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Volume 14 (2018): Edition 3 (September 2018)

Volume 14 (2018): Edition 2 (June 2018)

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Volume 13 (2017): Edition 2 (December 2017)

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Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 14 (2018): Edition 3 (September 2018)

Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

8 Articles
access type Accès libre

Openess and Transparency of Fiscal Reporting in Poland – Assessment and Recommendation

Publié en ligne: 23 Feb 2019
Pages: 1 - 7

Résumé

Abstract

The aim of the paper is to answer the question of whether fiscal reporting (more precisely, financial reporting of public finance sector entities (PFSE)) earnestly expressed the results of activities (information included is reliable, understandable and complete), and provide suggestions on how to increase openness and transparency in that field. First of all, the essence of openness and transparency of public finance is described. Then the international institutions involved in preparing and promoting international fiscal transparency standards and guidelines are indicated. Next are noted the most important reasons for limited openness and transparency of financial reporting of PFSE. In the end, actions are recommended to increase openness and transparency. Results are presented of theoretical studies on the basis of related literature, the reports by the Supreme Audit Office in Poland and the authors’ own experience connected with preparing formal opinion for two houses of Polish Parliament. Simple research methods are used such as descriptive analysis and also inferential and inductive thinking.

Mots clés

  • fiscal reporting
  • fiscal transparency

JEL Classification

  • H72
  • H77
access type Accès libre

Financing of Smart Growth in Less Developed Regions on the Example of Poland

Publié en ligne: 23 Feb 2019
Pages: 8 - 20

Résumé

Abstract

The aim of this paper is twofold. First, the smart growth concept is examined with a focus on challenges associated with applying this concept in the less developed regions. Second, the impact of EU structural funds on smart growth in Poland is analyzed at the regional level with a view to contributing to the debate on public intervention in this area. The research questions are as follows: “Is the concept of smart growth, as postulated by the European Union, well suited to the less developed regions?” and “Whether and to what extent do EU funds contribute to achieving smart growth in Poland?”

Smart growth has accelerated after 2007, which could suggest a significant impact of EU structural funds, whose allocation to measures supporting innovative activity rose markedly after 2007. However, among the various factors influencing regional development processes, the impact of structural funds was not as strong as might be expected, which was confirmed by further analysis.

Mots clés

  • smart growth
  • regional development
  • EU structural funds
  • Europe 2020

JEL Classification

  • F36
  • O11
  • O30
  • R11
access type Accès libre

Partial Fiscal Decentralization and Local Government Spending Policy

Publié en ligne: 23 Feb 2019
Pages: 21 - 31

Résumé

Abstract

The aim of this paper is to analyze how limits in revenue and spending autonomy of sub-sovereign governments influence their decisions. Revenue and spending autonomy indicators for Polish towns were established and used in analysis on school education expenditures during 2003–2016. The influence of limits on revenue autonomy on municipal spending has been extensively addressed in both theoretical and empirical literature. However, studies related to spending autonomy are rare. The analysis presented in this paper suggests that when limits exist in spending autonomy, more decentralized tasks are crowded out by regulated obligations. That is why the spending autonomy analysis is important to evaluate the equity between local units and the adequacy of local revenues to decentralized expenditures.The basic principle of local finance is that there should be an adequate relationship between the financial resources available to a local authority and the tasks it performs. However, in practice, the assessment of whether this has been achieved is very difficult. Often, only problems with the solvency of local governments indicate that we are dealing with a poorly constructed system of local finances. The expenditure autonomy indicator proposed in this article is a tool that provides a way to indicate problems with the adequacy of revenues before such anextreme situation occurs.

