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Statistical approach to calculation of VAT and problems related to tax credit and export tax refund

Author(s): Maryna Afanasieva,Tetiana Davydiuk / Language(s): English Issue: 09+10/2016

The Theory of National Accounts opens up new possibilities for improving VAT taxation. New terms have been introduced: statistical tax rates are equal to the current VAT rate multiplied by the share of value added for VAT or by the share of input for the export tax refund (ETR) in products output, which are calculated for selected sectors of the economy on the basis of National Accounts. Statistical tax rates allow for determining VAT or ETR from sales turnover, which reduces the probability of tax fraud. Time limitations associated with a three-year delay in the calculation of National Accounts are treated as insignificant in many cases. The authors of the article have suggested an algorithm of taking into account VAT exemptions and made calculations using statistical data for the United Kingdom of Great Britain. Information about VAT exempted turnover should be obtained from the State Fiscal Service of Ukraine and compiled into the National Accounts Database. The Input-output approach to the calculation of VAT can be applied both for the analysis of tax legislation and for direct VAT assessment.

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The analysis of shopping behaviour in the context of spending leisure time activities of consumers in the chosen shopping centres in Vienna (Austria)

Author(s): Jana Mitrikova,Anna Senkova,Sandra Antolikova,Valéria Parová / Language(s): English Issue: 09+10/2016

The main aim of the article is a questionnaire based analysis of shopping behaviour in the context of spending leisure time activities of consumers in shopping centres Donauzentrum and Millennium City in Vienna, the capital city of Austria, as well as, the identification of potential differences caused by their location within the city and by varied offer and the diversity of their individual operations. The research was conducted from November 2015 to February 2016 with 320 respondents (160 respondents in Donauzentrum and 160 respondents in Millennium City). Millenium City was often visited by occasional consumers (proximity of railway station and airport, near the city centre, centre with a hotel part, as well). Considering varied offer and the diversity of operations (cinemas, night clubs, fitness centres, bars, restaurants, etc.), the consumers seldom stayed longer during a visit (interval of 91-120 min was stated by 33.75% of the respondents). Donauzentrum was visited more often (i.e. purchase of daily consumer goods). The consumers stayed shorter and spent less money.

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Credit guarantees in Ukraine’s agriculture: a development mechanism based on international practices

Author(s): Andrii Starodubtsev,Yulia Bakai / Language(s): English Issue: 03+04/2021

The paper deals with the conceptual approaches to the credit guarantee system as an effective mechanism of state support for agriculture. The importance of introducing a credit guarantee system in Ukraine and creating the Fund for Partial Credit Guarantee in Agriculture, a specialized non-banking financial institution, is emphasized. This will help to overcome obstacles to crediting small and medium agricultural enterprises. The authors have analyzed global credit guarantee schemes. The purpose of this paper is to develop proposals for amendments to the Draft Law «On the Fund for Partial Credit Guarantee in Agriculture», in particular a need to provide legal grounds for non-banking financial institutions, the form of business entities, their mission, criteria for agricultural subjects eligible for partial credit guarantees, financing of the relevant institutions and defining the related management bodies, as well as bodies of state regulation and supervision. The problem statement is attributable to the fact that the effectiveness of institutions providing credit guarantees for small and medium enterprises in agriculture plays an important role in the national economies of most countries. The authors have proposed an approximate financial model of the Fund for Partial Credit Guarantee in Agriculture and made the required economic calculations. Thus, with an initial authorized capital of EUR 10 million, the Fund for Partial Credit Guarantee in Agriculture, with 50% coverage, is able to provide guarantees for the purchase of 25 thousand hectares of arable land by small and medium enterprises at an average cost of EUR 820/ha, taking into account the average normative monetary assessment of agricultural land by regions. Consequently, credit enforcement will allow banking institutions not only to balance credit risk, but also to open access to small and medium agricultural enterprises to bank crediting to the extent necessary for the purchase of agricultural land and investments in production.

