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on Accounting and Auditing |
| By: | Athanasios O. Tagkalakis (Bank of Greece) |
| Abstract: | Using a novel dataset on summer 2012 tax inspections by the Hellenic Ministry of Finance in tourist and high economic activity areas in 13 regions in Greece we found that the intensification of tax audits can induce tax compliance. This finding is very important at the current juncture for Greece as it shows that improvement in tax administration and tax enforcement mechanisms can deter tax evasion, increase tax revenues and contribute to the on-going fiscal consolidation effort. |
| Keywords: | taxation; audit; compliance. |
| JEL: | H26 E26 K42 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:bog:wpaper:152&r=acc |
| By: | Tatiana Malinina (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The paper deals with the general provisions for the purposes of consolidation income taxation of corporations and foreign experience of organizing consolidated income taxation of groups of companies. Emphasis paid to the problem of the distribution of consolidated tax base between individual members of the group. |
| Keywords: | corporate income tax |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:22&r=acc |
| By: | André, Paul (ESSEC Business School); Filip, Andrei (ESSEC Business School); Paugam, Luc (ESSEC Business School et Université Paris IX Dauphine) |
| Abstract: | We study the effect of the mandatory adoption of IFRS in Europe in 2005 on conditional conservatism. To capture conditional conservatism, we use three measures: the Basu (1997) measure, the Khan and Watts (2009) measure, and a measure controlling for potential shifts in unconditional conservatism and cost of capital after the adoption of IFRS. From a sample of 7,251 firm-year observations drawn from 16 European countries, we document an overall decline of the degree of conditional conservatism across our three measures. While there is no change in weak enforcement/governance countries which remain less conditionally conservative than strong enforcement/governance countries, the latter exhibit a significant decrease. Further, we demonstrate that the decline is more significant for firms carrying intangible assets and goodwill in their balance sheets, items for which impairment tests rely on unverifiable fair value estimates. We argue that IFRS are conceptually conditionally conservative but that inappropriate application of conditional conservatism principles may have prevented financial reporting from reaching the level of conservatism targeted by the IASB. |
| Keywords: | Conditional Conservatism; IFRS; Europe; Enforcement; Governance; Intangibles; Impairment |
| JEL: | G38 M41 M48 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:ebg:essewp:dr-13011&r=acc |
| By: | A. Zolotareva (Russian Presidential Academy of National Economy and Public Administration); Anastasia Kireeva (Russian Presidential Academy of National Economy and Public Administration); S. Shatalov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In developed countries, special tax treatment of income of controlled foreign companies is widely used to prevent tax avoidance. The rules to this effect are aimed primarily at taxation of passive income undistributed to resident taxpayers. Several approaches can be distinguished, each of which has its advantages and disadvantages. |
| Keywords: | tax resident, Controlled Foreign Corporation, tax optimization |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:6&r=acc |
| By: | Leon Bettendorf; Duncan van Limbergen |
| Abstract: | We estimate long-run and short-run elasticities of Value Added Tax and Personal Income Tax revenues with respect to their bases for the Netherlands. We find VAT elasticities around one in the long-run and short-run. The long-run PIT elasticity is significantly below one, while the short-run elasticity is around one. We experiment with alternative definitions of the tax base for both taxes. We first find that elasticity estimates remain unaffected by using a broader base for both taxes. Second, the conclusion on whether elasticities differ between `good' and `bad' times depends whether the definition of these regimes is based on the deviation of tax revenues from the long-run level or on the output gap. Third, stability over time cannot be rejected for all elasticities, except for the long-run PIT elasticity to the broad base. |
| JEL: | E62 H24 H68 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:256&r=acc |
| By: | A. Zolotareva (Russian Presidential Academy of National Economy and Public Administration); Anastasia Kireeva (Russian Presidential Academy of National Economy and Public Administration); S. Shatalov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Annotation: Principal directions of tax policy for the subsequent fiscal year have provided for reforming the institution of tax residence in the Russian law. However, this proved to be difficult due to the inadministrability of taxation of passive income of foreign companies, which is not distributed to the Russian resident. |
| Keywords: | tax resident, Controlled Foreign Corporation, tax optimization |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:5&r=acc |
| By: | Patrice Pieretti (CREA, Universite de Luxembourg); Jacques-François Thisse (Universite catholique de Louvain); Skerdilajda Zanaj (CREA, Universite de Luxembourg) |
| Abstract: | This paper explains why and how a small country can be an offshore financial center (OFC). We build a model involving a small and a large country competing for portfolio investments. They use two instruments, taxation and institutional infrastructure. We identify the conditions for an OFC to be a tax haven, a safe haven or both. The existence of a tax haven need not be as bad as claimed in the media because its presence fosters institutional competition which is beneficial to all investors, |
| Keywords: | offshore financial centers, portfolio investments, institutional infrastructure competition, tax competition |
| JEL: | H40 H54 G20 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:13-20&r=acc |
