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"SHADOW TAX" - ONE OF THE CHALLENGES OF MANDATORY ACCUMULATIVE PENSION SCHEME OF GEORGIA

Author(s): Shota Karalashvili / Language(s): English Issue: 2/2020

In Georgian pension system the precedent of accumulative pension model indicates on existence of relevant signs of European standards. Until 2018 there was operating only one-stage pension system. So the accumulative pension model is a novelty for any party involved in the process; therefore, in Georgia the challenges accompaning various changes are characterized by a special specificity. We would like to focus on one of the challenges that equally affects all three parties involved in the mandatory funded pension scheme, including state, employer and employee. We must underline the following fact: if we want to overcome this challenge, we must implement changes not only in retirement, but also in the areas of taxation and labor sphere.

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"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.

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(Nie)zależność finansowa państwa we współczesnej gospodarce rynkowej

Author(s): Piotr Misztal / Language(s): Polish Issue: 2/2019

State financial independence refers to the ability of the government to finance all state expenditure solely from the budgetary revenue attained. Thus, the full financial autonomy of the state means that the government finances the budgetary expenditures without having to borrow money. Therefore, the aim of this article is to examine the possibility for states to achieve full financial autonomy in the contemporary world economy. The results of the studies show that almost all countries now have a large or small public debt, which means that countries finance their development by borrowing money at home and abroad. The important issue seems to be not so much to maintain the full financial independence of the State as to guarantee the financial security of the state (that is, to maintain the ability of the state to raise money when necessary).

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(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).

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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.

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1923-1929 döneminde Türkiye’de uygulanan vergi politikalarının mali sosyoloji çerçevesinde değerlendirilmesi

Author(s): Rana Dayioğlu Erul / Language(s): Turkish Issue: 1/2020

Fiscal sociology deals with the study of fiscal events from a sociological perspective and investigates both the impact of fiscal events on society and the effects of the factors affecting and forming the structure of society on fiscal events. Fiscal sociology examines fiscal events by considering historical, cultural, social, legal and political factors in addition to its economic aspects. In this regard, the policies that are put into practice by making the researches of fiscal sociology are more easily adopted by the society and can achieve success as they reflect the structure of the society. Sociological view of fiscal events is important in this respect. The aim of the study is to evaluate the tax policies of the 1923-1929 period within the social and economic conditions of the period and to investigate whether the fiscal sociology approaches are effective in the implementation of tax policies. For this purpose, tax policies of the period have been tried to be evaluated on the basis of fiscal sociology theories and even though it is tried to be made arrangements considering the social structure in the period, the desired purpose could not be achieved due to the financial and economic conditions of the period.

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31. kongres Evropského konsorcia pro výzkum vztahu církve a státu, Esch-sur-Alzette (Lucembursko), listopad 2019

Author(s): Záboj Horák / Language(s): Czech Issue: 78/2020

Od čtvrtka 14. do neděle 17. listopadu 2019 se v Lucembursku konala letošní mezinárodní konference uvedeného konsorcia. Jejím tématem bylo postavení náboženských společenství jako daňových poplatníků v členských státech Evropské unie.

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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

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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.

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

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

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.

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A Comparative Analisysis of the Real Convergence and Nominal Convergence Indicators of Romania to the Eurozone

Author(s): Ioan Valentin Adomnicăi / Language(s): English Issue: 1/2018

Achieving nominal and real convergence represents the main objective of Romania on its way to the accession to the Economic and Monetary Union. In order to adopt the euro, our country must cover the gaps which separate us from the exclusive club of the euro area Member States. Romania's efforts take place in the context in which the European economies hardly recover from the financial crisis which started in 2008, the European Union existing a clear tendency of polarization between poor and developed countries and also more a divergence process than an economic convergence one. In this context we proceed with an analysis of real convergence and nominal convergence relevant indicators.

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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.

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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.

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A CONTEMPORARY DOCUMENT ON ŠAIH HAMZA FROM ORLOVIĆI (BOSNIA)

Author(s): Adem Handžić / Language(s): English Issue: 8/2019

Authors wrote earlier about Hamza Dede and his tekye, that he erected in 1519 in the village Orlovići, not far from the old castle Kušlat (on the road Vlasenica-Zvornik). Even S. Bašagić touched upon this in his works, and then others also referred to it (M. Karanović, R. Muderizović). Dr Muhamed Hadžijahić particularly dealt with that question. Based on four preserved Ottoman documents on the tekye (berats) and based on some other modest data, Hadžijahić tired to enlighten the formation of the tekye and its significance. He put special effort in the determination of the development and work of the Dervish Order, that is the Order of Hamzevije in Bosnia, that should – according to its name, and based on some other circumstances – originate from that tekye and which due its heretic teaching, and as it seems, also due to active participation of some followers in certain rebels against the Ottoman Empire, in the second half of the 16th century, was severely persecuted.

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A Cross-Country Picture: Towards More Efficient EU Aid

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

The EU approach in the Eastern Partnership countries is to financially support concrete reforms: sector budget support operations are most commonly in use. Theoretically, such a tool, given teeth by precise conditions and indicators, should allow the smooth completion of the sector integration planned in the scope of the EaP. In practice, an analysis of the first years of use (2007–2013) shows that this instrument has potential in countries willing to integrate with the EU, while in the others its use has limited impact on guiding comprehensive reforms. The pace of fulfilment of budget support conditions differed much among the partners. This resulted mainly from the various level of willingness of the EaP governments to conduct Euoriented reforms. For Moldova and Georgia, the political will to integrate with the EU is clear, as proved by their determination to sign an AA. On the contrary, Armenia and Ukraine withdrew from signing such deals, a step that confirmed they were not interested in or were hesitant about EUbacked reforms. In Armenia, the EU had to stop support for DCFTA implementation and reshape its assistance, whereas for Ukraine the new pro-European government has signed the political part of the AA after an internal crisis. Azerbaijan is a case apart, as budget support was aimed to develop sector cooperation, but in the meantime it has shown it is not interested in complying with aid conditions on PFM: in this case, the EU help is rather useful in terms of advice on the directions of some reforms. Therefore, one can distinguish two groups of countries, EU-oriented and non-EU-oriented, with the latter being interested only in some sector cooperation.

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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.

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A gentle sceptic: Martin Feldstein and the euro

Author(s): Radu ȘIMANDAN / Language(s): English Issue: 2/2020

This article traces the complex path that Martin Feldstein followed, for more than twenty years, in his principled critique of the European common currency project. Involved in the debate on the euro from its early stages to the tumultuous times of the sovereign debt crisis and the resulting recession, author of numerous articles in the academic and popular press, drawing his arguments from economics and political economy, he contributed to the development of an American vision on monetary unification in the EU. Studying this extended body of literature proves to be an interesting way to explore the sinuous discussion on the euro from the theoretical, applied and public-debate perspectives.

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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.

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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.

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A liquid Europe?

Author(s): Daniel Gros / Language(s): English

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.

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