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Analýza vzťahu medzi rozpočtovou odchýlkou a kvantitatívno-kvalitatívnymi parametrami programového rozpočtu mesta

Author(s): Peter Hošták / Language(s): Slovak Issue: 02/2016

The concept of performance budgeting is applied in the public sector of most OECD countries, while nearly half of the OECD member states has been using this concept for more than fifteen years. Slovakia employs this concept in the management of local governments since 2009 through the mechanism of program budgeting. Program budgeting has been introduced within the scope of public finance management reform as a tool to increase transparency and efficiency of use of public funds. The study presents information on the program budgets of the twenty largest cities in Slovakia with a total of 278 budget programs and evaluates the relationship between the structure of the program budget and the ability of municipal government to reliably predict the expected amount of budgeted expenditures. Analysis suggest a statistically significant relationship between the size of budget variance and quantitative-qualitative parameters of program budget such as level of budget details, proportionality of budget line items, and the use of measurable indicators.

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Compatibility in tax reporting

Author(s): Vilen Lipatov / Language(s): English Issue: 2/2017

Purpose – to describe a compliance-monitoring equilibrium in presence of compatibility costs in a setting when managers and other parties have different attitude towards compliance.Design/Method/Approach. Classical game theory – Nash equilibrium.Findings. If compatibility costs are small, there exist a unique stable Nash equilibrium of the game between the tax authority and a population of heterogeneous firms. In this equilibrium, the relation between compatibility costs and compliance is non-monotonic and depends on the curvature of auditing function. However, compatibility costs reduce non-compliance in low cheating regimes and may enhance it when many firms are cheating.Limitations. The model is at high level of abstraction and neglects many important detail that characterize each field where it could be potentially applied.Theoretical implications. The results provide one rationale for developing countries to be cautious with employing refined auditing schemes and for developed countries to promote complicated accounting procedures.Originality/value. Compatibility costs are not previously considered in economic analysis of compliance.

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DIVIDEND PAYMENT BEHAVIOUR OF COMPANIES DUE TO CHANGE OF DIVIDEND TAX RATE IN ROMANIA

Author(s): Stela Jakova / Language(s): English Issue: 9/2017

This paper examines Romanian companies’ behaviour (listed on the Bucharest Stock Exchange) to a change of dividend tax rate. Even if the number of companies which had paid dividends in 2016, for 2015 decreased to 32, compared with 34 companies from previous year, the total value of paid dividends increased with 53% comparatively with dividends paid for 2014. This can be explained through the new tax rate which has been reduced from 16% to 5%. We found that the shareholders obtain profit from two sources: due to increase of gross dividend and due to decrease of the tax rate. Moreover, the paper found also: for the companies who paid higher dividend for 2015 compared with 2014 the dividend paid for 2015 is statistically significant different than the dividend paid for 2014; for the companies who paid smallest dividend for 2015, we were not able to find any statistical difference. This means that the companies which increased the dividend for 2015, took into consideration the new legislation and they are motivated to pay more to the shareholders; companies which decreased the dividend value for 2015 is due to some internal factors.

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New Sources of Debt Financing Investments in Russian Real Economy

Author(s): Arsen Azidovich Tatuev,Svetlana S. Galazova,Georgiy N. KUTSURI,Sergey A Shanin,Violetta V. ROKOTYANSKAYA / Language(s): English Issue: 52/2017

The article notes that at the present time, when Russia faces the drying-up of access to many external sources of funding and a decline in oil prices, it is necessary to create new financing mechanisms for economic growth and modernization. Lack of funds and unavailability of credit resources are the main factors limiting investment activity. Therefore, of high relevance is the task to search for fundamentally new source of debt financing in the real economy, which will help to solve the problem of availability of borrowed funds for investment in nonfinancial assets, and fixed assets. This source of funding may be funds from the public, since growth of assets (currency, cash and savings, including real estate) is comparable to the total volume of investments in fixed capital.

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Tax control of transfer pricing

Author(s): Ruslan Melnychenko,Kateryna Pugachevska,Kyrylo Kasianok / Language(s): English Issue: 4/2017

The subject of the scientific work is analysis of the essence of the “transfer pricing” concept. It has been proven that transfer pricing is an economic and legal tool used by business entities for their tax burden optimization.It has been concluded that the concept “transfer price” means the price generated by multinational corporations in the process of commercial activity between the affiliated companies located in different countries and, correspondingly, different tax jurisdictions. In essence, transfer pricing means intra-company pricing of goods transferred between the enterprise subdivisions located in different countries. Base erosion by means of transfer pricing can be performed not only based on the price manipulating by the affiliated companies, but also as a result of manipulating incomes and expenditures. The latter is accompanied by the financial resource withdrawal outside the national economy and its concentration in the low taxation jurisdictions.Transfer pricing bears serious risks both for an individual country and for the world economy. Contractual freedom of transnational corporations and industrial and financial groups cannot be unlimited regardless of the principle of freedom of contracts in the private law relations. Economic activity of such business entities must subject to a strict control on the part of the country. In the process of transfer pricing tax control, the controlling state agencies are intended to prevent the decrease of tax liabilities by shifting the income to low tax jurisdictions by taxpayers.