| By: | Yuri Bobylev (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The paper deals with the global experience of taxation of extractive industry, including both the basic principles and practice of taxation identifying the main groups of countries with differing levels of economic development: countries with developed market economies, developing countries and countries in transition economy. Identifies the key trends in the taxation of extractive industry, exploring the possibilities of application of international experience in Russia, including the possibility of imposing a special tax on additional income and cancellations export duties. Given the international experience makes proposals for improvement of the Russian system of taxation of extractive industry. |
| Keywords: | taxation |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:2&r=acc |
| By: | Tatiana Malinina (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | We consider the recommendations of international organizations to change the approach to the taxation of the financial sector in the light of the world financial crisis, the current theoretical approaches to the definition and justification instruments (mechanisms) taxation of the financial sector, discussed in the light of the global financial crisis, the experience of foreign countries, applying recommended in light of the global financial crisis tools taxation of the financial sector, as well as some aspects of Russian assessment practice in the relevant field. |
| Keywords: | nalogoooblazhenie, financial sector |
| JEL: | G1 H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:7&r=acc |
| By: | Ludmila Anisimova (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In December 2012, a number of amendments and alterations were introduced into tax and budget legislation, as well as into legislation regulating the sphere of mandatory payments and government off-budget funds. An analysis of the possible scenarios for further development of the taxation system and the system of mandatory payments must be done with due regard for the Annual Presidential Address to the RF Federal Assembly delivered by President Vladimir Putin on 12 December 2012 and for the initiatives put forth by the RF Government and the RF Ministry of Finance. |
| Keywords: | Economic Legislation, Normative Documents, Taxation |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:43&r=acc |
| By: | Islam, Roumeen |
| Abstract: | This paper examines the interaction between fiscal policy and the broader macroeconomic context in open economies. It asks two questions. First, what was the relationship between fiscal policy and current account balances in countries in Europe and Central Asia during the past dozen years? Second, how might changes in (a) output composition and (b) financial sector profitability affect revenues and thus, the assessment of the underlying structural fiscal balance? The study finds that, for flexible exchange rate countries, expansionary fiscal policy has been associated with wider current account deficits. Moreover, changes in net exports and in financial sector profitability may have significant impacts on fiscal balances because of changes in revenues from the value-added tax and the corporate profits tax as a share of gross domestic product. These findings suggest that the countries of Europe and Central Asia have reason to be prudent in terms of fiscal policy choices, even as gross domestic product rises. |
| Keywords: | Debt Markets,Economic Theory&Research,Currencies and Exchange Rates,Emerging Markets,Access to Finance |
| Date: | 2013–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6621&r=acc |
| By: | A. Zolotareva (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | In this paper we propose a classification of disputes on matters related to obtaining an unjustified tax benefit, revealed the typical reason for change legal classification of transactions, evaluating the degree of uniformity of judicial practice for this category. According to the results of the analysis are formulated proposals to increase the degree of certainty of the tax law by specifying the content used it evaluative categories, as well as limiting the use of coercion in when the reason for bringing the taxpayer liable are rules are unclear. |
| Keywords: | tax |
| JEL: | H2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:4&r=acc |
| By: | Jeffrey Hoopes; Daniel Reck; Joel Slemrod |
| Abstract: | We examine novel data on searches for capital-gains-tax-related information to determine when and how taxpayers acquire information. We find strong seasonal increases in information search around tax filing deadlines, suggesting that taxpayers seek information to comply with tax laws. Positive correlations between stock market activity and information search and year-end spikes in information search on capital losses suggest that taxpayers seek information for tax planning purposes. Policy changes and news events cause noteworthy information search. Overall, these data suggest that taxpayers are not always fully informed, but that rational attention and exogenous shocks to tax salience drive taxpayer information search. |
| JEL: | D80 D83 H24 H31 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19482&r=acc |
| By: | Sergei Strudnikov (Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | The object of this study is the value of the company with given event risk of the company. The purpose of the study - the development of methods accounting event risk in the discount rate for the correct evaluation value of the company. The study examined the theoretical methods for the determination the impact of events on the value of its shares, as well as approaches to adjustments the discount rate. The study was conducted by event analysis. The study established method of accounting of event risk in its discount rate. Feature of the proposed method is the possibility of its use with any model of asset pricing. |
| Keywords: | valuation of the company |
| JEL: | G2 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:1&r=acc |