Template-Type: ReDIF-Article 1.0
Author-Name: Hana Zídková
Author-Name: Jana Tepperová
Title: How Effective is the Registration of Sales?
Abstract: The registration of sales is a topical issue of the tax policy and one of the recent measures against the shadow economy and tax evasion introduced in the Czech Republic. After its implementation, first evaluations of the impact on tax revenues are being provided. Within this paper, we discuss the methodology used to provide estimates of the increase in tax revenues based on the national accounts data, estimate the increase in VAT revenues for restaurant services and compare it with previous estimates. We provide three different estimates according to the assumed proportion of VAT non-tax payers based on national accounts data. According to our results, VAT revenues would increase by approx. 2.5 bill. CZK when all restaurants become VAT payers or by approximately 1 bill. CZK if only 8 % of restaurants remain VAT non-payers. If the proportion of VAT non-payers does not change after the registration of sales, the VAT revenues would decrease by 0.45 bill. CZK due to the reduction of the tax rate.
Keywords: Estimates, Registration of sales, Shadow economy, Concealed revenues
Classification-JEL: H2
Pages: 05-18
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=197.pdf
File-URL: http://www.vse.cz/efaj/197
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:197:p:05-18
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/197

Template-Type: ReDIF-Article 1.0
Author-Name: Lenka Hyklová
Title: Administrative Costs of Environmental Taxes in the Czech Republic
Abstract: Administrative costs of environmental taxes are a more and more discussed topic. These costs should be understood as part of the tax entity, so by the tax administrator. The aim of this thesis is to evaluate the administrative costs of environmental taxes in the Czech Republic from the perspective of the tax administrator. These costs are analyzed by customs offices, Ministry of Finance, General Directorate. In the Czech Republic there are no statistics to this problem, that before was for research interviewing form. In this paper there excise taxes and environmental taxes are compared with an emphasis on administrative costs of these taxes. The effectiveness of both taxes are compared. The effectiveness of environmental taxes is not as high as the effectiveness of excise taxes.
Keywords: Administrative costs, Environmental taxes, Excise taxes
Classification-JEL: H23
Pages: 19-30
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=198.pdf
File-URL: http://www.vse.cz/efaj/198
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:198:p:19-30
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/198

Template-Type: ReDIF-Article 1.0
Author-Name: Vít Jedlička
Title: International Tax Planning: Current State of Knowledge
Abstract: Globalisation affects the behaviour of managers of companies and brings many new possibilities in management. These changes affect activities related to tax optimization and they can be collectively called as international tax planning. This paper monitors current situation of tax planning activities and its aim is to present a current state of knowledge. It contains data showing high frequency of tax planning activities. There are briefly outlined ways of international tax optimization and attitude of organisations to the tax planning of multinationals corporations. Significant part of this paper is devoted to the overview of literature, which deals with measuring international tax optimization. There are several attitudes in selected studies that can be also used (with adaptation to the different data) for monitoring of situation in the Czech Republic. Overall, the most attitudes use applications of effective tax rate and this rate, which is for every country and corporation different, is a key factor for tax planning decision-making.
Keywords: International tax planning, Tax optimization, Profit shifting
Classification-JEL: H25, M29
Pages: 31-46
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=199.pdf
File-URL: http://www.vse.cz/efaj/199
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:199:p:31-46
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/199

Template-Type: ReDIF-Article 1.0
Author-Name: Hana BÁRTOVÁ
Title: Influence of Catastrophe Risk on Insurance and Reinsurance Markets
Abstract: Insurance and reinsurance markets are exposed to influence of unsystematic catastrophe risk, which is caused by adverse development in natural disasters. Deepening of influence is highlighted in relation to irregular and extreme impacts of catastrophes. Insurers face to coverage of random loss events with contribution of reinsurers through a transfer of specified part of non-life risk. Influence of catastrophe risk is assessed through analysis of annual and quarterly development in catastrophe losses, impacts of floods, amount of premium written and reinsurance premium with respect to relations among selected variables. Analysis is focused on specific conditions of the Czech insurance market in context of reinsurance market. The findings concern to negative development in increasing catastrophe and flood losses, which seems to be not in line with changes in premium written, respectively reinsurance premium, which remain at stable level during analysed period. Respecting unfavourable aspect of insufficient data, results emphasize inadequate level of reinsurance of significant catastrophe risk, respectively floods, within the Czech insurance market.
Keywords: Insurance, Flood, Reinsurance, Catastrophe
Classification-JEL: C58, G22
Pages: 47-66
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=200.pdf
File-URL: http://www.vse.cz/efaj/200
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:200:p:47-66
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Pisár
Author-Name: Martin Varga
Title: Financial and Other Indicators for Measurement of the Regional Disparities in Slovakia in 2005 - 2015
Abstract: The decentralization of lower-level government and the formation of self-governing regions NUTS III in SR are also accompanied by the formation of regional differences in the form of disparities. They are one of the basic problems not only at the level of Slovakia but also at European regions level. The European Union, in co-operation with national strategies, regularly develops documents and strategies to eliminate regional disparities across countries. The aim of the paper is to evaluate the selected quantitative approaches for measuring regional differences in the municipalities at the level of NUTS III in Slovakia from the point of view of selected indicators at different levels of their survey - micro, macro and non-economic. To measure the size and development of regional differences, selected mathematical and statistical methods will be used, and then the results obtained by using the comparison method will be summarized. Using selected methods, we have confirmed that disparities prevail among the regions at all levels of their exploration, from macroeconomic to noneconomic. We have pointed out that regional disparities can not be alleviated, even in some cases we note some enlarging of those disparities. Such a development should lead to a review of the further development of SR regional policy and public policies.
Keywords: Regions, Disparities, Indicators
Classification-JEL: R58
Pages: 67-82
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=201.pdf
File-URL: http://www.vse.cz/efaj/201
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:201:p:67-82
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrey Kudryavtsev
Title: The Effect of Preceding Sequences on Stock Returns
Abstract: This study explores the effect of the gambler's fallacy on stock returns. I hypothesize that if during a number of consecutive trading days, a stock's return is positive (negative), then due to the gambler's fallacy, at least some of the investors may believe that the stock's price "has" to subsequently fall (rise), and thus, to increase their willingness to sell (buy) the stock, resulting in negative (positive) abnormal market-adjusted stock returns. Employing a large sample of daily stock price data, I was able to document that following relatively long sequences of positive (negative) stock returns, abnormal stock returns are on average significantly negative (positive), indicating the existence of the price pressure towards the return sign reversal. Moreover, the magnitude of the effect is stronger for longer return sequences. The effect is found to be more pronounced for smaller and more volatile stocks, and is robust to other relevant company - and stock-specific factors.
Keywords: Abnormal Stock Returns, Gambler's Fallacy, Investment Decisions, Price Reversals, Stock Return Sequences
Classification-JEL: G11, G12, G19
Pages: 83-96
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=202.pdf
File-URL: http://www.vse.cz/efaj/202
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2017:y:2017:i:4:id:202:p:83-96
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/202