Mots clés

  • partial decentralization
  • spending and revenue autonomy
  • local government spending policy

JEL Classification

  • H72
  • H75
  • H77
access type Accès libre

Corporate Income Tax Rates in the EU Member States: Why Lower Means Better

Publié en ligne: 23 Feb 2019
Pages: 32 - 48

Résumé

Abstract

Governments of EU Member States have been reducing statutory corporate income tax rates (“CIT”) for several years. What encourages them to take part in tax competition? The article discusses several issues which are in favor of lower CIT rates. They are selected based on their relevance. The study is performed with use of data available from applicable statistical bodies/literature and is based on literature review (especially in cases where required data is not available). It seems that the commonly raised issue of rivalry for capital in the globalizing world economy with highly mobile capital could be only one of a number of reasons for CIT rate depression. Tax competition is fueled by the various sizes of the economies of EU countries as well. The following important rationale may include the aspiration of governments to curb the local shadow economy. There are also some issues of a more theoretical nature that explain decreasing CIT rates. They include: (i) the necessity to accommodate CIT rate levels from the perspective of double taxation of dividends, (ii) the requirement to consider political responsibility of CI or (iii) the need to manage a deadweight loss. As a result of these challenges EU Member States often broaden the legal CIT base to maintain government revenues.

Mots clés

  • Macroeconomic Policy
  • Fiscal Policy
  • Tax
  • Corporate Income Tax

JEL Classification

  • E62
  • H25
access type Accès libre

Local Taxes and Fees as a Source of Revenue for Polish Municipalities: Substitutes or Complements?

Publié en ligne: 23 Feb 2019
Pages: 49 - 59

Résumé

Abstract

The main purpose of this article is analysis of the relationship between local tax and fee policies in Poland. We argue that local authorities have similar and significant discretion over tax and fee policy and, therefore, they can be analysed in a similar way. Links between these policies are analysed to find out whether they are of complementary or substitutive nature. Panel data on 578 Polish municipalities from 2012 to 2016 includes information on property tax rates and tariffs for water provision and sewage disposal for households and companies and is used to run panel regression analysis and to perform a quasi-experiment. The results indicate that there is a relationship between tax and fee policies as well as that taxes and fees are complements for local authorities. Only when a property tax rate has reached a “ceiling”, the municipalities increase fees at a faster rate than comparable municipalities below the ceiling – in this case a fee can be regarded as a substitute for a tax.

The paper is based on results of the “Fees for local public services - financial and political importance” research project. The project is funded by Narodowe Centrum Nauki (National Science Centre) grant number UMO-2015/19/B/HS4/02898

Mots clés

  • local government
  • public finance
  • tax policy
  • political economy of taxes and fees
  • charges for local services
  • Poland

JEL Classification

  • H71
  • H76
  • H79
access type Accès libre

An Analysis of Codified Corporate Governance Practices in the Banking Industry: The Case Study of Bangladesh

Publié en ligne: 23 Feb 2019
Pages: 60 - 75

Résumé

Abstract

Introducing a well-designed system of corporate governance is considered an effective tool to ensure the stability and resilience of a banking system. It was in 2006 when Bangladesh initiated its first corporate governance code (CG code). Despite trying to meet the code of enhancing the internal monitoring mechanisms and transparency in governance, it is apparent that the quality in bank credit portfolios continuously deteriorated. This paper aims to empirically analyze the impact of adopting the CG code on performance for eight years (2010–2017) of 21 major commercial banks of Bangladesh. In this case study, we suggest that the CG code may have given the Bangladeshi commercial banks an ill-incentive for the reduction of executive directors under the pressure of meeting a guideline to increase the ratio of independent directors. This incentive structure had a negative impact on bank performance during the period. Another finding is that the fundamental structure of ownership and control by sponsor directors remained unchanged during the period. This structure of maintaining the control of power by a group with its vested interest may have hindered the effectiveness of the CG code in Bangladesh. We suggest that the agenda of CG practices should go together with a policy for mitigating a potential bias under the ownership concentration because any attempt of adopting codified CG practices would be futile under the fundamental structure in Bangladesh.

