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Impact of Tax Relief on Public Finance

. Mokesčių žinios. Nr. 39 (887). Tax Expenditures in OECD Countries (2010), OECD. DOI: 10.1787/9789264076907-en. Tax reliefs (2014) Report by the Comptroller and Auditor. UK: General National Audit Office. HC 1256 Session 2013-14.[Accessed 25.10.2014]. Available from Internet: http://www.nao.org.uk/wpcontent/uploads/2014/03/Tax-reliefs-summary.pdf Valstybinio audito ataskaita: Mokesčių lengvatos. Vilnius: Lietuvos Respublikos valstybės kontrolė, 2013 m. 2013 m. birželio 7 d. Nr. VA-P-60-3-7. Vainienė, R

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Administrative and Taxation Mechanisms Supporting the Purchase and Maintenance of Electric Vehicles Based on the Example of Poland and other Selected European Countries

Abstract

Subject and purpose of work: The aim of this article is to review the current mechanisms of supporting the purchase of electric cars, with particular emphasis on tax reliefs and exemptions. Materials and methods: The research method consists of a review of literature, legal regulations and industry reports regarding the presented subject. Results: The authors analyzed the global electric car market, presenting the examples of the countries in which the share of electric vehicles has recently increased significantly in the total number of cars. In addition, current discounts and other preferences for the purchase of electric cars in European countries are presented together with future potential mechanism for buyers of electric in Poland. Conclusions: The price is the main economic determinate for buying the particular type of a car. The costs of acquiring and operating an electric car are currently higher than the costs for traditional combustion vehicles. However, the EU and European states’ authorities are processing to increase the popularity of electric cars, offering tax reliefs and other preferences with noticeably effects.

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Research and Development and Tax Incentives

Abstract

In many countries, tax incentives are a popular means to achieve political, economic and social objectives. Their aim is to reach and accelerate certain activities of public interest. Furthermore, one of the objectives is to accelerate the development of a certain industry and influence the growth of research and investment in foreign capital. Innovation is the key element that helps a company achieve competitive advantage. Global competition is forced to offer unique products with added values on the market. Tax incentives for research and development are an important factor of innovation. This paper aims to present the importance of research and development, as well as the role of tax incentives. States should use their fiscal policy to stimulate investment in research and development through various forms of tax relief. The Republic of Croatia applies tax incentives for research and development, but to a significantly less extent than other European Union countries.

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Tax incentives as an instrument attracting investors to Special Economic Zones

Abstract

Special Economic Zones have been operating in Poland since 1994 and are still growing. Tax incentives being offered in these Zones, as good infrastructure and administration support, are supposed to be attractions for newly established companies. The purpose of this article is to investigate whether tax incentives have an impact on the decision process of locating the investments in Special Economic Zones in Poland. The article presents a preliminary study, based on results of a questionnaire survey conducted among companies located in SEZ in Poland and presents subjective opinions of the investors about tax policy in SEZs. Results show that tax incentives are an important instrument attracting investors to Special Economic Zones. As the following analysis presents, tax reliefs seem to be an important investment incentive, however, the importance of income taxes is greater than the local costs to doing business. There are also some differences in evaluating tax support depending on a company’s size and the level of support in a particular region.

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Potential and Possible Ways of Harmonizing the Personal Income Taxation Process

Abstract

Personal income tax (hereinafter referred to as PIT) has a short history, as it appeared in tax systems of EU countries as late as at the end of the 18th century. As a specific universal structure it performs two economic functions: providing financial means for covering some public expenses (fiscal function), leveling inequalities – through its structure – in population incomes (a redistribution function). It also implements social functions of taxation through various tax reliefs and exemptions or the structure of the tax scale. Contemporary personal income tax in European countries has been shaped by many years of evolution. This process is continuing, taking into account the process of European integration and the processes of standardizing and harmonizing tax systems in European Union countries. Most EU states only sporadically implement major reforms of personal income taxation. The scope of such changes is usually limited and determined by current fiscal needs or the need to stimulate a particular behavior of taxpayers. The current taxation of personal incomes is a very complex phenomenon which should be analyzed not only from the legal point of view, but also taking into account its social, cultural, economic and political system aspects.

