Сентябрь 2018

Корпоративный центр исследований и развития БИГ5 предлагает доступ к следующим вновь рекомендуемым для ознакомления материалам:

Мицкевич, Андрей Алексеевич.

Налоги в денежных потоках инвестиционного проекта. Часть 1.

- Управленческий учёт и финансы. – 2018. - № 1.




Реферат

Методика включения налогов в денежные потоки инвестиционного проекта основана на консервативном подходе и нацелена на повышение производительности и точности разработки финансовых инвестиционных расчетов. В соответствии с ней рассматриваются общие режимы налогообложения и исключаются специальные. На ранней стадии инвестиционного проектирования методика предполагает условное аккумулирование хозяйственной деятельности в одной фирме.




Содержание

Стоимостная аналитика и анализ факторов повышения рыночной стоимости компании, оценка бизнеса, проектов и отдельных активов

Введение

Общие положения учета налогов в инвестиционных проектах

— Зачем учитывать налоги в денежных потоках

— Как надо учитывать налоги в инвестиционных проектах? Принцип консерватизма

— Когда надо учитывать налоги в инвестиционных проектах?

— Какие налоги и сборы учитывать в инвестиционных проектах?

— Рис. 1. Налоги и сборы в РФ по состоянию на 2018 г.

— Принципы учета налогов в финансовых расчетах сложных проектов

— Главные вопросы учета налогов в инвестиционных проектах

Налог на добавленную стоимость в денежных потоках инвестиционного проекта

— Таблица 1. Ставки НДС

— Влияние на денежные потоки инвестиционного проекта

— Велика ли ошибка игнорирования НДС в инвестиционном проекте?

— Рис. 2. Поток НДС




Сведения об авторе

Мицкевич Андрей Алексеевич

Ученая степень: к. э. н.
К.э.н., доцент кафедры финансового менеджмента, управленческого учета и международных стандартов финансовой деятельности факультета ВШФМ РАНХиГС при Президенте РФ

Местоположение: г. Москва

Мицкевич, Андрей Алексеевич.

Налоги в денежных потоках инвестиционного проекта. Часть 2.

- Управленческий учёт и финансы. – 2018. - № 2.




Реферат

Методика включения налогов в денежные потоки инвестиционного проекта основана на консервативном подходе и нацелена на повышение производительности и точности разработки финансовых инвестиционных расчетов. В соответствии с ней рассматриваются общие режимы налогообложения и исключаются специальные. На ранней стадии инвестиционного проектирования методика предполагает условное аккумулирование хозяйственной деятельности в одной фирме.




Содержание

Стоимостная аналитика и анализ факторов повышения рыночной стоимости компании, оценка бизнеса, проектов и отдельных активов

Учет налога на прибыль

Налог на имущество

— Таблица 2. Периодичность уплаты налога на имущество

Налогообложение дивидендов

— Таблица 3. Расчет денежных потоков от налога на имущество начиная с I квартала

— Таблица 4. Расчет денежных потоков от налога на имущество начиная с VII квартала

Транспортный налог

Дорожный сбор

Начисления на зарплату

— Таблица 5. Страховые отчисления с зарплаты в 2018 г. для работодателей

Таможенные пошлины и сборы

Акцизы

— Таблица 6. Ставки акцизов (фрагмент)

— Таблица 6. Ставки акцизов (фрагмент) (продолжение)

Заключение

— Таблица 7. Учет налогов в инвестиционных проектах

Сведения об авторе

Мицкевич Андрей Алексеевич

Ученая степень: к. э. н.
К.э.н., доцент кафедры финансового менеджмента, управленческого учета и международных стандартов финансовой деятельности факультета ВШФМ РАНХиГС при Президенте РФ

Местоположение: г. Москва

Arapis, Theodore; Reitano, Vincent.

Examining the Evolution of Cross-National Fiscal Transparency.

