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Bankruptcies of Companies in the Czech Republic after New Financial Crisis

Author(s): Karina Benetti / Language(s): English Publication Year: 0

In 2006 was published a law no. 182/2006 Coll., On Bankruptcy and Its Resolution (Insolvency Act), which came into effect from January 1st, 2008. This law came into effect just at a time when the new financial crisis started getting stronger. This crisis meant for bankruptcies of companies is an important milestone, not only with regard to the number of bankrupt companies, but especially to the emergence of new ISO standards dealing with much needed risk management in business practice. The value of bankrupt companies was according to statistics since the beginning of the recent financial crisis until the end of 2008 in the amount of US $ 14.5 trillion, which is more than 145 times the amount for the Marshall Plan to rebuild Europe after World War II. In the Czech Republic from 2008 to 2012 to increase the number of corporate bankruptcies by 288%, but their numbers began from 2012 to decline. The aim of this paper is to analyze the number of corporate insolvency proposals and corporate auditions in the Czech Republic since the beginning of the recent financial crisis until the present (i.e. the last eight years).

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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.

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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.

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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.

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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.

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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.

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Dopłaty do oprocentowania kredytu restrukturyzacyjnego udzielane przez Agencję Restrukturyzacji i Modernizacji Rolnictwa jako jeden z trybów restrukturyzacji zadłużenia podmiotu prowadzącego gospodarstwo rolne

Author(s): Adrian Jaworski / Language(s): Polish Publication Year: 0

The aim of the article is to present one of the ways of restructuring the indebtedness of agricultural holdings by granting an interest subsidy on a restructuring loan by the Agency for Restructuring and Modernisation of Agriculture. This is a new solution introduced to the Polish legal order by the Act of 9 November 2018 on debt restructuring of entities running an agricultural holding. The author first discusses general issues related to the constitutional foundations of the agricultural system and the system of the Agency for Restructuring and Modernisation of Agriculture. Next, author moves on to assess the motives of the legislator, introducing the Act on Debt Restructuring of Farm Operators, and then discusses the legal problem of public aid granted by the ARMA. The work ends with a summary and conclusions de lege ferenda.

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Rola organów stanowiących jednostki samorządu terytorialnego w kształtowaniu polityki rozwoju obszarów wiejskich i rolnictwa

Author(s): Magdalena Krzysztofik-Pelka / Language(s): Polish Publication Year: 0

The history of Polish and European rural development policy and agriculture indicates that rural development is gradual, requires a lot of commitment and time. The constitutive bodies of local government units have a great importance in shaping this policy. Their tasks of rural development and agriculture are of a diverse nature, which results from the systemic position of the organs and the scope of their activity. These are tasks related to, among others with the implementation of local tax policy in rural areas, shaping the beekeeping sector or supporting the local economy of rural areas. In addition, the activities undertaken for the development of rural areas in Poland by the authorities constituting municipalities and provinces are complementary to each other. The commune council directly influences the situation of a member of a small rural community. However, the voivodship parliament is involved in creating a uniform rural policy in all rural areas of the whole country.

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Umowa o pomocy przy zbiorach – uwarunkowania prawne i ekonomiczne

Author(s): Tomasz Bąk / Language(s): Polish Publication Year: 0

In connection with the amendment of the Act on social insurance of farmers, which entered into force on May 18, 2018, a new civil law agreement was introduced to the national legal system – the agreement on harvest assistance. This agreement was to be the legislator’s response to voices coming from widely understood agricultural circles, speaking about the need to create such a contract, the specificity of which would correspond to seasonal work carried out on farms and at the same time ensure the safety of two parties to the contract – the farmer and the assistant. In this article the author presents legal aspects of the new contract in agriculture, as well as, in as synthetic manner as possible, the arguments in favour of and against the legal, tax and insurance solutions that accompany it. The study verifies the usefulness of the new contract in agricultural activity, including its suitability for the realities of the agricultural market in Poland and the expectations of those most interested in it – farmers themselves. One should not lose sight of the fact that in practice the contract is often signed by two parties, where one of them is a citizen of the Republic of Poland and the other a foreigner. This fact raises many theoretical questions, especially in the context of income taxes and the problem of double taxation.

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Prawne problemy suplementów diety, ich kontroli i wprowadzania do obrotu

Author(s): Przemysław Chmielowski / Language(s): Polish Publication Year: 0

Dietary supplements are becoming increasingly popular and often enjoy unlimited consumer confidence. On the other hand, the production and trade of these products creates a rapidly developing market worth billions of PLN. In my paper, starting from the origins of legal regulations, through the definition of dietary supplements. I present current problems in this field. I draw attention, in particular, to the most important aspects, such as labelling, advertising, the manner in which the dietary supplements are introduced to the market, and the composition of these supplements and its control. Each of these areas raises doubts and controversies, and loopholes in legal regulations create scope for numerous abuses that may threaten consumers. An important element of the paper is the analysis of the results of the audit carried out by the Supreme Chamber of Control and the solutions proposed by it.