Mots clés

  • Corporate governance
  • corporate governance code
  • bank performance

JEL Classification

  • G34
  • G38
  • M48
access type Accès libre

Determinants of Public Indebtedness in European Union Countries

Publié en ligne: 23 Feb 2019
Pages: 76 - 86

Résumé

Abstract

The paper strives to determine the impact of fiscal variables on factors determining the dynamics of public debt in European Union countries. Based on the literature, the dynamics of public debt are determined by changes of three elements: the primary balance, interest-rate-growth-differential and the change of government assets. Therefore, it seems reasonable to estimate the dynamics of these three values to find the variables crucial for limiting the growth of public debt. Three groups of dynamic panel regressions were estimated based on the one-step Generalized Method of Moments. The data was collected for the 1995-2015 period for 27 EU countries. Dependent variables included: primary balance, interest-rate-growth-differential and change of government assets. Independent variables consisted of: interest payable to GDP ratio, unemployment rate, squared unemployment rate, FDI stock to GDP, net FDI inflow to GDP, general government expenditures to GDP, share of social security expenditures and openness of the economy measured by the ratio of export and import to GDP. On the basis of statistical data, three components of debt changes were distinguished, and estimations of the dynamic panel regressions were applied to find the impact of independent variables. According to the basic models, the primary balance is lower for: countries with higher unemployment, greater FDI stock and higher general government expenditures. The interest-rate-growth-differential is lower in the case of: high subsidies and for a more open economy. However, unemployment and FDI remain the most important determinants of this variable. The change of government’s assets ratio decreases as FDI net inflows or the share of expenditures to GDP increase as well as in the case of very high unemployment.

Mots clés

  • public debt dynamics
  • interest-rate-growth-differential
  • primary balance

JEL Classification

  • H71
  • H26
  • H72
access type Accès libre

Principle of Vat Neutrality and the Reverse Charge Mechanism

Publié en ligne: 23 Feb 2019
Pages: 87 - 97

Résumé

Abstract

The principle of VAT neutrality is among the fundamental characteristics of this tax. It is implemented through reduction of VAT output by the amount of VAT input. The right of deduction constitutes an integral part of the VAT mechanism and is intended to free the entrepreneur entirely from the burden of VAT paid for the goods and services purchased within the framework of business activity. However, in certain situations it is possible to shift the obligation to pay VAT to the customer being a taxable person by introducing a reverse charge mechanism. The purpose of the article is to identify the relationship between the implementation of the principle of VAT neutrality and the reverse charge mechanism. The conducted analysis of the essence and functioning of the reverse charge and the detailed findings drawn on its basis allow us to conclude generally that this mechanism does not affect implementation of this principle.

Mots clés

  • VAT
  • input VAT
  • output VAT
  • principle of VAT neutrality
  • reverse charge

JEL Classification

  • H21
  • H25
  • H32
8 Articles
access type Accès libre

Openess and Transparency of Fiscal Reporting in Poland – Assessment and Recommendation

Publié en ligne: 23 Feb 2019
Pages: 1 - 7

Résumé

Abstract

The aim of the paper is to answer the question of whether fiscal reporting (more precisely, financial reporting of public finance sector entities (PFSE)) earnestly expressed the results of activities (information included is reliable, understandable and complete), and provide suggestions on how to increase openness and transparency in that field. First of all, the essence of openness and transparency of public finance is described. Then the international institutions involved in preparing and promoting international fiscal transparency standards and guidelines are indicated. Next are noted the most important reasons for limited openness and transparency of financial reporting of PFSE. In the end, actions are recommended to increase openness and transparency. Results are presented of theoretical studies on the basis of related literature, the reports by the Supreme Audit Office in Poland and the authors’ own experience connected with preparing formal opinion for two houses of Polish Parliament. Simple research methods are used such as descriptive analysis and also inferential and inductive thinking.

Mots clés

  • fiscal reporting
  • fiscal transparency

JEL Classification

  • H72
  • H77
access type Accès libre

Financing of Smart Growth in Less Developed Regions on the Example of Poland

Publié en ligne: 23 Feb 2019
Pages: 8 - 20

Résumé

Abstract

The aim of this paper is twofold. First, the smart growth concept is examined with a focus on challenges associated with applying this concept in the less developed regions. Second, the impact of EU structural funds on smart growth in Poland is analyzed at the regional level with a view to contributing to the debate on public intervention in this area. The research questions are as follows: “Is the concept of smart growth, as postulated by the European Union, well suited to the less developed regions?” and “Whether and to what extent do EU funds contribute to achieving smart growth in Poland?”

Smart growth has accelerated after 2007, which could suggest a significant impact of EU structural funds, whose allocation to measures supporting innovative activity rose markedly after 2007. However, among the various factors influencing regional development processes, the impact of structural funds was not as strong as might be expected, which was confirmed by further analysis.