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VERGİ REKABETİ ve TÜRKİYE’YE ETKİLERİ

Author(s): Hacı Yunus Taş,Mahmut Küçükoğlu / Language(s): Turkish Issue: 44/2019

After 1980, in the world economy, especially the effects of globalization, economic integration between countries with the implementation of policies to increase production factors; The mobility of labor, capital and labor factors has increased and economic boundaries have begun to disappear. The countries competing in the new environment have the freedom of movement and they are taking initiatives to attract capital among their countries. This creates positive as well as negative consequences. Even if the tools used in competition are similar, the effects of competition vary from country to country. Today, as a result of tax incentives provided to domestic and foreign investors, countries that can directly attract foreign capital benefit from the tax competition, while countries that fail to do so suffer.

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Identification and Management of Political Risk in Export-Import Activity

Author(s): Agnieszka Głodowska,Paweł Ciurko / Language(s): English Issue: 8.3/2015

Political risk is part of a wider range of risks arising from the course of export-import activity. Identification and assessment of political risk is a key process to take steps that will allow to limit what seems to be a crucial issue for effective operations in foreign markets. Considering the source of political risk, it can be concluded that it can occur anywhere and at any time. That is why raising awareness about the nature of political risk and possible tools to manage it is justified and extremely desirable. The aim of the study is to clarify the essence of political risk, its causes, practical examples, as well as ways of limiting it. As the root causes of political risk are: internal and external conflicts, underdevelopment and political structures – the institutional state and changes in government policies. The scope of the impact of political risk shows its three basic types: transfer risk, expropriation risk and ongoing business risk. The article presents selected political risk management practices. The research methods used in this article involve analysis and synthesis of secondary sources concerning this problem and its ‘exemplification through short case studies.

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The next Multiannual Financial Framework and the strategic challenges and risks to the European Union’s fundamental objectives and values

Author(s): Dencho Georgiev / Language(s): English Issue: 4/2019

The central challenge for the Union’s future is the overcoming of economic, social and territorial inequalities among its Member States. With the next MFF, there is an opportunity to make the Union’s system of ‘own resources’ less regressive and more equitable. Progressivity in the financing of EU policies with redistributive effects could be introduced by combining progressive coefficients, national co-financing, and other automatic progressive stabilizers. This would ensure that solidarity becomes a matter of the rule of law and not of governance through conditionalities and fines. Unless the EU undertakes an effective reform of the financing of its redistributive policies to ensure that progressivity and solidarity in the EU become a matter of the rule of law, the Union will bear less and less resemblance to a democracy and will increasingly look like an empire with an economically stronger and more rapidly developing ‘core’ and an economically weaker ‘periphery’ in the East and the South, lagging behind the ‘core’.

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Niewypłacalność przedsiębiorstwa w ujęciu prawnym i ekonomicznym

Author(s): Stanisław Gurgul,Joanna Podczaszy / Language(s): Polish Issue: 8.1/2016

This article presents legal and economic premises for declaring bankruptcy. Currently the debtor shall, no later than within 30 days of the date on which the basis for declaring bankruptcy occurred, file with the court a petition to declare bankruptcy. The general ground for declaring bankruptcy is being insolvent. A debtor shall be deemed insolvent if he fails to perform his due financial obligations. A debtor who is a legal person or an unincorporated organisational unit granted legal capacity by a separate law shall also be deemed insolvent when the sum of his obligations exceeds the value of his assets and the state is maintained for a period exceeding twenty-four months.

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Pension Legislation of Ukraine: Current State and Development Prospects

Author(s): Vasyl H. Fatkhutdinov / Language(s): English Issue: 5/2019

Nowadays the pension legislation is being discussed actively. The main goal of the pension reform is restoring fairness of assignment of the pension payments. Based on the example of the Head Department of Pension Fund of Ukraine in Kyiv Region, the author discusses in the article the present situation and how it can further evolve in the pension sphere. The analyzed issues include implementation of the European standards of operation of the bodies of Pension Fund of Ukraine, peculiarities of securing pensions for citizens that live in rural areas, solidary pension system model, financial discipline of employers etc.

