"Ханска Украйна - Мукатаа Томбасар" (края на XVII-XVIII век)

Author(s): Alexander Sereda / Language(s): English,Bulgarian / Publication Year: 0

The aim of the paper is to explore the region of Northwest Black Sea lands in the early 17th-18th centuries, in the context of the Ottoman and Crimean administrative and territorial structure; the political preconditions for the formation of Khan Ukraine - special administrative and territorial unit with the Ukrainian-Kazakh population under Crimean governance; the organization of the economical and fiscal district "Muqataa Tombasar" in the framework of Khan Ukraine. It presents the defter (register) of the revenues and expanses in Muqataa Tombasar and localizes the settlements and their population in the Northwest Black Sea region.

(ЗЛО)УПОТРЕБА СТРАНИХ ПРAВНИХ ЛИЦА ЗА ИЗБЕГАВАЊЕ ПОРЕЗА У СРБИЈИ

Author(s): Dejan Popović,Svetislav Kostić / Language(s): Serbian / Issue: 2/2010

The authors of this paper strive to show the basic tax reasons which lie behind the use of foreign legal entities by Serbian tax resident individuals for channeling investments into Serbia and other countries. Particular attention is given to the tax planning through the use of foreign legal entities and to the consequences, i.e. potential tax savings, which can be achieved by their use. The authors further point to the existing provisions of Serbian law, whose application could greatly curtail tax avoidance and tax evasion through the use of foreign legal entities by Serbian tax residents, and analyze the procedure and consequences of their application on both tax avoidance and tax evasion. At the very end, the authors note that the existing solutions, although potentially very efficient in the struggle against the detrimental consequences of tax evasion and tax avoidance, are not sufficient, and that it would be necessary to amend them on the basis of experiences of comparative tax law systems (CFC legislation).

19. Yüzyılda Ereğli'deki Bir İsyan Üzerinden Osmanlı Taşrasında Sosyal Düzeni Çözümleme Denemesi

Author(s): Sinan Yakay / Language(s): Turkish / Issue: 10/2006

Although the state-ayans (tax farming magnates) relationship in the Ottoman social history has been solved, it is not well defined how the ayan-public relations were. We hear from the people from their complaints about the former. Recent studies show that people might have gathered around different groups of benefit, and entered various relations in this context. Aim of this essay is to contribute to analyzing people-ayan relations in terms of different groups of benefit via the regulation of tax farming on March 9th, 1841, in Bendereğli, known today as Karadeniz Ereğli, and the uprising against Mustafa Ağa, then tax farmer of Safranbolu.

5018 Sayılı Kanun Kapsamında Kamu Kurumlarında İç Kontrol Sistemi: Maliye Bakanlığı Uygulamasının İncelenmesi

Author(s): Yunus Çalışkan,Yavuz Çiftci / Language(s): Turkish / Issue: 3/2017

Aim: With the Law No 5018 (Public Financial Management and Control Law), an internal control system was established to comply with international standards and European Union norms. Within this scope, a number of legal regulations have been made based on the COSO model in order to place internal control in all public institutions and organizations.In this study, the effectiveness of the Ministry of Finance internal control system, which pioneered the implementation of the internal control system in the public sector, was investigated.Method: In the study, the applicability of the system was investigated by examining the units of the Ministry of Finance for internal control,examining the web pages of the İKEP (Internal Control Standards Compliance Action Plan), the Internal Control Circular, the Internal Control Training Book and the central and provincial units. And the problems encountered in ensuring the effectiveness of the system.Findings: The Ministry of Finance has published internal control studies on the web pages of the Ministry's affiliated units where the structures such as the İYK (Monitoring Steering Board), SGB (Strategy Development Directorate) and DIYK (Treasury Monitoring Steering Board) were established in the organization structure for the internal control system.Results: The establishment of the internal control structure and the achievement of its effectiveness have not yet been reached in the Ministry of Finance. It has been concluded that the subject is not fully owned by the staff, the internal control sense is not established and more effective measures should put into practice

A Basic Necessity of a Modern Fiscal Policy: Voluntary Compliance

Author(s): Narcis Eduard Mitu / Language(s): English / Issue: 57/2018

Paying taxes can be considered a contribution to the welfare of a society. Taxpayers should perceive the exchange between tax payments and provision of public goods and services as higher. Taxpayers' willingness to cooperate with the state and its institutions in general, and their willingness to pay taxes in particular, depend on a variety of variables. While researchers in the field of taxation highlights the relevance of external variables such as tax rate, income and probability of audits and severity of fines, psychological research shows that internal variables are of similar importance. In this article we present a view on the relevance of citizens' knowledge of tax law, their attitudes towards the government and taxation, fiscal language, level of tax education, as well as motivational tendencies to comply.