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Measuring the effect of cash credit on industrial production in Iraq for the period of 2003-2020

Author(s): Salam Mounam Zamil,Ghalib Shaker Bahit,Hatem Kareem Balhawi / Language(s): English Issue: 03+04/2021

The monetary sector in Iraq occupies a distinguished position as it manages the movement of money, which is the main engine of economic activity. The importance of research is determined by studying the relationship between cash credit and its role in fostering economic activities, especially in the industrial sector. The authors of the research aim to study and analyze the nature of domestic credit in Iraq and its role in developing the industrial sector. The research originates from the hypothesis that credit changes in Iraq have a major role in developing industrial economic activities. In order to reach the purpose of the research and verify the hypothesis, an analysis of the domestic crediting in Iraq, along with its role in the development of the industrial sector, and the causal importance of the types of cash credit in Iraq was carried out. In this study, the descriptive inductive approach is relied on the analysis of monetary credit indicators in Iraq. In addition to the quantitative method of analyzing the available data on the relationship between cash credit and the industrial sector, the authors used the EViews 12 software.

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The role of economic justice in realizing the principle of utmost good faith fairness in default insurance

Author(s): M. Mulhadi,Isis Ikhwansyah,Raden Kartikasari,Efa Laela Fakhriah / Language(s): English Issue: 03+04/2021

This research is conducted to determine the role of economy in realizing the principle of utmost good faith which is fair since this principle does not take sides in insurance, which makes it possible to decide whether it is effective or not in the context of law enforcement in courts in the 2012-2021 period. This normative-philosophical research is based on philosophy of values and legal doctrines and is conducted with the use of qualitative and comparative methods. It is aimed at analyzing legal resources referring to selected legal provisions set out in legislation, literature, expert conclusions, reports, articles, research results and court decisions.

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Debt Relief or Exit: The Long-Term Effects of Forex Loans on Latvian Households

Author(s): Andris Saulitis / Language(s): English Issue: 1/2022

The stubborn decision of the Latvian government to join the eurozone at any cost put a great burden on Latvian households after the crisis of 2008. Nevertheless, no popular protest movement emerged to change the course of this decision. This study discusses why Latvians undertook individual strategies to cope with the forex loan crisis. Particularly, I look at the choice between formal debt relief procedures and emigration as alternative individual strategies for defaulted debtors. These programmes have not reversed the negative migration trends or significantly decreased the number of Latvian households in arrears. Debt discharge is mainly attainable for wealthy individuals who are able to mobilise their financial and kinship resources. Worse-off debtors cannot attain debt discharge or are stigmatised during the process. Alternatively, emigration has offered a way to cope with overindebtedness and keep up with mortgages and consumer loan payments for a much larger segment of the debtor population.

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Whither Peripheral Financialisation? Housing Finance in Croatia since the Global Financial Crisis

Author(s): Marek Mikuš / Language(s): English Issue: 1/2022

This article analyses recent developments in Croatian housing finance to update the established account of housing finance and peripheral financialisation in Eastern Europe that is based on the boom-bust cycle of the 2000s and early-to-mid 2010s. During the bust stage of that cycle, changes in regulation and in the behaviour of debtors and creditors resulted in deleveraging and a shift away from the risky and exploitative lending practices characteristic of peripheral housing finance. However, new increases in household debt and housing prices since 2016–17, coupled with the COVID-19 pandemic, seem to have reversed these trends. While a boom-bust cycle of similar scope and modality to the first one is unlikely to be repeated, peripheral forms of housing finance have persisted to some degree.

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Different Debtors, Different Struggles: Foreign-Currency Housing Loans and Class Tensions in Romania

Author(s): Ioana Florea,Mihail Sandu Dumitriu / Language(s): English Issue: 1/2022

Management of foreign-currency household debt in Romania in the aftermath of the Global Financial Crisis in 2008 had the effect of deepening pre-2008 class disparities and treated debtor categories differently according to their income. In this article we contribute to the debate on subaltern financialisation by showing how post-crisis credit and housing policies contributed to the fact that today different debtor groups (i.e. by type of credit but also by time of lending) find themselves at opposing ends of the political spectrum based on different class alliances, with those who benefited from the crisis-management polices positioning themselves against those who were the ‘losers’ under these same policies.