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Legitimitás és a kollektív cselekvés motivációi. Az adómorált befolyásoló tényezők

Author(s): Zsanett Pokornyi / Language(s): Hungarian Issue: 2/2019

Investigating tax compliance and tax morality from a political science perspective represents a new ﬁeld of social sciences. Although the literature on tax highlights mainly the economic aspects of the area, tax morality is an important issue for political science as well. For the introduction or the development of public services the government needs a signiﬁcant amount of resources. One of the main resources is represented by tax revenues. Therefore, strengthening tax morality is an important issue for the government. Tax paying is complex and difﬁcult to understand. While tax compliance can be inﬂuenced by a number of factors (such as the impact of the environment, attitudes, or individual interests), the complexity of tax rules can increase the likelihood of tax evasion. However, in the current paper I argue that government legitimacy is a basic factor to increase tax compliance and tax morality and it can stabilize a high level of tax morality in the long term. This conclusion is also supported by the literature, which shows a strong relationship between government legitimacy and tax morality. Therefore, strengthening legitimacy can be an important tool for the government to inﬂuence tax morality.

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ADMINISTRACYJNE ZARZĄDZENIE ZABEZPIECZENIA JAKO PODSTAWA WPISU HIPOTEKI PRZYMUSOWEJ

Author(s): Agnieszka Polus / Language(s): Polish Issue: 3/2018

The main subject of the discussion concerns issues related to securing tax obligations before issuing a decision setting or determining the amount of tax liability. In such a case, the tax authority issues a decision determining the approximate amount of the tax liability (decision on securing), under which the order for the collateral is issued. First, issues related to the expiration and revocation of a decision on securing are discussed. Then, the impact of the revoked decision on the validity of the collateral order is presented, and the effects of the revocation of an administrative act in administrative proceedings on the land and mortgage register proceedings are discussed. The author also attempts to answer the question whether revocation of an administrative act constituting the basis for an entry of a compulsory mortgage may constitute a new fact or evidence in the appellate proceedings concerning the land and mortgage register.

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TÜRKİYE’DE HAZİNE BORÇLANMA LİMİTİ

Author(s): Ahmet KADIKÖYLÜ,Özay ÖZPENÇE / Language(s): Turkish Issue: 47/2020

Debt limit or debt ceiling practices ensure effective management of government debt and the rule-based implementation of fiscal policy. Especially considering that borrowing for financing budget deficits and interest payments has increased from year to year, debt limit implementation is important in terms of ensuring budget discipline. Although debt limit applications in countries ' financial systems differ, it is generally observed that a certain limit is applied as a ratio or quantity. It is known that there is a proportional limit to borrowing in Turkey with the law No. 4749 enacted in 2002. The debt limit, which has been applied since then, serves as a anchor for fiscal discipline in the public sector. The study examines the evaluation of debt limit implementation between 2002 and 2019 and its relationship with some budget data. Treasury borrowing data and the budget data mentioned in the study were evaluated on charts. According to the evaluations, the debt limit application ensures that the Treasury will borrow by acting in fiscal discipline and considering the budget balances during periods when the tax revenues, which are the main basis of the budget, cannot be increased sufficiently. In addition to the debt limit, another application that provides fiscal discipline is the application of primary surplus, and the provision of primary surplus in the budget is considered to facilitate borrowing and net borrowing by staying within the limits of the debt limit. In summary, while the implementation of the debt limit ensures the steady continuation of public borrowing, it is evaluated that the budget balance and the application of primary surplus have an effect on the debt limit.

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THE IMPACT OF GENERAL TAX LAW PRINCIPLES CONTAINED IN THE NEW TAX ORDINANCE ACT ON THE INTERPRETATION OF TAX LAW

Author(s): Mariusz Popławski / Language(s): English Issue: 27/2019

The study aims to present the meaning of general tax law principles resulting from the draft of the New Tax Ordinance Act on the process of tax law interpretation. A detailed analysis covers three principles: the principle of determining the content of tax law provisions, including the structure of the tax to which these provisions apply, the principle of resolving doubts in favor of the obliged, as well as the principle of balancing the legitimate interest of the obliged and the public interest. As part of the work, the following research hypotheses regarding these principles have been positively verified: the principles will have a significant impact on the interpretation of tax law provisions contained in the laws shaping the construction of individual taxes, they will also apply to other tax law provisions, additionally they will affect non-tax provisions, the application of which affects the operation of tax law provisions.

