European Financial and Accounting Journal, 2014 (vol. 9), issue 2

Articles

Basel III: Will Borrowing Money from Czech Banks Become More Expensive?

Milan Matejašák

European Financial and Accounting Journal 2014, 9(2):4-27 | DOI: 10.18267/j.efaj.117  

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...

Road Tax on Truck Traffic with Environmental Aspects

Břetislav Andrlík

European Financial and Accounting Journal 2014, 9(2):28-46 | DOI: 10.18267/j.efaj.118  

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...

Exchange Rate Exposure and its Determinants: Evidence on Hungarian Firms

Lucie Tomanová

European Financial and Accounting Journal 2014, 9(2):47-65 | DOI: 10.18267/j.efaj.119  

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...

Estimation of a Tax Gap in the Personal Income Tax by Means of National Accounts

Savina Finardi, Alena Vančurová

European Financial and Accounting Journal 2014, 9(2):66-78 | DOI: 10.18267/j.efaj.120  

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...

Convergence of VAT Rates Between 1995 and 2010

Květa Kubátová, Pavla Holešovská

European Financial and Accounting Journal 2014, 9(2):79-90 | DOI: 10.18267/j.efaj.121  

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...