A closer look at Dexia: The case of the misleading capital ratios

Author(s): Willem Pieter DE GROEN / Language(s): English / Publication Year: 2011

When first published, the results of the stress tests performed by the European Banking Authority (EBA) gave little evidence of Dexia’s vulnerability. The test was based on the current criteria for Basel II capital (core Tier-1 ratio). Dexia was ranked 12th of the 90 tested banks, with a stressed core Tier-1 ratio of more than twice the benchmark of 5%. In turn, the equity ratio was only about 1.9%, representing one-sixth of the core Tier-1 ratio at year-end 2010. In other words, for every €53 in assets, the bank had only €1 in capital (see Table 1). Such a level of leverage is high, twice in fact the average of large EU banks.3 The leverage and difference with other large banks are largely explained by the calculation of the risk-weighted assets (RWA) and the definition of core Tier-1 capital, both of which painted an overly optimistic picture.

A Comparative Analysis of Fiscal Policy Changes in Selected European Union Countries outside the Eurozone

Author(s): Agata Szymańska / Language(s): English / Issue: 3/2019

The aim of this article is to investigate the fiscal policy changes in six Central and Eastern European countries outside the Eurozone: Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. The analysis covers the period from 2004 to 2017. The study uses changes in the cyclically‑adjusted primary balance as a main indicator to assess the fiscal policy stance. The results indicate that, in general, over the period from 2004 to 2017, the fiscal stance in these countries was somewhat contractionary.

A comparative analysis of the public deficits run by the old and new EU member states in the context of the global financial crisis

Author(s): Marius Sorin Dincă,Gheorghita Dinca,Ileana Tache / Language(s): English / Issue: 1/2011

The issues of government debt and deficits became a current component of the public finances of virtually all the countries in the world since the Great Depression in the 1930’s. The EU countries do not diverge from this picture and most of them display complex financial problems, in which consistent budgetary deficits have combined with negative net exports, with the ageing and pension system challenges and recently with the global financial crisis. In our paper we analyze the evolution of the public deficits run by the old and new EU member states, trying to identify their main causes and to propose several courses of action in order to control the deficits. We started with a structural analysis of the income side of the budget, especially for direct and indirect taxes, followed by a quantitative analysis of the growing deficits in the EU countries. We identified some widespread causes of the public deficits, such as the growing share of the public social expenditures and of the public wages, or the increase in public investments. Finally we presented some solutions for fiscal consolidation, which we think is essential in order to ensure the survival of the Euro and of the European Union.

A fair tax (system) or an ethical taxpayer?

Author(s): Tamás Bánfi / Language(s): English / Issue: s1/2015

An interpretation of fairness based on the equal sacrifice principle is not clear; three taxation rules can be derived from it. Instead of searching for a fair tax system, ethical behavior of the taxpayer should be expected and set as a target. Ethical taxation can be encouraged and the propensity to pay taxes could be reinforced by abolishing the secrecy of individual and family tax returns, setting restrictions on cash operations which are associated with corruption, and gradually eliminating tax havens and offshore areas.

A HELYI ADÓZTATÁS SAJÁTOSSÁGAI MAGYARORSZÁGON

Author(s): Eva Darabos / Language(s): Hungarian / Issue: 1/2016

A possible alternative of involving resources required for carrying out the municipal tasks is to introduce local taxes which allows the municipalities to manage themselves financially alone. Aim of the treatise is to present the development in number of municipalities introducing local taxes, the role of own revenues and local taxes in the budget of municipalities, highlighting the development in amount of the business tax by settlement type. Based on the data, it can be stated that there has been a significant change in the structure of budget of municipalities since 2008,the local taxes play a decisive role, those ones serve as important sources of funding in addition to the decreasing state aid.