The American Review of Public Administration. – 2018. - Vol. 48. Issue 6. – pp. 550-564.

Abstract

Over the past two decades, global institutions, including the International Monetary Fund and the Organization for Economic Co-Operation and Development, have linked fiscal transparency to better governance, improved economic performance, and increased civic participation in government decision making. As a result, scholars and practitioners have attempted to systematically study the factors associated with a country’s fiscal transparency. At the international level, extant research employs cross-sectional analysis, which limits an understanding of how fiscal transparency evolves over time. We address this limitation by offering a cross-national longitudinal analysis of the factors associated with fiscal transparency as measured by the open budget index. Our study spans the years 2006 to 2012, using data on political, fiscal, information access, and economic conditions among 59 countries from nearly every part of the world. Using a first-difference panel regression and robust standard errors clustered by country, we found a positive association between economic recessions and fiscal transparency, indicating that fiscal crises may serve as opportunities for furthering transparency efforts. In addition, our study extends empirical documentation on the positive relationship between fiscal imbalance and fiscal transparency from the United States to the international arena, and provides support for a positive association between development aid and fiscal transparency. We also offer evidence for a negative association between democracy and fiscal transparency, which builds upon an emerging area of research suggesting selective release of government information by democratically elected officials.

Author Biographies

Theodore Arapis, PhD, is an assistant professor at Villanova University, where he teaches financial management and statsicts in the graduate program of Public Administration. His research interests focus on public finance and budgeting. He has authored articles in a variety of journals, including Public Budgeting & Finance, Public Finance ReviewPublic Budgeting Accounting and Financial Management, and Government Financial Management.

Vincent Reitano, PhD, conducts research on public budgeting and finance. He is published in a variety of journals, including Public Budgeting & FinancePublic Finance Review, and Contemporary Economic Policy

Copyright © 2018 by SAGE Publications

Dale, Stephen

La numérisation de l’économie – quelques réflexions sur les conséquences pour les régimes de taxation et leur administration

In English : The digitalisation of the global economy—some thoughts on the consequences for tax systems and their administration

In : ERA Forum, 2018, pp. 1-20

Abstract

The digitalisation of the global economy is creating a number of issues and challenges for tax authorities globally to ensure that the right amount of tax is collected in the right place and at the right time. These challenges will only increase in scale over the coming years. This article looks at a number of the issues, including some of the ‘solutions’ being put forward at global, European Union and national levels to ensure that tax revenues in the digitalised economy are maintained. The article concludes by suggesting that Maurice Lauré might have given us the tools in the 1950s to establish a robust, future proof taxation system for the digitalised economy in the 21st century—only time will tell if he will be proven to be right.

Dimitrova, Lora; Eswar, Sanopi K.

Capital Gains Tax and Innovation.: Working Paper

- Asian Finance Asociation (Asian FA) 2018 Conference.

Number of pages: 69

Last revised: 29 Jun 2018

Working Paper Series

Abstract

The authors examine the effect of staggered changes in state-level capital gains tax on Venture Capital (VC)-backed start-ups and show that a decrease in taxes increases patent production. The results are consistent with a change in entrepreneurs' incentives, after a tax decrease entrepreneurs increase innovation risk. The authors find no evidence of the supply channel, or VC-level tax changes affecting innovation. The authors also find no evidence in favour of the lock-in effect, or entrepreneurs staying invested longer in firms as a result of tax increases.

Cite this paper as:

Dimitrova, Lora and Eswar, Sapnoti, Capital Gains Tax and Innovation (June 5, 2018). Asian Finance Association (AsianFA) 2018 Conference.

Available at SSRN: https://ssrn.com/abstract=3074464 or http://dx.doi.org/10.2139/ssrn.3074464

Dubauskas, Gedminas

National finance sustainability perception - The evidence from the last crisis in Baltics.