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Polski Ład z perspektywy opodatkowania dochodów osób prawnych

Author(s): Jacek Uchman / Language(s): Polish Publication Year: 0

Purpose: The aim of the paper is providing the characteristics and general evaluation of influence directions and tax efficiency of selected regulations introduced to the Corporate Income Tax Act, so called Estonian CIT, minimal income tax and enterprise restructuring taxation (introduced to corporate income tax as a part of Polish Deal). Design/methodology/approach: Due to the recent time of introducing the solutions and limited accessibility of empirical data, the method of the analysis of possible financial consequences and the legal-comparative method have been used. The demonstration of basic financial consequences for business entities and the budget that result from the introduced regulations has been attempted. Findings: The evaluation of the Estonian CIT construction from the point of view of facilitation of the business development activity and cheapening of self-financing costs is generally positive. The minimal income tax as an attempt in insulating the corporate income tax using multipart tax base is not evaluated in such an unequivocal way. The revenue taxation, being a part of the tax base, may bring regular income to the budget. The effective estimation and control of the remaining elements of the tax base may be more difficult.

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Digital Economy Law a Reality Manifested in Legal Reports of Production, Commerce, Services and Public Administration

Author(s): Manole Decebal Bogdan / Language(s): English Publication Year: 0

Online transactions are a certainty of the moment in all social and economic fields. Digital economy has been part of everyday normality for a long time. The legislation that regulates legal relations is not updated and there is no clear perspective by which to confirm the imposition of "digital economy law" in society. The acts of commerce, services, and production in which the digital society participates (hard, software, networks and augmented reality) develop, in themselves, a number of legal subjects and a large palette of contractual or tortious civil responsibilities that do not have a clear regulation. Through this research, we are trying to launch a current and forward-looking topic to the public professional debate to lay the foundations for the "Digital Economy Right". The research methods used are observation of flows and case studies of "artificial intelligence" used through software in the private and public economy; reporting of legal subjects involved in legal relations to the legal norm. The implications of the study are relevant for the whole society, but also for legal professionals. The results constitute benchmarks for the debate and drafting of the future legal norms necessary to harmonize the international legislation of classical law with the law of artificial intelligence.

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Critical Analysis of the Law No. 151/2015 Regarding the Personal Insolvency Proceedings

Author(s): Adriana Deac / Language(s): English Publication Year: 0

The work aims to offer an objective, even critical analysis of Law no. 151 of 20152 regarding the insolvency of natural persons. This regulation, entered into force on 01.01.2018, ̋celebrates ̋ 5 years of application, which is why I approached this topic with the intention of a general analysis of the provisions of the Insolvency Law of natural persons and to offer my own conclusions regarding this topic. I will analyze, in the first part of the paper, the general provision regarding the notion of insolvency, the conditions imposed by law for the initiation of this procedure, as well as the options that Law no.151/2015 makes available to the insolvent debtor depending on his legal situation. In the second part of the paper, I will analyze a series of debatable aspects that the law refers to, and I will assess the usefulness and opportunity of their regulation. The conclusions will try to offer some legislative proposals that will make this law more well-known and approachable for natural debtors in a state of insolvency. Carrying out the scientific approach, I will use different methods of interpretation, starting from the grammatical one and reaching the method of quantitative and comparative analysis.

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Minority Protection - Interferences in Business Law from the Perspective of the Rights of Minority Shareholders

Author(s): Mihaela-Naziana Bucă (Gîdei) / Language(s): English Publication Year: 0

This article analyzes the rights of minority shareholders from the perspective of the existence of minority protection. The objectives pursued through this article can be summed up in the idea of protecting minority shareholders. Being a controversial subject both at the level of doctrine and judicial practice, we will try to find the best solutions and look at the rights of minority shareholders as a weapon that shareholders have at hand in order to effectively protect them. In the realization of this work, we will use various materials, from monographs, theses to solutions given by the courts regarding this issue. We will refer to both Romanian and European legislation. We will try to classify the rights that minority shareholders can have into two more categories by referring to the idea of freedom and protection of minority shareholders. Thus, we will have autonomy rights: the right to dividends, the right to transfer shares, the right to the due share of the liquidation of the company and participation rights: the right to participate in the General Assembly, the right to request the convening of the General Assembly, the right to vote, the right to information.

