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Open access

Hamed Alavi

Abstract

Documentary Letters of Credit are among most popular methods of payment used in international trade. They function as an irrevocable promise of issuing a bank to pay instead of an applicant buyer to a beneficiary seller under the condition that the beneficiary presents complying documents with terms and conditions of the credit to the bank. One of the reasons for the popularity of the LCs in international trade is shifting the payment risk from an individual buyer to a bank with a much stronger financial standing. However, LC operation in international trade is not free of risk. Despite the fact that two main principles of the Documentary Letter of Credit’s Operation (Principle of independence and principle of strict compliance) facilitate the process of international trade significantly, but still all parties involved in LC operation are supposed to be cautious about the existing risks relevant to their role in LC operation. Current paper tries to use legal principles of documentary credits and risk management theory in order to define existing risks to each party (beneficiary, applicant and bank) in international LC transaction and find an answer to the question of what are exposing risks for involved parties? For this purpose, the paper starts with an explanation of the two main principles of LC operation and moves forward with using the risk management theory to explain existing risks for each party in detail.

Open access

Szymon Obuchowski

Abstract

This paper’s concern is focused on amajor amendment of the Tax Ordinance Act – article 2a enforced by the Act of the August 5th 2015 (Dz.U. 2015 r. poz. 1197). According to the Act’s substation, it was designed to be an introduction of a new “principle of the polish tax law” through incarnating as a part of legal system the directive of law interpretation widely known as in dubio pro tributario. The amendment aimed to strengthen the legal covers which protect tax bearers from vagueness of the tax law. Paper confronts these assumptions with theoretical achievements concerning principles of law. It points out that, contradictory to the Legislator’s claims, the new article 2a cannot be recognised as a principle of law; moreover, it raises several doubts in the other fields which together may result in its malfunctioning.

Open access

Łukasz Karczyński

Abstract

Due to financial crisis many entrepreneurs suffered heavy losses on derivatives, mainly currency options and forward contracts. Tax authorities tend to disallow deduction of those losses from the taxable income. Many cases ended up in administrative courts, resulting in judicature controversies on the issue in question. This paper is the third of four in a cycle. The aim of the whole cycle is to analyze deeply these controversies and suggest the proper interpretation of the legal provisions, determining whether the expenses on currency options and forward contracts should or should not be regarded as tax-deductible expenses. The aim of this paper is to determine if the rights from the derivatives are being exercised or waived (as the law provides) in case of their early closeout (which allows the deduction as well). The conducted analysis suggests that early derivative closeout realises in exercising the rights from the derivative (as the law provides), which allows the deduction.

Open access

Tomasz Sowiński

Abstract

In the first part of this study on the capital funded models of pension schemes, the economic concept [in theory] and the Chilean and Argentinian concepts of pensions schemes implemented in those countries were presented. On the one hand, extremely similar to each other, and on the other different with so many detailed solutions that it might as well be said they are completely dissimilar. If we chronologically consider the Chilean system as the primary one, than the Argentinian system is its mirror image, however, reflected in a mirror from the house of mirrors.

It is not an uncommon opinion that these are the only countries in which the capital funded model was implemented, but as it was concluded in the first part of the study, almost all of South America became in its own way an unusual testing ground for the implementation of the capital funded concept of pension insurance.

Just as the Chilean and Argentinian solutions seem apparently similar to each other, the solutions of the remaining countries in the scope of pension insurance have many variations, specific only to them or to the countries on that continent.

To provide a fuller comparison, the tabular summaries will include apart from the two already described countries, the following six countries: Peru, Columbia, Uruguay, Bolivia, Mexico and El Salvador, and also the already described solutions in Chile and Argentina to facilitate a more complete and simple analysis of the presented data.

The two best known and continuously analyzed pension insurance systems in South America are, similarly as the Polish and Swedish concepts, though with a definitely different distribution of accents, the Chilean and Argentinian systems. Both are the execution of the so-called capital funded model. Both were implemented in large capitalistic countries located on the same continent. In both countries, the previous pension system were at the verge of efficiency and their economic situation, economies and budgets were also in a state requiring intervention and repair programs.