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Forex Mortgages and Housing Access in the Reconfiguration of Hungarian Politics after 2008

Author(s): Ágnes Gagyi / Language(s): English Issue: 1/2022

After a boom in foreign-currency denominated (forex) mortgage loans in the 2000s and the resulting debt crisis in 2008-2009, Hungary’s debt management came to be defined by a highly politicised combination of several phenomena: the existence of a large social base at risk of defaulting on their mortgages; the integration of debtors’ struggles into a shift from the post-socialist dominance of neoliberalism to a national conservative political hegemony during the crisis years; and the political foregrounding of forex debt management in the post-2010 Orbán governments’ construction of a new financial model as part of a post-neoliberal authoritarian capitalist regime. The article traces how two main aspects of the forex mortgage crisis, housing debt under dependent financialisation and the problem of limited housing access, became integrated into Hungary’s electoral politics and macroeconomic transformation in the last decade.

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Housing Uncertainty: Socio-economic Inequality and Forex Loans Trajectories in the Bosnian Housing Market

Author(s): Zaira T. Lofranco / Language(s): English Issue: 1/2022

This article explores the nexus between the financialisation of housing and socio-economic inequality in Bosnia and Herzegovina (BiH). In this context, since the post-war economic reforms, driven by deindustrialisation, the precarisation of labour, and dependent financialisation, housing loans have become a ‘privilege’ for a restricted group of people with high and stable incomes. Instead, the housing aspirations of Bosnians are generally met with the aid of consumer loans and the ostensibly cheaper FX loans that were introduced in the mid-2000s. Drawing on quantitative and qualitative data, this paper highlights the enduring features of the polarised credit market in BiH. It particularly focuses on the period after the 2008 crisis when lending policies were only mildly re-regulated. FX loans never became the object of an ad hoc law to convert them to Bosnian convertible marks. This institutional approach has been unable to challenge the extreme class segmentation of housing finance and is still fostering indebtedness and precarious housing conditions among the lower-income segments of Bosnian society even after the pandemic.

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Non-financial reporting of chemical companies in the Czech Republic

Author(s): Simona Munzarova,Jana Kostalova,Eliska Fialova / Language(s): English Issue: 1/2022

This paper focuses on the issue of non-financial corporate reporting by the Czech chemical companies. Based on the content analysis of the websites and disclosures, it analyses, compares and evaluates the level of web communication of the economic, environmental and social issues of corporate social responsibility of these companies. At first, it presents results of the research comparing the extent of non-financial web communication of selected Czech chemical companies with the Czech leaders in the Czech TOP 100 rankings. These results are then complemented by results of the quantitative research on environmental instruments used by all Czech chemical production companies, that use websites for communication of their activities. The number of companies in the Czech Republic processing non-financial reports is significantly lower than abroad, but it is still growing. Large enterprises pay more attention to non-financial reporting. Rather than including this information in a disclosure, a business website is used as a tool for this communication. The paper brings sectoral perspective into non-financial reporting literature, as attention is paid to the chemical production sector and also complements the knowledge of communication of companies that do not belong to the group of 100 most important companies within the country.

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Irregulatiries in presenting the budget execution and budget result in the Republic of Srpska municipalitiees

Author(s): Jelena Poljašević,Bojan Ćurić / Language(s): English,Serbian Issue: 1/2017

In this work irregularities in the presentation of the budget execution and the budget result in the units of local government of the Republic of Srpska are considered through the conducting financial audits by the Audit Office of the Republic of Srpska. Although the definition of surplus, deficit and debt are easily understood, when determining the actual values of these parameters in practice there are significant problems. The part of these problems stems from the concept of financial reporting and general accounting inconsistencies budget but mainly because of the wrong approach to budget planning and unrealistic execution that usually occurs due to the forming and ac-cumulation of obligations over the available budget funds. It is very important to identify and analyze these problems to find possibilities to overcome them in order to gain a better insight into the actual/real budgetary result, because lack of information and knowledge on financial statements can lead to making wrong decisions or wrong public opinion.