Mots clés

  • smart growth
  • regional development
  • EU structural funds
  • Europe 2020

JEL Classification

  • F36
  • O11
  • O30
  • R11
access type Accès libre

Partial Fiscal Decentralization and Local Government Spending Policy

Publié en ligne: 23 Feb 2019
Pages: 21 - 31

Résumé

Abstract

The aim of this paper is to analyze how limits in revenue and spending autonomy of sub-sovereign governments influence their decisions. Revenue and spending autonomy indicators for Polish towns were established and used in analysis on school education expenditures during 2003–2016. The influence of limits on revenue autonomy on municipal spending has been extensively addressed in both theoretical and empirical literature. However, studies related to spending autonomy are rare. The analysis presented in this paper suggests that when limits exist in spending autonomy, more decentralized tasks are crowded out by regulated obligations. That is why the spending autonomy analysis is important to evaluate the equity between local units and the adequacy of local revenues to decentralized expenditures.The basic principle of local finance is that there should be an adequate relationship between the financial resources available to a local authority and the tasks it performs. However, in practice, the assessment of whether this has been achieved is very difficult. Often, only problems with the solvency of local governments indicate that we are dealing with a poorly constructed system of local finances. The expenditure autonomy indicator proposed in this article is a tool that provides a way to indicate problems with the adequacy of revenues before such anextreme situation occurs.

Mots clés

  • partial decentralization
  • spending and revenue autonomy
  • local government spending policy

JEL Classification

  • H72
  • H75
  • H77
access type Accès libre

Corporate Income Tax Rates in the EU Member States: Why Lower Means Better

Publié en ligne: 23 Feb 2019
Pages: 32 - 48

Résumé

Abstract

Governments of EU Member States have been reducing statutory corporate income tax rates (“CIT”) for several years. What encourages them to take part in tax competition? The article discusses several issues which are in favor of lower CIT rates. They are selected based on their relevance. The study is performed with use of data available from applicable statistical bodies/literature and is based on literature review (especially in cases where required data is not available). It seems that the commonly raised issue of rivalry for capital in the globalizing world economy with highly mobile capital could be only one of a number of reasons for CIT rate depression. Tax competition is fueled by the various sizes of the economies of EU countries as well. The following important rationale may include the aspiration of governments to curb the local shadow economy. There are also some issues of a more theoretical nature that explain decreasing CIT rates. They include: (i) the necessity to accommodate CIT rate levels from the perspective of double taxation of dividends, (ii) the requirement to consider political responsibility of CI or (iii) the need to manage a deadweight loss. As a result of these challenges EU Member States often broaden the legal CIT base to maintain government revenues.

Mots clés

  • Macroeconomic Policy
  • Fiscal Policy
  • Tax
  • Corporate Income Tax

JEL Classification

  • E62
  • H25
access type Accès libre

Local Taxes and Fees as a Source of Revenue for Polish Municipalities: Substitutes or Complements?

Publié en ligne: 23 Feb 2019
Pages: 49 - 59

Résumé

Abstract

The main purpose of this article is analysis of the relationship between local tax and fee policies in Poland. We argue that local authorities have similar and significant discretion over tax and fee policy and, therefore, they can be analysed in a similar way. Links between these policies are analysed to find out whether they are of complementary or substitutive nature. Panel data on 578 Polish municipalities from 2012 to 2016 includes information on property tax rates and tariffs for water provision and sewage disposal for households and companies and is used to run panel regression analysis and to perform a quasi-experiment. The results indicate that there is a relationship between tax and fee policies as well as that taxes and fees are complements for local authorities. Only when a property tax rate has reached a “ceiling”, the municipalities increase fees at a faster rate than comparable municipalities below the ceiling – in this case a fee can be regarded as a substitute for a tax.