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Travel Agency Contract in the HoReCa Field in the European Union

Author(s): Ioana Nely Militaru,Laura Ramona Nae / Language(s): English Publication Year: 0

The paper begins, as is natural, with a brief reference to the term "HORECA", in order to specify the contracts used in this field. The chapters that follow these preliminary clarifications, concern the following: 1) The hotel service contract, from the perspective of the contractual relationship between the hotelier, the consumer tourist and the travel agency, and last but not least the disputes that may result from non-fulfillment of contractual obligations, 2) The contract of agency concluded between the hotel and the travel agency, in the national and European Union legislative context, 3) The content of the agency contract, respectively its clauses.

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Contractual approaches to environmental liability in asset deals

Author(s): Vít Švestka,Lukáš Srbecký / Language(s): English Publication Year: 0

The Czech legislation recognises certain types of “environmental liability”, including the obligations from various fields of law – a special obligation to prevent and remedy environmental damage, and administrative, criminal, and civil law liabilities. Unlike in case of share deals, where the liability remains with the acquired company, in case of asset deals the transfer of environmental liability depends on more factors, such as the type of liability and specific circumstances under which the liability originated. Both the seller and the purchaser may aim to minimize the impacts of threatening environmental liability by various contractual instruments. The paper deals with the contractual risk allocation for both parties of an asset deal, including the analysis of the environmental liability under the Czech law, and specific legal instruments of risk allocation, such as indemnifications, representations and warranties, or deferred payment of purchase price.

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The Center of Main Interest (COMI) in Recent Case-law

Author(s): Tomáš Moravec / Language(s): English Publication Year: 0

The paper deals with defining the Center of Main Interest (COMI) in judicial decisions at the European and national levels. The article presumes that the definition of the COMI in EU Regulation on insolvency proceedings (EIR) recast is still insufficient and the judicial body should precise the definition of the COMI. Moreover, the article supposes that the definition of the COMI is not fit for the decentralized economy. Firstly, the paper describes the definition of the COMI in EIR recast. Secondly, the article focuses on the review of case law and the evolution of the concept of COMI in judicial decisions. Finally, the paper will analyse whether the concept of COMI is convenient in the current legal framework and decentralized economy models. At the end, it will be argued that COMI looks like an adequate and rational criterion for common cross-border insolvencies. Lastly, the article also proposes the definition of COMI in the event of a decentralized economy.

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Evaluating the legal impact of EU economic sanctions on Russia from an EU business perspective

Author(s): Kieran Robert Spencer / Language(s): English Publication Year: 0

In response to the 2022 escalation of Russia’s invasion into Ukraine, the European Union has implemented unprecedented sanctions targeting the Russian state, individuals supporting the war effort, and the Russian economy generally. These sanctions are unique in the history of the European Union, not only because of their political context but also because of their breadth and the novel legal instruments used. This paper will explore how these distinctive features might impact businesses working within the European Union.

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Регламентирането на изкуствения интелект в аграрното законодателство на Република България – назряла необходимост

Author(s): Valeri Velkovski / Language(s): English,Bulgarian Publication Year: 0

Artificial intelligence with its many possibilities is relevant to the needs of the agrarian economy, insofar as it is a basic branch in the structure of the national economy. Ensuring sustainability in the development of the agrarian economy is closely related to one of the manifestations of artificial intelligence – digitization. As stated in the Strategy for Digitization of Agriculture and Rural Areas of the Republic of Bulgaria [5], „digitalization allows the agrarian economy to realize its high potential and reap the same successes as the high-tech spheres of the economy: increasing productivity, adding value, improving quality and safety, and thus income and quality of life, drastically reducing pollution to sustainable levels, flexible and quick response to market trends“. The application of artificial intelligence in this regard needs to bring the Bulgarian agricultural legislation in line with the specifics of artificial intelligence, respectively the creation of new up-to-date legal norms in this area.

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Innovation in the Financial Sector (FinTech): Paradigms, Causes, Effects and Perspectives

Author(s): Ruxandra RÎMNICEANU / Language(s): English Publication Year: 0

The changes and evolution of the international and domestic financial-banking system, in the context of globalization, after the financial crisis of 2008, determined the emergence of global, virtual banks, megabanks, financial groups that use disruptive technologies and technological innovations. The first FinTech Action Plan (technology-based innovation in the field of financial services or financial technological innovations) of the European Union mark, as well, the first step circumscribed to the EU Digital Finance Strategy, in order to allow the expansion of innovative business models, but without forgetting to strengthen cyber security and to increase the degree of integrity of the financial system. In this context, however, it is important to take into account the variety of the institutions and the technologies in the countries participating in the Single Supervisory Mechanism (SSM), because the FinTech banks capture the different activities of the credit institutions in different jurisdictions to be closer to the customers and the investors and, in the same time, to expand the area of supervision of the problems related to the emergence of FinTech, because they exceed a sector of the economy or a geographical area and involves multiple financial-banking supervisory and regulatory institutions, belonging to various sectors.

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