A Lesson in Valuation from Estonia: The Difference Between the Fundamental Value of Equity Under Distributed and Traditional Profit Taxation Systems

Author(s): Mark Kantšukov,Priit Sander / Language(s): English / Issue: 1/2018

Corporate value creation and management are one of the key issues for any business enterprise. A gap exists in research into the implications of the distributed profit taxation (DPT) system in Estonia for corporate value creation. Under the Estonian system of corporate taxation, companies need not pay income tax on undistributed earnings, allowing them to postpone income tax liability indeterminately. This theoretical paper compares the relationship between a company’s equity value and taxation of profits under traditional (or classical) (TPT) and DPT systems. A TPT system is a system where the amount of corporate income tax is determined by the profit the company earned during the taxation period. We show that fundamental equity value under a DPT system should be higher vis-à-vis equity value under a TPT system (ceteris paribus). To illustrate this, we use a dividend discount model and values from a hypothetical company. The equity value under DPT is also higher when financial leverage is considered. The results suggest that conventional valuation models and their inputs should be adjusted when valuing Estonian companies. Ignoring these adjustments runs the risk of undervaluing the equity of Estonian companies, as well as the equity of companies operating under similar tax regimes.

A liquid Europe?

Author(s): Daniel Gros / Language(s): English / Publication Year: 2011

Is the euro-zone stepping back from the brink? This might just be possible, because the emerging outlines of a new framework to resolve the ongoing sovereign debt crisis contain a key component that was missing so far. Indeed, that component’s absence was behind this summer’s spreading financial crisis, which moved beyond small, peripheral countries like Greece, Ireland and Portugal to strike systemically important countries like Italy and Spain.

A new simple algorithm for solution of optimization problems

Author(s): Jeyhun Abbasov / Language(s): English / Issue: 2/2018

This paper is devoted to developing a new sample algorithm after the solution of optimization problems subject to a budget constraint in firms’ production. In the calculation of the optimal composition of different items, there is one fundamental problem. In general, firm’s behaviors are under a budget constraint and they always try to optimally allocate their resources among production factors. It is possible that there are some production factors like quality of labor force which influence firm’s production after some period. In this case, when we want to solve optimization problems for these firms, we can encounter that the objective function (Revenue function, Production function or some other) of the optimization problem depends on the lags of the mentioned production factors. Therefore, the realization of the allocation of firm’s resources among the production factors doesn't seem plausible (because some of them are on the lags). In this context, we have tried to prepare a simple algorithm for optimal allocation of firm’s resources in the same period, using an optimal share which has been found for different lags of variables.

A Novel Approach to Modeling Price Volatility of Sovereign Debt Instruments – The Example of the Croatian Government’s Debt-Based Instruments

Author(s): Igor Živko,Mile Bošnjak / Language(s): English / Issue: 2/2016

Debt-based financial instruments are specific due to the maturity component and conventional approaches in estimating their volatility may not be applicable. This paper focuses on modeling and forecasting price volatility of sovereign debt instruments while taking into account their maturity. In doing so we propose a simple and useful technique for obtaining the desired confidence of volatility estimates. The proposed approach provides price volatility estimates for debt instruments issued by Croatian government denominated in HRK and in EUR.

A quiet tax revolution in Hungary? Interview with Dr. György Matolcsy, governor of the Central Bank

Author(s): György Matolcsy,Tamás Pesuth / Language(s): English / Issue: s1/2015

Interview with Dr. György Matolcsy, Governor of the Central Bank by Tamás Pesuth

A Renewed Political Deal for Sustainable Growth within the Eurozone and the EU

An open letter to the President of the European Council

Author(s): Richard E. Baldwin,Giuliano Amato,Stefano Micossi,Daniel Gros,Pier Carlo Padoan / Language(s): English / Publication Year: 2010

Under current policies, the European Union will only be able to pull itself out of low growth and high unemployment very slowly – too slowly to exclude dangerous economic and political assaults on the Union’s continuing cohesion and viability. What is needed is a substantial increase in the EU output growth rate, which has been persistently low for too long a time. With low growth, sovereign debt sustainability in a number of member states will remain uncertain, possibly leading to renewed strains in financial markets and rising spreads that will aggravate the costs of budgetary consolidation.