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Społeczno-gospodarcze determinanty rozwoju pozabankowego sektora kredytów konsumenckich. Prawna analiza działalności instytucji pożyczkowych w świetle ograniczeń normatywnych

Author(s): Maksym Bonarek / Language(s): Polish Issue: 40/2019

Consumer lending market, although being commonly associated with banks' offer as a predominant group of entities providing services in such area, applies also to other financial institutions, which legal status does not allow them to be classified into the banking sector. Despite banks' significant role in the financial system, both in terms of deposit guarantee scheme and high service standards, non-banking entities, mainly including loan institutions, are increasingly more important in that matter. The following paper, by providing description of the non-banking sector and groups actively participating in transactions carried out in its area, seeks to sort out statutory premises that determine legality and fairness of the loan institutions. Furthermore, multifaceted approach towards the examined issue fulfills the main purpose of the paper, which proper comprehension conduces developing self awareness over legal relationships created with discussed category of lenders.

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ÖZEL TÜKETİM VERGİLERİNDE VERGİ GELİR ESNEKLİĞİ: TÜRKİYE VE OECD KARŞILAŞTIRMASI

Author(s): Filiz Giray,Gizem ZEREN / Language(s): Turkish Issue: 3/2020

Taxes, which are the main fiscal policy tool for sustainable development in a country, are the major type of public revenue. Taxes have economic and social purposes besides generating income. One of the important parameters of the creation of the tax system that will accomplish these objectives is tax elasticity. Knowing the tax elasticity the tax system's ability to be an automatic stabilizer, increased proportionality and targeted tax revenue estimate is important. An inelastic tax system in a country would create uncertainty about the taxes to be collected. The aim of this study is to compare the theoretical value of tax elasticity in excise tax in Turkey in the period 2002-2019 with OECD countries. Tax income elasticity is an important tool in measuring the fulfillment of expectations of the excise tax, which is one of the main building blocks of the tax system due to its functions such as preventing negative externalities and reducing increasing proportionality. The results of the study showed that the tax income elasticity in Turkey in the excise tax is lower than in OECD countries

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TÜRKİYE’DE SANAYİ KESİMİNE YÖNELİK UYGULANAN VERGİ TEŞVİKLERİNİN SANAYİ ÜRETİMİ ÜZERİNDEKİ ETKİSİ

Author(s): Ozgur Emre Koc,Taha Bahadır Saraç / Language(s): Turkish Issue: 13/2020

The aim of this study is to determine the effect of financial incentives on industrial production in Turkey. In the study, the industrial production index and investment incentive certificate data for the period 2007: 05-2018: 06 are used to investigate the effect of industrial incentives on industrial production. Markov Change Model is used as a model. The findings show that investment incentives can be used as an effective policy tool to mitigate the effects of economic contraction. As a result, it has been concluded that the increases in the investment incentive certificate positively affect the industrial production during the contraction and expansion periods of industrial production, and especially the investment incentive policy is more effective in the contraction regime.

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Fiscal stabilisation policy in the EMU. An insight from the theory of optimum currency areas

Author(s): Małgorzata Misiak / Language(s): English Issue: 29/2020

The aim of the paper is to examine the role and place of the fiscal stabilisation policy in the European Monetary Union (EMU) from the perspective of the theory of optimum currency areas (OCA). We examine the theoretical underpinning for the policy to mitigate the economic fluctuations in a monetary union, and answer the questions of whether fiscal integration is a prerequisite for the “optimality” of a currency area and at what level of governance a stabilising fiscal policy should be conducted. We conclude with a short revision of how OCA theory is applied to the project of monetary and economic integration in the European Union (EU) and some conclusions for future development and research.

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How Fiscal Space Matters? Evidence on Fiscal Multipliers from Threshold SVAR Methodology

Author(s): Martin Kamenik,Ľubica Štiblárová / Language(s): English Issue: 04/2021

In this paper, we alternatively apply a threshold SVAR methodology to measure fiscal multipliers in selected world’s economies with regard to the size of the fiscal space defined by a proxy variable of primary balance, which may be substantially linked to the ability of the fiscal policy instruments to affect the output. Results suggest that positive and negative shocks do not necessarily result in symmetric response of variables as smaller fiscal multipliers (i.e., less effective fiscal policies) are observed when economies show weaker fiscal position. Thus, expansionary fiscal policy in times of narrow fiscal space dampens expansionary effects on real economic activity. At the same time, we find considerably lower revenue than spending multipliers, confirming Keynesian theory (except for France).

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Напрямки удосконалення податкового регулювання промислових підприємств

Author(s): Olha Sergeyevna Abramova / Language(s): Ukrainian Issue: 03/2016

This article summarizes the scientific approaches and practical experience in theoretical and institutional framework of fiscal management industry. The basic problems in the fiscal management system, the tax regulation methods of large taxpayers are shown. Opportunity is grounded to stimulate the enterprises activity in the directions of tax rates differentiation, tax exemptions and tax credit.

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