- Journal of Security and Sustainability Issues, Volume 7, Issue 4, June 2018, pp. 635-642

Abstract

National finance sustainability is likely an essential issue for the country's development. These aggregated perceptions change the nation's public sector and the security of citizens' lives. Therefore, a significant focus on the broad improvement of finance studies could be an essential issue. Besides, that activity could be organized in connection with the applicable higher education programs. On the other hand, the government's finance management understanding is treated differently in various countries. That is becoming increasingly essential condition that such a discussion does not directly benefit the common development of financial education in recent years. One of the possible ways to deal with personal finances in different economic conditions could be changing attitudes to finance knowledge among top management in universities. The young people could be supported by financial education programs that are clearly incorporated into their underground or postgraduate courses. The correct management of these programs helps to improve student learning experience and the economic well-being. Moreover, the learning based on the transparent public administration believably educate patriots of the country and the peoples' intolerance to non-transparent activities of public servants. The other important task of the paper is to reveal how public debt and public spending management could influence the issues of fiscal policy sustainability. In addition, this paper also tries to clarify questions about economic importance on financial education in the all levels of studies. Furthermore, the theoretical task of the paper is to show the size of the government debt, government debt service and expenditure in Lithuania and Latvia, during the last crisis in the first decade of the twenty first century. Then the overpaid debt services can be given to the hypothesis that an ordinary individual has less than EU average standard of financial and/or economical education. This conceptualization of the tax burden can encourage each citizen of the country to be responsible for the public servants' activity and for the transparency of a budget planning process. The public revenue improvement is a really challenging procedure. Since using the same concept of taxes as fixed costs for public sector when person directly received nothing, but additional payments for the majority of public sector services. Therefore, confusion of terms is fairly constant, which once again shows the need for public finances literacy in the all areas of study programs for scholars. An authorized Lithuania's tax burden usually comprises more than thirty percent from the country's nominal gross domestic product in recent years. Nevertheless, political leaders and experts are suggesting the necessity of increasing Lithuania's accumulated tax burden. However, there may be a fundamental mistake that social insurance contributions and compulsory health insurance contributions to the funds are not calculated into private individuals and legal entities tax burden. Fortunately the last year's budget already considers social payments as a part of tax revenues. Unfortunately there are diminutive amount of signs in the continuity of Lithuania's fiscal policy in the twenty first century. © 2018, General Jonas Zemaitis Military Academy of Lithuania.

Eroğlu, Erdal; Serbes, Halil

Fiscal Autonomy of Sub-Central Governments in Turkey

In: Financial Sustainability and Intergenerational Equity in Local Governments, 2018, 83-100

Abstract

Local authorities that are the closest to citizens need to be financially strong to be able to present efficient and high-quality services. Also called fiscal autonomy, this financial strength helps municipalities to have own-revenues enough to meet their expenditures. When municipalities have sufficient own-revenues and have autonomy in planning and budgeting processes, the qualities of their services increase, and they can manage their resources more effectively and efficiently. Enhancing fiscal autonomy is a requirement of citizen-based management approach with high performance. Focusing on the importance of decentralization, this chapter presents the discussions on various definitions and measurements of fiscal autonomy, followed by a section on the state of fiscal autonomy in Turkey by analyzing the indicators of SCG tax revenue/total revenues, SCG own-revenues/total revenues, and transfers from the general budget tax revenues/total revenues. It finally offers some suggestions to enhance fiscal autonomy.

Hosono, Kaori; Hotei, Masaki; Miyakawa, Daisuke

Tax Avoidance by Capital Reduction: Evidence From Corporate Tax Reform in Japan: Working Paper

- Asian Finance Asociation (Asian FA) 2018 Conference.