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Niepewność a pieniądz gotówkowy w okresie pandemii: przypadek Polski

Author(s): Jacek Pietrucha,Michał Gulewicz / Language(s): Polish Issue: 3/2022

The increase in the cash supply is one of the most interesting monetary phenomena in recent years. In particular, the period of the COVID-19 pandemic was marked by a significant increase in the cash in circulation. The article considers whether the uncertainty related to the effects of the pandemic was the source of the increased cash supply during the pandemic in Poland. In order to measure uncertainty, the Pandemic Uncertainty Index and the Economic Uncertainty Index were constructed (monthly data for the years 2019–2021). It was assumed that the level of uncertainty experienced by households and non-financial enterprises is better illustrated by search terms in an internet search engine than (as is the case with other uncertainty measures) press publications or financial market indicators. Both new indicators are related to the cash supply in Poland during the pandemic, and this relationship is particularly strong in the case of the Pandemic Uncertainty Index. Changes in the cash supply in Poland were not related to the dynamics of retail sales (therefore, changes in the transactional demand for money can be excluded). The actual number of COVID-19 cases and the interest rate are also irrelevant. Maintaining a cash reserve is therefore treated by entities as an optimal strategy in a period of increased uncertainty. This cash function creates a new context in the discussions about the full waiver of cash.

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Demokracja bezpośrednia jako niespełniony model zarządzania oddolną inicjatywą non-profit „Wymiennik” (warszawski system waluty lokalnej)

Author(s): Marlena Rycombel / Language(s): Polish Issue: 4/2021

The article asks the question if the vision of participative management in ‘Wymiennik’ – articulated by the founders of the system and described in “Wymiennik Community Rules” – relates to the practical realization of the participation model. The author shows problems associated with introducing the idea of direct democracy on the example of the grassroots, urban, and niche ‘Wymiennik’ initiative and referring to the experience of the Occupy Wall Street movement described by Manuel Castells. The conflicts within the Warsaw community will be shown, which were the effect of the experiment with the management model. The term consensus as stasis made by Marcus Miessen will be used.

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Implications of the war in Ukraine on the Belt and Road Initiative

Author(s): Vladimir Prebilič,Vid Jereb / Language(s): English Issue: 2/2022

The war in Ukraine will have broad implications for the European region and the world as a whole. It has already changed the intricate balance in the world order influencing great power competition rendering some geostrategic priorities obsolete while reinforcing others. The biggest geo-economic project of the People’s Republic of China (PRC): the Belt and Road (BRI) initiative, will be no exception. The transport and energy flows of BRI will be disrupted due to the new Iron Curtain descending across Europe in the form of sanctions against aggressors in the war in Ukraine. To balance this in the short term, the PRC will have to reroute much of its BRI cargo and projects into other corridors. In the long term, the PRC will attempt to divert Russian resources from the West to itself within the BRI framework, thus rendering western sanctions ineffective and assuring the longterm success of the BRI.

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Investigarea criminalistică a infracțiunilor contra intereselor financiare ale UE

Author(s): Petruţ Ciobanu / Language(s): Romanian Issue: 1/2021

The phenomenon of globalization determines the new dimension in terms of state development, so that the protection of the financial interests of the European Union is an extremely important issue of our society. The funds allocated by the European Union to the Member States enjoy legal protection through a number of institutional instruments and means of criminal law. By the accession of our country to the European space, bodies, norms and rules for accessing European funds were created, correlated with the incrimination and sanctioning of crimes regarding the illegal access to these funds, in art.18/1 - art.18/5 of Law no. 78/2000, in a separate section entitled "Crimes against the financial interests of the European Union". Today, the fight against fraud against the financial interests of the European Union has new dimensions by identifying and using the most effective means to prevent, combat and cooperate. The forensic investigation of crimes against the EU's financial interests aims to establish the illicit activities by which the general budget of the European Union or the budgets administered by it has been defrauded, to identify the perpetrators and to establish the contribution of each to the commission of crimes. and the prosecution of guilty natural or legal persons.

