječno akumulativne, kada je Ustavni sud FBiH već zauzeo konačan stav da se finansijska sposobnost i profit utvrđuje za svakog subjekta pojedinačno – dakle, ne za vrstu djelatnosti – već za pravno lice in concreto! Jasno je da je riječ o neustavnom kriteriju. 6. Postupci javne vlasti trebaju biti urnek i ogledalo za postupanje građana, a ishitreno i neutemeljno postupanje nosilaca javne vlasti, čak i u slučaju kada su namjere u teoriji odlične, opravdava izreku da je put do pakla popločan dobrim namjerama. U vezi sa medijskom kampanjom interesnih grupacija, koja je rukovođena ličnim i ekonomskim interesima, potvrđuje se pravilo da mediji kreiraju javno mnjenje, bez da pružaju mogućnost za kompletan uvid u širu sliku svih argumenata. Preporuka je nosiocima javnih vlasti, da prevashodno, za kriterij akumulativnosti djelatnosti, kao osnov propisivanja visine komunalne takse, utvrde i prezentiraju sveobuhvatne statističke podatke o svim visokoakumulativnim djelatnostima, a samim tim, i za svaku firmu izvještaj o profitu i dobiti, jer je to stav Ustavnog suda FBiH bez kojeg propisivanje kriterija visokoakumulativnosti nije moguće. Naime, Ustavni sud FBiH je više puta ukazao da su finansijska sposobnost i profit koji predmetni subjekt ostvaruje predmet oporezivanja u skladu sa postojećom finansijskom regulativom i relevantan podatak koji se precizno utvrđuje za svakog poreskog obveznika. Za dugoročnu opstojnost i utemeljenost Odluke o izmjenama i dopunama Odluke o komunalnim taksama predlažem da se normom uspostavi poseban kriterij propisivanja visine komunalne takse: štetnost uticaja djelatnosti. Iako je Ustavni sud FBiH ranijom praksom zauzeo načelni stav da je normiranje različite tarife za pojedine vrste djelatnosti, kriterij koji je neustavan, pravo i pravne norme su živa materija koja se prilagođava vremenu i duhu prostora. Značajno je da Ustavni sud FBiH preispita ovakav načelni stav, koji a priori ograničava djelovanje javnih vlasti u sferi u kojoj normotvorci, prema stavu Evropskog suda za ljudska prava uživaju izuzetno široko polje slobodne procjene (javni prihodi). Štetan uticaj pojedinih djelatnosti bi se mogao definisati kao legitiman javni interes za uvođenje posebne tarife komunalne takse, koji je adekvatan i proporcionalan, ali pod uslovom da se taj kriterij detaljno obrazloži uz objektivne parametre (socijalna/psihološka/ekonomska analiza uticaja pojedinih djelatnosti).
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During 1993-2000, the fiscal policy and fiscal policy must be tempered by the central objective of economic policy laid down by the Government Program, the revival of economic growth to achieve the convergence criteria in order to continue and accelerate European Union and NATO integration
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More and more research results confirm the existence of non- Keynesian economic reaction to fiscal policy, partially explaining their limited effectiveness in stimulating the economy. These studies show that long-lasting fiscal consolidation, in particular by reducing public spending, can boost economic growth, and the key variable responsible for the expansive effect appears to be investment. The correlation analysis shows the existence of a negative (moderate weak) relationship between the average level of investment and the average size of the public sector in the economy (measured by the level of public revenue and public expenditure in relation to GDP) in the long run in 11 countries of Central and Eastern Europe belonging to the European Union (stronger for public expenditure: r = –0.36 and weaker for public revenue: r = –0.22). An analysis of the above correlation separately for individual economies showed negative correlation in 9 out of 11 CEE countries (both for public revenue and public expenditure) in the 2001-2015 period, of which four were strong or very strong.
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The institutional framework in which companies have to act establishes the rules of the game. It is limited and controlled by a public administration system, which may be more or less open and contemporary for companies. The aim of this paper is to analyse administrative procedures and costs for companies when dealing with public administration from a theoretical and empirical point of view. The paper’s goals are to compare administrative burdens and to find the advantages and weaknesses of administrative systems in selected countries. During a company’s operation, from its establishment to its closure, entrepreneurs are constantly exposed to administrative systems and their requirements. They have to carry out different procedures regarding the company’s establishment, the hiring and firing of employees, obtaining various licenses, state regulatory statistical and tax reporting, tax burdens etc. Fulfilling all those administrative procedures may negatively impact the establishment and operation of companies in particular countries.
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