A Review of the State-of-the-Art Research on the Twin Deficit Hypothesis

Author(s): Veronika Šulíková,Vladimír Gazda / Language(s): English / Issue: 42/2016

The aim of this paper is to find the most important patterns in published papers on the twin deficits. The research methodology includes text-mining analysis covering all the relevant Research Papers in Economics (RePEc) works. It turned out that Ricardian equivalence and the Mundell-Fleming approach dominate twin deficit research, especially in developed countries. The current account targeting hypothesis and bi-directional causality are confirmed mainly in developing countries. As regards the methodology, the most used are cointegration techniques and Granger causality testing. The percentage of papers proving Ricardian equivalence did not change during the analysed period, while the percentage of those confirming the Mundell-Fleming model decreased when using more recent data

A study on the evolution of tax pressure in Romania

Author(s): Georgeta Vintila,Ioana Laura Ţibulcă / Language(s): English / Issue: 1/2014

Fiscal pressure is often considered a barometer for the impact and level of taxation experienced by individual taxpayers and businesses. In Romania, the study of the tax burden has been and will remain a highly debated topic in a national as well as European context. Thus, in this article, we conducted a descriptive statistical analysis of the evolution of the tax burden in Romania, and showcased the research results in different graphically expressive ways (maps, tables, graphs), all presented from a dual perspective. On the one hand, we followed the impact of taxation on households, and on the other hand, in a broader approach, we highlighted the tax burden reflected at the county and regional level.

A Three-Pillar Firepower to Solve the European Sovereign Crisis: A last chance!

Author(s): Rym AYADI / Language(s): English / Publication Year: 2011

EU policy-makers, led by Germany, have a last chance to work together with the private sector to produce a comprehensive, multi-pillar framework to stop the pernicious spread of economic contagion from the sovereign debt crisis in Europe with its detrimental effects on the real economy and the society. The sovereign debt crisis and the turmoil in the banking sector have become intimately intertwined. Partial cures will not be strong enough to tackle the root cause of the disease, which has macro and micro origins resulting from the close relationship that has developed over decades between sovereigns and banks and been reinforced by the erroneous zero-risk weight treatment of the EEA countries under the Basel regulatory regime. Recent calls to increase core Tier-1 capital ratios (up to 9%) on all European banks without reconsidering the ratio’s design profoundly miss the point. The experience of Dexia, which had a core Tier-1 ratio of approximately 12.1% in 2010, seemingly superior to the 9%, reveals the limits of these capital indicators to assess a bank’s soundness. Therefore, creating unnecessary noise in the market may derail policymakers’ efforts to solve the European sovereign debt crisis.

ABDURRAHMAN SAMİ PAŞA’NIN RUMELİ TEFTİŞİ

Author(s): Erdoğan Keleş / Language(s): Turkish / Issue: 1/2019

After the proclamation of the Tanzimat Ferman of 1839, reform movements were started rapidly. It was declared that everyone's life and property safety would be ensured, a property count will be made and the tax will be taken according to everyone's income. For this purpose, inspectors were sent to the sides of Anatolia and Rumelia in 1840. The inspection movement was a preferred procedure of the state and was used to understand the direction in which way the reforms were supposed to take. After the declaration of the Tanzimat Ferman with the first inspection in 1840 the country has been inspected several times. However, these inspections did not succeed on various grounds. In 1850, Mustafa Reşit Pasha and other Tanzimatists decided to send inspectors committees to Rumelia and Anatolia. In November 1850, Abdurrahman Sami Pasha was appointed to the inspection of Rumelia. Abdurrahman Sami Pasha carried out inspections in Rumelia region from January 1851 until August 1851. During his eight months in duty, he made observations on the social, economic and religious problems of the region. Abdurrahman Sami Pasha was appointed to the governorship of Bosnia in August 1851 and the duty was given to Kamil Pasha member of the Meclis-i Vala. During his tenure, Abdurrahman Sami Pasha traveled the central and western sides of Rumelia from Selanik to Bosnia and sent reports of his travels to Istanbul. The purpose of this inspection was to determine whether the implementation of the Tanzimat principles was successful and to find solutions to the causes of the failure. In this study, in accordance with Abdurrahman Sami Pasha's duty as an inspector and reports he submitted, some determinations will be given regarding the implementation of Tanzimat in Rumelia.