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Work and its transformations: from statism-based work to the Gig Economy

Author(s): Grażyna Krzyminiewska / Language(s): English Issue: 3/2021

Motivation: Work as a socio-cultural and -economic phenomenon in the process of Poland’s economic transformation within the last thirty years requires special analyses due to its central role both in individual and social terms. To a significant extent, the traditional approach is based on unhelpful separation of economic determinants from the social system as a whole, which is with detriment to the ability to investigate economic processes. Economic phenomena are not the effect of actions of unrelated individuals and their decisions based on rational calculations, but also arise out of the values rooted in their way of thinking and demonstrated through culture. Aim: This paper is aimed at describing the evolution of work in the context of the changes occurring on the labour market which result from the transformation of these institutions and of the economic culture of Poles. The aim may be achieved by assuming that the experience of the so-called ‘cultural turn’, a term which perfectly suits to describe the transformation process, requires interest to be taken also in phenomena occurring in everyday life, such as values, attitudes or cultural patterns. The transformation of work and of its meaning for development will be subject to descriptive and comparative analysis in two aspects: (1) with regard to the shift from statism-based economy to flexible forms of employment and the occurrences that accompany that shift and (2) in terms of global economic and technological changes in this regard. Results: The analyses carried out allowed to describe the changes in the Polish society observed in the area of work. The stages of the changes are identified, and new trends are specified which emerge under the impact of global development and their consequences for the economy and the society

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Banking regulations, financial system stability and trust in the ECB: a structural equation model

Author(s): Muslum Mursalov / Language(s): English Issue: 07+08 (2)/2021

Government interventions has long been a question of great interest in a wide range of fields. Scholars have been debating the scope and degree of intervention in the banking sphere that considers government capabilities. This study set out to provide some empirical evidence on the intertwined relationship between government interventions carried out through banking regulations and trust in the European Central Bank (ECB), taking into account the mediating role of financial system stability. A combination of quantitative approaches was used in the data analysis. The confirmatory factor analysis in STATISTICA was applied for hypothesis development, followed by the structural equation modeling (SEM) based on the statistical package SEPATH used for research hypothesis testing.This study aims to contribute to this growing area of research by exploring that financial system stability mediates the path between banking regulation and trust in central banking.It was found that stricter government regulatory and supervisory interventions in the banking sphere are changing the imprudent financial institutions’ behavior, however, negatively accomplishing financial development financial markets and institutions. Meanwhile, both financial system stability and banking regulations contribute to trust in the ECB. The research findings add to the growing body of research that indicates that stricter government regulatory and supervisory interventions in the banking sphere drive trust violations in central banking upon the causal chain by virtue of financial development financial markets and institutions deterioration.

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The role of financial statements in predicting the changes of prices and production cost of oil

Author(s): Jasim Gshayyish Zwaid,Ayad Hadi Abdul Bari,Raed Naeem Rashed / Language(s): English Issue: 09+10/2021

Oil is considered a strategic commodity for the countries of OPEC – based on it determined the direction of economic and financial development. It is the most important source used by the country to implement its policy and economic programs. This study focused on accurately predicting future prices of OPEC’s oil drum and suggest suitable planning to avoid any economic financial due to oscillating oil prices. Also, is the financial statement have a role in increasing predict accuracy for oscillating oil’s prices. To achieve research goals and exam research hypothesis monitored oil price monthly for fifteen years from (1/1/2003-1/6/2020). The results data have two types of time series, therefore, analyzed by using MATLAB software. The results have linear and non-linear data; therefore, it needs software or more for processing to predict oil prices in the future. Linear data can be processed using one statistics model, ARIMA (2,2,1), to predict future oil prices. Many suggestions are introduced, among them must using a set of programs to process data of financial statements.

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Factors influencing absorption of the banks’ financial resources: assessment of the optimality

Author(s): Elena Stryabkova,Irina Chistnikova,Marina Antonova,Elena Druzhnikovа,Yana Veklich Mochalova / Language(s): English Issue: 11-12/2021

Optimal allocation of deposits (resources) and facilities (expenditures) are among the most important strategies of banks. Optimal allocation of resources in various economic sectors leads to targeting of funds collected by banks. Optimal allocation of expenses, in addition to obtaining returns in excess of the cost of attracting resources, leads to rapid and timely response to bank customers.The purpose of this study is to provide linear programming models to determine the optimal combination of resources and expenditures of banks with the approach of reducing the cost of money. The tools used in this research are linear programming models and the data used is quantitative. The results of this study showed that all five factors (electronic banking, physical factors and conditions, service factors, communication and human factors and financial factors, respectively) were effective factors in attracting resources. They are influential in the bank, respectively.

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