It is worth analyzing even in those cases the differences between the implementation and execution methods and procedures of those pension insurance models that are similar in assumption, and what is very important, the effects or lack of effects in those elements of both implemented models with which they differed.

Open access

Tomasz Sowiński

Abstract

This study on the capital funded models of pension insurance will present the economic concept [in theory] and the Chilean and Argentinian concepts of pension insurance implemented in those countries. On the one hand, extremely similar to each other, and on the other differing with so many detailed solutions that it might as well be said they are completely dissimilar. If we chronologically consider the Chilean system as the primary one, than the Argentinian system is its mirror image, however, reflected in the funhouse mirror.

Both solutions have aroused and continue to arouse many emotions. They have become the basis for formulating very general, almost axiological conclusions, as well as detailed legal, economic, sociological and other analyses. These are model examples of the so-called capital funded models in pension insurance, which were in their heyday not so long ago, and at present raise more and more skepticism.

However, they cannot be omitted when looking into the future functioning of the public pension systems, particularly due to the fact that they are constantly changing in pursuit of the target model, which will perhaps become the future universal model of the retirement security for the citizens of the globalized world.

Open access

Przemysław Pest

Abstract

The article presents the most important legal regulations addressing taxation of the prospecting, exploration and extraction of shale gas on polish territory, discussing the types of taxes applicable to enterprises engaged in this type of activity: the hydrocarbon tax, the tax on the extraction of some minerals, income tax, environmental usage fee, and property tax. The research issue is an important one when considering how the taxes assessed on entities conducting activity that consists in the prospecting, exploration and extraction of shale gas is one of the factors determining the profitability of such activity in Poland.

Open access

Kacper Kanka

Abstract

This article contains general characteristics of both the standstill clause, in particular its objectives and functions regarding tax law, as well as a description of the mechanism of its application. At the end, the article contains proposals for both the direct subject of this work and the impact of the case law of the ECJ on the interpretation and application of the EU law and national legislation which implements this law. As stated in the article, proper application of the standstill clause should be preceded by a thorough analysis of the EU law, national provisions and case law of the ECJ. In the article, in order to ensure the transparency of the process, a test has been proposed the results of which should indicate whether the national provisions constitute the so-called permitted derogation. Current rules relating to Polish tax on civil law transactions are partially incompatible with EU rules - they do not constitute a permitted derogation and should not be used.

Open access

Anna Drywa

Abstract

The aim of this article is to reflect upon the selected problems of the phenomenon of minimizing the tax burdens. It analyses the nature of the phenomenon, its causes and consequences.

Taxpayers increasingly more often undertake actions aimed at minimizing or even eliminating tax burdens. At the same time, it is expected that as a result of the dissemination of knowledge about the techniques of minimizing the tax burdens, the availability of professional advisory in this aspect, the phenomenon will become even more common than it is now. It bears serious consequences in the form of subsequent lowering of public income. It is therefore necessary to pay attention to this problem and to take thoughtful actions in order to limit this phenomenon.

Open access

Joanna Mach

Abstract

The aim of this article is to highlight that the actual role of the administrative courts in tax matters is not only applying law, in the classical meaning, but also making law. In fact, those two terms: making law and applying law are difficult to distinguish. The question is, to what extent the administrative courts should participate in law making. The fact is, that in numerous cases judgements protect taxpayers from negative effects of tax regulations.

Open access

Anna Dalkowska

Abstract

Effective enforcement of tax liabilities guarantees proper functioning of the state. The key role is played by the administrative enforceable title [Polish: tytuł wykonawczy], issued by the creditor, which constitutes the basis for initiation and implementation of enforcement proceedings. It is an official document constituting evidence of a taxpayer’s failure to meet an obligation in a timely manner, giving an enforcement authority the right to use coercive measures on that taxpayer. The aim of the article is to present the enforceable title, as a necessary basis for the administrative enforcement of tax claims to condition its compliance with the law regulations and attempt to answer the question: does the legal enforceable title in current law regulations guarantees the creditor realization of the public interest and the taxpayer the right to legal procedures for enforcement? Primarily, legal and comparative method based on the condition and operation of the law in force is used in the article.