Template-Type: ReDIF-Article 1.0 Author-Name: Milan MATEJAŠÁK Title: Basel III: Will Borrowing Money from Czech Banks Become More Expensive? Abstract: We estimate the required increase in banks’ lending spreads assuming that banks under regulatory pressure would raise lending spreads to prevent ROE from falling when the capital regulation is tightened. We focus our analysis on six Czech banks that are under regulatory pressure, and are therefore the ones most affected by the increased capital requirement. We follow the mapping methodology presented by King (2010). We find that the required increase in lending spreads to keep ROE from falling totals 6.3 basis points. We conclude that the impact of tightened capital regulation on lending spreads in the Czech banking sector is minor. If shareholders decide to absorb some of the fall in ROE, or they take other measures to prevent a fall in ROE, the potential impact on lending spreads will be even smaller. Keywords: Capital adequacy, Basel III, Capital requirement, Lending spreads Classification-JEL: G28 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=117.pdf File-URL: http://www.vse.cz/efaj/117 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:2:id:117 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/117 Template-Type: ReDIF-Article 1.0 Author-Name: Břetislav ANDRLÍK Title: Road Tax on Truck Traffic with Environmental Aspects Abstract: The contribution deals with issues of taxation of truck traffic in the Czech Republic and European Union countries. The article discusses the current need for the introduction of environmental features aiming at the mitigation of harmful substances emitted into the atmosphere to the system of truck traffic taxation. Within the tax system, we focus on the road tax mechanism, defining only those circumstances that relate to environmental features of the determination of the tax base or tax reliefs dependent on the compliance with the applicable EURO emission standard. The article outlines systems of truck taxation in the European Union member states with focus on the determination of the tax base. The EURO emission standard, which is clearly identified and binding upon all the truck producers at present, has been introduced as the environmental factor related to pollutants emitted to the atmosphere, and it subsequently assumes the role of a “green” feature of the road taxes on trucks in those EU countries which introduced such environmentally friendly aspects. A special section describes systems of road tax with environmental aspects levied on trucks in Bulgaria, Hungary, the Netherlands, Germany, Slovak Republic, Slovenia and Sweden. In conclusion, we mention the necessity of discussion over this topic in the conditions of the Czech Republic and the requirement to regulate the system of road taxes imposed on trucks, calling for reduction of harmful substances generated by traffic. Keywords: EURO standard, Negative externality, Road tax Classification-JEL: H21, H23 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=118.pdf File-URL: http://www.vse.cz/efaj/118 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:2:id:118 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/118 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie TOMANOVÁ Title: Exchange Rate Exposure and its Determinants: Evidence on Hungarian Firms Abstract: This paper analyses the foreign exchange rate exposure of Hungarian firms and its determinants on the basis of corporate cash flows and stock prices. The analysis focuses on the HUF/EUR exchange rate using monthly data from 2000 - 2014, resp. 2003 - 2012 in case of cash flow analysis. Stock prices exposure analysis showed that significant number of these firms is exposed: 18.4 % of publicly listed companies were significantly exposed in period 2007 - 2014 which is significantly higher than in previous period. According to the cash flow analysis results, 34 % of firms are exposed, whilst 45.3 % of small firms are significantly exposed. The measuring of exchange rate risk and hedging is therefore crucial for reduction of the firms’ uncertainty. Cross-sectional analysis suggests that the turnover and foreign sales are also important determinants of firms’ exchange rate exposure. Keywords: Exchange rate exposure, Stock prices, Cash flow Classification-JEL: C31, C32, F31, G32 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=119.pdf File-URL: http://www.vse.cz/efaj/119 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:2:id:119 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/119 Template-Type: ReDIF-Article 1.0 Author-Name: Savina FINARDI Author-Name: Alena VANČUROVÁ Title: Estimation of a Tax Gap in the Personal Income Tax by Means of National Accounts Abstract: The article deals with the estimation of a tax gap incurred by devastation of a tax base and concentrates on undervaluation of incomes from an independent activity. The distortion rate was estimated by means of database data from national accounts; the database is internationally comparable. The authors built on indexes that monitor production and intermediate consumption in monitored economies and which are similar to the Czech Republic in some aspects - this concerns Slovakia, Sweden and Austria. Based on these calculations, real tax bases of people with incomes from an independent activity were set. The result of our paper is a total tax gap in the Czech Republic in 2011 and it is CZK 4,6bn - it is such a gross estimation of uncollected collection into public budgets for 2011. Keywords: Czech Republic, Tax Gap, Personal Income Tax, National Accounts Classification-JEL: H26 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=120.pdf File-URL: http://www.vse.cz/efaj/120 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:2:id:120 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/120 Template-Type: ReDIF-Article 1.0 Author-Name: Květa KUBÁTOVÁ Author-Name: Pavla HOLEŠOVSKÁ Title: Convergence of VAT Rates Between 1995 and 2010 Abstract: Consumption taxes have been harmonized in the EU countries since 1993 and a great attention is paid to their convergence in the EU. The EU directives harmonize tax administration, tax bases and set minimal applicable rates. The aim of the article is to find out if VAT systems of the EU countries really converged during the period 1995 and 2010, in consequence of harmonization. The subject of investigation is standard and reduced VAT rates, VAT revenues as a share in GDP and implicit rates of consumption taxes. Investigative methods are analysis of these indexes´ development, t-tests and F-tests. There were used data from Eurostat and the European Commission for the statistics. Except for standard VAT rates, there was no decrease of indexes´ variability and therefore tax systems did not converge. Keywords: Value added tax, The European Union, Convergence of VAT rates, VAT harmonization, F-test Classification-JEL: H20 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=121.pdf File-URL: http://www.vse.cz/efaj/121 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:2:id:121 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/121