Number of pages: 45

Last revised: 17 Jun 2018

Working Paper Series

Abstract

A new size-dependent tax system was introduced in Japan on April 1, 2004. The authors exploit this exogenous institutional change as a natural experiment and empirically examine how firms endogenously reacted to a size-dependent tax system in terms of both financial and real activities. Using a large-scale firm-level data over the period from 1996 to 2006, the authors test several hypotheses obtained from their theoretical model based on financial constraints faced by firms. From their empirical analyses, the authors obtain the following results that are consistent with the theoretical model. First, firms that originally held stated capital above the threshold set by the new tax system were more likely to reduce their stated capital to the threshold’s level or below after the announcement of the new tax system. Second, firms with lower labor productivity, and smaller asset size were more likely to do so. Finally, firms that reduced their stated capital showed ex-post lower growths in asset size and sales, and the magnitude of which became larger over time. These results suggest that the size-dependent policy induced endogenous capital reduction of a group of firms, which resulted in their lower growth.

Cite this paper as:

Hosono, Kaoru and Hotei, Masaki and Miyakawa, Daisuke, Tax Avoidance by Capital Reduction: Evidence from Corporate Tax Reform in Japan (June 11, 2018). Asian Finance Association (AsianFA) 2018 Conference. Available at SSRN: https://ssrn.com/abstract=3105794 or http://dx.doi.org/10.2139/ssrn.3105794

Mochizuki, Junko; Schinko, Thomas; Hochrainer-Stigler, Stefan

Mainstreaming of climate extreme risk into fiscal and budgetary planning: application of stochastic debt and disaster fund analysis in Austria.

In: Regional Environmental Change. Ed. John Ford (2018), pp. 1-12.

Abstract

While ageing-related costs are perceived as the major drivers of fiscal pressure in the EU, concerns over climate-related public expenditures have received comparatively little attention in securing the EU’s long-term fiscal sustainability. Using the Shared Socioeconomic Pathways (SSPs) scenarios as bridging concept for linking the assessment of public cost of demography- and climate-related expenditures, this study proposes a climate risk mainstreaming methodology. We apply a stochastic debt model and assess the potential flood risk in Austria to the public debt and the national disaster fund. Our results indicate that public debt under no fiscal consolidation is estimated to increase from the current level of 84.5% relative to GDP in 2015 to 92.1% in 2030, with macroeconomic variability adding further risk to the country’s baseline public debt trajectory. The study finds that the estimated public contingent liability due to expected flood risk is small relative to the size of economy. The existing earmarked disaster risk reduction (DRR) funding will likely reduce the risk of frequent-and-low impact floods, yet the current budgetary arrangement may be insufficient to deal with rising risk of extreme floods in the future. This prompts the need for further discussions regarding potential reforms of the disaster fund. As many EU member states are in the early stages of designing climate change policy strategies, the proposed method can support the mainstreaming of climate-related concerns into longer-term fiscal and budgetary planning.

Oppio A., Torrieri F., Bianconi M.

Land Value Capture by Urban Development Agreements: The Case of Lombardy Region (Italy).

In: Calabrò F., Della Spina L., Bevilacqua C. (eds) New Metropolitan Perspectives. ISHT 2018. Smart Innovation, Systems and Technologies, vol 100. Springer, Cham

Abstract

This paper focuses on the interaction between land use planning and infrastructure provision, and offers an overview of the methods that are used in different development contexts to share the costs of local infrastructures and facilities between the public and the private sector. Over the last forty years or so, in the face of intense fiscal pressure and a drastic reduction in the transfer of resources from the central government, local authorities have increasingly been searching for alternative means to fund the provision of off-site infrastructures and facilities.

Starting from the analysis of the Urban Developments Agreements carried out in Lombardy Region over the last 15 years, the paper provides an overview of the surplus value capture mechanism, as it result from land use change and development with the aim of pointing out the issue of its allocation between public and private parties.

Santos, Marcia R.C.; Laureano, Raul M.S.; Albino, Carlos E.R.