The paper is based on results of the “Fees for local public services - financial and political importance” research project. The project is funded by Narodowe Centrum Nauki (National Science Centre) grant number UMO-2015/19/B/HS4/02898

Mots clés

  • local government
  • public finance
  • tax policy
  • political economy of taxes and fees
  • charges for local services
  • Poland

JEL Classification

  • H71
  • H76
  • H79
access type Accès libre

An Analysis of Codified Corporate Governance Practices in the Banking Industry: The Case Study of Bangladesh

Publié en ligne: 23 Feb 2019
Pages: 60 - 75

Résumé

Abstract

Introducing a well-designed system of corporate governance is considered an effective tool to ensure the stability and resilience of a banking system. It was in 2006 when Bangladesh initiated its first corporate governance code (CG code). Despite trying to meet the code of enhancing the internal monitoring mechanisms and transparency in governance, it is apparent that the quality in bank credit portfolios continuously deteriorated. This paper aims to empirically analyze the impact of adopting the CG code on performance for eight years (2010–2017) of 21 major commercial banks of Bangladesh. In this case study, we suggest that the CG code may have given the Bangladeshi commercial banks an ill-incentive for the reduction of executive directors under the pressure of meeting a guideline to increase the ratio of independent directors. This incentive structure had a negative impact on bank performance during the period. Another finding is that the fundamental structure of ownership and control by sponsor directors remained unchanged during the period. This structure of maintaining the control of power by a group with its vested interest may have hindered the effectiveness of the CG code in Bangladesh. We suggest that the agenda of CG practices should go together with a policy for mitigating a potential bias under the ownership concentration because any attempt of adopting codified CG practices would be futile under the fundamental structure in Bangladesh.

Mots clés

  • Corporate governance
  • corporate governance code
  • bank performance

JEL Classification

  • G34
  • G38
  • M48
access type Accès libre

Determinants of Public Indebtedness in European Union Countries

Publié en ligne: 23 Feb 2019
Pages: 76 - 86

Résumé

Abstract

The paper strives to determine the impact of fiscal variables on factors determining the dynamics of public debt in European Union countries. Based on the literature, the dynamics of public debt are determined by changes of three elements: the primary balance, interest-rate-growth-differential and the change of government assets. Therefore, it seems reasonable to estimate the dynamics of these three values to find the variables crucial for limiting the growth of public debt. Three groups of dynamic panel regressions were estimated based on the one-step Generalized Method of Moments. The data was collected for the 1995-2015 period for 27 EU countries. Dependent variables included: primary balance, interest-rate-growth-differential and change of government assets. Independent variables consisted of: interest payable to GDP ratio, unemployment rate, squared unemployment rate, FDI stock to GDP, net FDI inflow to GDP, general government expenditures to GDP, share of social security expenditures and openness of the economy measured by the ratio of export and import to GDP. On the basis of statistical data, three components of debt changes were distinguished, and estimations of the dynamic panel regressions were applied to find the impact of independent variables. According to the basic models, the primary balance is lower for: countries with higher unemployment, greater FDI stock and higher general government expenditures. The interest-rate-growth-differential is lower in the case of: high subsidies and for a more open economy. However, unemployment and FDI remain the most important determinants of this variable. The change of government’s assets ratio decreases as FDI net inflows or the share of expenditures to GDP increase as well as in the case of very high unemployment.

Mots clés

  • public debt dynamics
  • interest-rate-growth-differential
  • primary balance

JEL Classification

  • H71
  • H26
  • H72
access type Accès libre

Principle of Vat Neutrality and the Reverse Charge Mechanism

Publié en ligne: 23 Feb 2019
Pages: 87 - 97

Résumé

Abstract

The principle of VAT neutrality is among the fundamental characteristics of this tax. It is implemented through reduction of VAT output by the amount of VAT input. The right of deduction constitutes an integral part of the VAT mechanism and is intended to free the entrepreneur entirely from the burden of VAT paid for the goods and services purchased within the framework of business activity. However, in certain situations it is possible to shift the obligation to pay VAT to the customer being a taxable person by introducing a reverse charge mechanism. The purpose of the article is to identify the relationship between the implementation of the principle of VAT neutrality and the reverse charge mechanism. The conducted analysis of the essence and functioning of the reverse charge and the detailed findings drawn on its basis allow us to conclude generally that this mechanism does not affect implementation of this principle.

Mots clés

  • VAT
  • input VAT
  • output VAT
  • principle of VAT neutrality
  • reverse charge

JEL Classification

  • H21
  • H25
  • H32

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