European Financial and Accounting Journal 2017, 12(1):51-69 | DOI: 10.18267/j.efaj.177

Factors Affecting Effective Corporate Income Tax Rate of the Czech and Russian "Blue Chips" in 2012 - 2015

Marina Purina

Nowadays, influence of international business groups on the individual countries´ economic systems is still growing. Effective tax rate showing a real level of the tax burden is one of the most important parameters of each economy. This article analyses the factors affecting the effective corporate income tax rate of the "blue chips" in the Czech Republic and in the Russian Federation. The factors are divided into two groups: external and internal ones. The hypothesis states that the internal factors (assets, debt ratio and equity) are more correlated with the dependent variable than the external ones (Paying Taxes index and average oil price). The regression analysis, particularly, panel data model with fixed effects, was used to estimate influence of the independent variables on the effective tax rate separately in Russia and Czech Republic. The research demonstrated that the mentioned internal factors are more significant for the Russian companies that the external factors. In the case of the Czech Republic, the same result was obtained with lower confidence level.

Keywords: "Blue chips", Regression analysis, Effective corporate income tax rate, Corporate income tax
JEL classification: H25, M41

Published: March 1, 2017  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Purina, M. (2017). Factors Affecting Effective Corporate Income Tax Rate of the Czech and Russian "Blue Chips" in 2012 - 2015. European Financial and Accounting Journal, 12(1), 51-69. doi: 10.18267/j.efaj.177
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Álvarez, I. C., Barbero, J., Zofío, J. L., 2017. A Panel Data Toolbox for MATLAB. Journal of Statistical Software 6, 1-27. DOI: 10.18637/jss.v076.i06. Go to original source...
    2. Barden, J., 2016. Low oil prices have affected Russian petroleum companies and government revenues. EIA - U.S. Energy Information Administration. Available from: <http://www.eia.gov/todayinenergy/detail.php?id=28432>. [26 January 2017].
    3. Barrios, S., Nicodème, G., Sanchez Fuentes, A. J., 2014. Effective Corporate Taxation, Tax Incidence and Tax Reforms: Evidence from OECD Countries. Taxation Papers, working paper 45. Available from: <http://ec.europa.eu/taxation_customs/sites/taxation/files/resources/documents/taxation/gen_info/economic_analysis/tax_papers/taxation_paper_45.pdf>. [23 December 2016]. Go to original source...
    4. Central Bank of the Russian Federation, 2016. Foreign Exchange Market. Available from: <https://www.cbr.ru/eng/currency_base/daily.aspx>. [20 December 2016].
    5. Česká národní banka, 2015. Globální ekonomický výhled - Leden 2015. Available from: <https://www.cnb.cz/miranda2/export/sites/www.cnb.cz/cs/menova_politika/gev/gev_2015/gev_2015_01.pdf>. [26 January 2017].
    6. Fernandez-Rodriguez, E., Martinez-Arias, A., 2014. Determinants of the Effective Tax Rate in the BRIC Countries. Emerging Markets Finance and Trade 3, 214- 228. DOI: 10.2753/ree1540-496x5003s313. Go to original source...
    7. Gregory, P. R., 2015. A Russian Crisis With No End In Sight, Thanks To Low Oil Prices And Sanctions. Forbes. Available from: <http://www.forbes.com/sites/paulroderickgregory/2015/05/14/a-russian-crisis-with-no-end-in-sight-thanks-tolow-oil-prices-and-sanctions/#4579ce747be6>. [26 January 2017].
    8. Kemsley, D., Nissim, D., 2002. Valuation of the Debt Tax Shield. The Journal of Finance 5, 2045-2073. DOI: 10.1111/0022-1082.00488. Go to original source...
    9. Kubátová, K., Říhová, L., 2009. Regresní analýza faktorů ovlivňujících výnosy korporativní daně v zemích OECD. Politická ekonomie 4, 451-470. DOI: 10.18267/j.polek.693. Go to original source...
    10. Kursvaluit.ru, 2016. Sredniy kurs CB v Rossii. Available from: <http://www.kursvaliut.ru/>. [20 December 2016].
    11. Kurzy.cz, 2012-2015. Kurzy ČNB v roce 2012-2015, historie kurzů měn. Available from: <http://www.kurzy.cz/kurzy-men/historie/rok-2015/>. [20 December 2016].
    12. Lisztwanova, K., Ratmanova, I., 2015. The Effective Tax Rate of the Czech Companies. In: 10th International Scientific Conference on Financial Management of Firms and Financial Institutions, Ostrava.
    13. Mejzlík, L., Arltová, M., Procházka, D., Vítek, L., 2015. Implementace mezinárodních standardů účetního výkaznictví v České republice a její vliv na zdanění podniků. Politická ekonomie 7, 811-832. DOI: 10.18267/j.polek.1036. Go to original source...
    14. Mejzlík, L., Vítek, L., Roe, J., 2014. Adjustments to Accounting Profit in Determination of the Income Tax Base: Evolution in the Czech Republic. European Financial and Accounting Journal 4, 4-24. DOI: 10.18267/j.efaj.127. Go to original source...
    15. Mendoza, E. G., Razin, A., Tesar, L. L., 1994. Effective Tax Rates in Macroeconomics - Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption. Journal of Monetary Economics 3, 297-323. DOI: 10.3386/w4864. Go to original source...
    16. Ministerstvo průmyslu a obchodu České republiky, 2016. Zahraniční obchod ČR za 1-12/2015. Available from: <http://www.mpo.cz/cz/zahranicniobchod/statistiky-zahranicniho-obchodu/zahranicni-obchod-cr-za-1-12-2015-169927/>. [26 January 2017].
    17. Moscow Exchange, 2016. RTSSTD index. Available from: <www.moex.com/ru/index/RTSSTD/constituents/>. [6 December 2016].
    18. Pánková, V., 2007. Práce s panelovými daty. Acta Oeconomica Pragensia 1, 79- 85. DOI: 10.18267/j.aop.41. Go to original source...
    19. Prague Stock Exchange, 2016. PX index. Available from: <http://www.pse.cz/Statistika/Burzovni-Indexy>. [7 December 2016].
    20. PricewaterhouseCoopers LLP, 2011. Global Effective Tax Rates. Available from: <http://businessroundtable.org/resources/global-effective-tax-rates>. [10 December 2016].
    21. Purina, M., 2016. Deferred Tax under IAS 12 in the Chosen Czech and Russian Companies. In: 19th International Conference Enterprise and Competitive Environment 2016. Procedia - Social and Behavioral Sciences, Brno. DOI: 10.1016/j.sbspro.2016.05.512. Go to original source...
    22. Schön, W., 2004. International Accounting Standards - A Starting Point for a Common European Tax Base? European Taxation 10, 426-440.
    23. Statista Inc., 2016. Average annual UK Brent crude oil price from 1976 to 2016 (in U.S. dollars per barrel). Available from: <https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/>. [20 December 2016].
    24. World Bank, 2012-2015. Doing Business Data. Available from: <http://www.doingbusiness.org/data>. [20 December 2016].
    25. Федеральная таможенная служба, 2016. Экспорт-импорт важнейших товаров за январь-декабрь 2015 года. Available from: <http://customs.ru/>. [26 January 2017].
    26. Федеральная таможенная служба, 2014. Экспорт-импорт важнейших товаров за январь-декабрь 2013 года. Available from: <http://www.customs.ru/index2.php?id=18884&Itemid=1981&option=com_content&view=article>. [26 January 2017].

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content