Soluções Big Data & Analytics na ótica da fiscalidade: Manipulação e análise de dados relacionais em SQL Server e Power Pivot & View do Excel

In English: How tax audit and tax advisory can benefit from big data analytics tools data analysis and processing in relational databases using SQL Server and Power Pivot & Power View in Excel

Conference paperIn: Iberian Conference on Information Systems and Technologies, CISTIVolume 2018-June, 27 June 2018, pp. 1-6

13th Iberian Conference on Information Systems and Technologies, CISTI 2018; Caceres; Spain; 13 June 2018 до 16 June 2018

Abstract

In the context of business analytics, the tax consultants and auditors face challenges when conducting data analysis for tax optimization based on big commercial databases extracted from the management systems of organizations. This article focuses on big data analytics by using Business Intelligence (BI) tools provided by Microsoft. In this paper, we combine the storage and pre-processing capacity of SQL Server (Developer edition) with the analysing and reporting add-ins supported by Excel (Power Pivot and Power View). Both BI solutions were applied on accounting and tax data extracted from a ERP system in order to demonstrate how tax professionals can conduct big data analysis to maximize value added tax recovery.

ISSN: 21660727

ISBN: 978-989984348-6

Тип источника: Conference Proceeding

Язык оригинала: Portuguese

DOI: 10.23919/CISTI.2018.8399472

Тип документа: Conference Paper

Редакторы тома: Rocha A.,Cota M.P.,Lozano-Tello A.,Goncalves R.

Спонсоры: IEEE Portugal Section,IEEE SMC Portugal Chapter,IEEE Spain Section

Издатель: IEEE Computer Society

Serdyukova, Natalya V.; Potapov, Kirill.

Smart Interactive System for Learning of Tax Planning: Conference Paper

- Smart Innovation, Systems and Technologies. Vol. 99: Smart Education and e-Learning 2018. – pp. 94-103.

Abstract

This article describes principally new for the Russian practice course, which serves for studying of taxation on the basis of a newly created computer program – “Smart Presentation”. It was utilized at first for the teaching of subject “International tax planning” for 2 consecutive years (2016–2017) to masters groups of the second year of studies at the Institute of Business Studies of the Russian Presidential Academy of National Economy and Public Administration of the Russian Federation. The innovation is that the program modules a situation, in which a virtual enterprise is created and students through the management of the activities of this enterprise receive certain tax consequences. In case of achievement of negative results of the business activity student can return to the previous business case proposed. Implementation of the program into learning process brought quiet positive results. The studying efficiency indicator increased even up to 100% (in some groups). This experience represents first attempt of implementation of e-learning technologies for the teaching economic subject - taxation. Creation of an educational game on the basis of “Smart Presentation” now is under development. In frames of this game teams of students can manage virtual companies, making decisions without the possibility to change given answer and at the end the results of the teams will be compared on a competitive basis. Also “Smart Presentation” can help any teacher, even without any skills in programming, to make interactive presentations for students on any subject. Description of the technical decisions used is highlighted in the article.

Copyright information

© Springer International Publishing AG, part of Springer Nature 2019

Cite this paper as:

Serdyukova N.V., Potapov K. (2019) Smart Interactive System for Learning of Tax Planning. In: Uskov V., Howlett R., Jain L., Vlacic L. (eds) Smart Education and e-Learning 2018. KES SEEL-18 2018. Smart Innovation, Systems and Technologies, vol 99. Springer, Cham

Publisher Name Springer, Cham

Print ISBN 978-3-319-92362-8

Online ISBN 978-3-319-92363-5

Wenner, Fabian

Sustainable urban development and land value taxation: The case of Estonia.

Land Use Policy. Vol. 77. – September 2018. – pp. 790-800.

Abstract

Where real estate taxation differentiates between land uses, size of built structures, developed and undeveloped land, it has an influence on the decisions of landowners what and how to build. Still, real estate taxation is often only used to generate a stable source of revenue for the public administration, rather than as an active control mechanism in land policy and planning, despite its relationship with urban development.