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Potential possibilities of water retention in agricultural loess catchments

Abstract

The growing water deficit and the increased demand for water, as well as economic problems and inadequate spatial planning in many regions indicate a necessity of developing more effective rules of programming and realisation of works concerning the water management in small catchments. The paper presents a sample analysis of the possibilities of increasing water retention in the agricultural loess catchments with periodic streams. The scope of the study included the determination of physical parameters of selected sub-catchments (geometry, soil cover, land use, etc.) and of the sources of threat to water resources, resulting from construction and geomorphological conditions. Pre-design assumptions of dammings were developed, taking into account anti-erosion protective measures, and treatments increasing the landscape retention of water were proposed. Creating surface retention objects should be an important source of water in simplified agroecosystems, especially in regions, where productivity to a great extent depends on natural weather conditions. Proper management of the fourth-order loess basin of the Ciemięga River (area of about 150 km2, the presence of 50 lateral valleys) could give a temporary reservoir retention reaching 500 thousand m3. Farmers should be encouraged to seek “own water sources” (including the accumulation of water within wasteland), using appropriate economic instruments (tax reliefs for the documented volume of retained water, e.g. in small retention reservoirs).

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Linkages Between Fiscal Policy and Financial (In)Stability

Abstract

This paper identifies and describes some of the main channels through which fiscal policy is linked to financial stability. For that purpose, several features of public debt related to financial stability are explored, such as public debt management and its sustainability, government’s funding costs and their impact on costs of funding for private sector, financial institutions’ exposures to the government etc. The part related to the tax policy elaborates on its countercyclical capacity, the role of automatic stabilizers, tax incentives that encourage or discourage certain type of financing, and impact of tax reliefs on systemic risks, particularly those targeted at the real estate. Fiscal policy role during the periods of strong capital inflows is also described from the financial stability point of view, which is followed by the overview of fiscal and quasi-fiscal costs of financial instability. Specific problem of different time horizon of economic policymakers’, which is in the case of fiscal policy usually related to election cycles and thus negatively affects its countercyclical capacity, is also explored. Given the relevance of the identified channels for financial stability, it can be expected that macroprudential capacity of fiscal policy will gain much more attention in the future research and policy work.

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Efficiency of Governmental Funding in Hungary

Abstract

This paper presents the initial results of a significant research project conducted under the IOC PhD Student Research Grant Program with the support of the Hungarian Olympic Committee. Macro- and meso-level analyses were conducted within the framework of this research to analyze the competitive position of the Hungarian elite sport policy system. In the following, an essential part of the research will be presented with the aim of modeling the efficiency of the Hungarian sport funding system as the increasingly international sporting competition forces governments to invest more money in elite sport development just so they can maintain their elite sport success as the supply of medals remains basically constant. Due to these diminishing returns to the scale of investment, an elite sporting system with an efficient structure will be key in future sporting success. Data collection was based on information gained through a general questionnaire and interviews with the main stakeholders of national sport federations and the Hungarian Olympic Committee, which is the main governing body of Hungarian high-performance sport. Data collection focused on the sixteen prioritized sport federations and the five team sports that benefited from a tax relief system. Secondary data were collected regarding the national public funding for sport, elite sport, and sport by sport since 2006, and Gracenote’s database was used to analyze historical performance in the different disciplines and compare Hungarian performance with that of other countries. This research will provide information to policy makers about the competitive position of Hungary in elite sport and, in this respect, explore the critical success factors that will allow Hungary to assess how best to manage its future success in an increasingly competitive international environment.

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The Social Impact Bond as a Financial Instrument

Naukowe PWN, Warszawa. Eggers W.D., Macmillan P., 2014, Rewolucja rozwiązań. Współpraca pomiędzy biznesem, rządami oraz przedsiębiorstwami społecznymi na rzecz rozwiązania największych problemów współczesnego świata , Deloitte, Poltext, Warszawa. Griffiths A., Meinicke Ch., 2014, Introduction to Social Impact Bonds and Early Intervention , Early Intervention Foundation. HM Revenue and Customs, 2014, Social Investments Tax Relief (SITR) . Humphries K.W., 2014, Not Your Older Brother’s Bonds: The Use and Regulation of Social-Impact Bonds in the

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R&D Tax Incentives for Innovation and Managerial Decisions

Development. Tenth printi ng 2004. New Brunswick, New Jersey: Transacti on Publishers. Central Statistic Office, (2012). Science and Technology in 2011. Warsaw. Tassey, G. (2007). Tax Incenti ves for Innovati on: Time to Restructure the R&D Tax Credit. Journal of Technology Transfer, vol. 32. Trandafir, A., Luminita, R. (2014). R&D Tax Relief in the European Union. Economics, Management and Financial Markets, vol. 9(1), 431-439. Walicka, M. (2014). Innovati on Types at SMEs and External Infl uencing Factors

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