As a form of real estate taxation, a tax on land values only is recurrently discussed in literature to have beneficial effects for urban development. Planners who propose a land value tax (LVT) often argue that it leads to higher building density and a more frequent re-use of brownfields. LVT could curb undesired ‘urban sprawl’ and lead to a more efficient land use, compliant to zoning and urban planning designations.

In most countries however, the real estate tax is determined by the value or size of buildings, and not by the value of land. Only a small number of countries has introduced a land-based only real estate tax system. Estonia is the only country in the European Union that in 1993 has done so, but there has been no case study of the effects of it on urban structure so far. This is surprising given its relatively rigorous implementation.

In this paper, the author will give an overview of the debate on land value tax and urban planning, before the author briefly analyse the dynamics of land policy that ensued from the introduction of the land value tax on urban development in the Estonian capital Tallinn since its introduction in 1993. The author compare his findings with neighbouring Riga in Latvia, which has retained a building-based taxation system. The author conclude that, while statistical results indeed seem to suggest an increased capital-land-ratio and slightly increasing population density in Tallinn as opposed to Riga, both regions show considerable suburbanisation and sprawl, challenging the effectiveness of the LVT implementation in Tallinn. The result also points to the importance of other influences on urban development, and the difficulties in separating the effects of LVT from them.

Copyright © 2018 Elsevier Ltd.

Yloenen, Matti; Teivanen, Teivo

Politics of Intra-firm Trade: Corporate Price Planning and the Double Role of the Arm’s Length Principle

-New Political Economy, Volume 23, 2018, Issue 4, pp. 441-457.

Abstract

Intra-firm trade is an emerging issue. One of its key elements is the international shifting of profits, for example, through transfer pricing that big enterprises use to cross-subsidise their subsidiaries, often to avoid taxes. Accounting rules conceal much of the information about transfer pricing, reproducing secrecy and facilitating the use of administered prices. Given the prevalence of administered price setting, a significant amount of international trade cannot be meaningfully analysed as market transactions. This provokes questions about the validity of market assumptions in research on trade in particular and global capitalism more generally. Our specific contribution focuses on the role of the arm’s length principle and the significance of cross-subsidisation and other forms of corporate planning in intra-firm trade. Under certain conditions, price planning by private corporations should be analysed as political rule within the economic sphere. Since the politics of the world economy is not merely related to governmental intervention, corporations should also be theorised as potentially political entities. Crossing the disciplinary boundaries between political economy and normative political theory, we suggest that the politicisation of intra-firm trade opens possibilities for creating more effective responses to price administration and for creating more democratic ways of governing the global economy.

Yoshida, Jiro

Economic Depreciation in the Property Value: Cross-Sectional Variations and Their Implications on Investments: Working Paper

- Asian Finance Asociation (Asian FA) 2018 Conference.

Number of pages: 49

Posted: 126 Jan 2018

Working Paper Series

Abstract

This study compares the rate of property value depreciation between different property types, locations, and countries by using commercial and residential data for the U.S. and Japan. The property-level depreciation rate is larger if a property is commercial, newer, denser, located in a smaller city, more distant from the central business district, and in Japan. A larger depreciation rate directly decreases appreciation returns and increases the equilibrium income returns (i.e., cap rates). The depreciation rate for the structure component also varies significantly by property type and country; approximately 7% for residential properties and 10% for commercial properties in Japan in contrast with 1% for residential structures in the U.S. This study also demonstrates the difference in the estimation methods and the importance of correcting survivorship biases. These results serve as important inputs for the analysis of real estate investment, consumer choice of housing, sustainability, and macro economy.

Cite this paper as:

Yoshida, Jiro, Economic Depreciation in the Property Value: Cross-Sectional Variations and Their Implications on Investments (December 14, 2017). Asian Finance Association (AsianFA) 2018 Conference. Available at SSRN: https://ssrn.com/abstract=3109760 or http://dx.doi.org/10.2139/ssrn.3109760
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