The Unintended Consequences of Property Tax Relief: New York's STAR Program

Science.gov (United States)

Eom, Tae Ho; Duncombe, William; Nguyen-Hoang, Phuong; Yinger, John

2014-01-01

New York's School Tax Relief Program, STAR, provides state-funded property tax relief for homeowners. Like a matching grant, STAR changes the price of education, thereby altering the incentives of voters and school officials and leading to unintended consequences. Using data for New York State school districts before and after STAR was…

What Did US $18 bn Achieve? The 2005 Debt Relief to Nigeria

NARCIS (Netherlands)

A.G. Dijkstra (Geske)

2013-01-01

markdownabstract__Abstract__ Since 2003 Nigeria's economic growth has been consistently above 6% and this growth has been driven by non-oil sectors. The aim of this paper is to assess the contribution of the 2005 debt relief agreement to Nigeria to this higher growth. This agreement

76 FR 5070 - Offset of Tax Refund Payments To Collect Delinquent State Unemployment Compensation Debts

Science.gov (United States)

2011-01-28

... Payments To Collect Delinquent State Unemployment Compensation Debts AGENCY: Financial Management Service... (referred to as ``tax refund offset'') to collect delinquent State unemployment compensation debts. The Department of the Treasury (Treasury) will incorporate the procedures necessary to collect State unemployment...

IPI tax relief policy and its impact on automotive and related sectors

Directory of Open Access Journals (Sweden)

Luiz Antônio Abrantes

2017-09-01

Full Text Available The policy of IPI tax relief in the automotive industry came from the need of answers to the Global Financial Crisis of 2008, which affected Brazil. This way, Brazilian Government set the reduction of the percentages of rates applied to automotive products and related sectors, according to several factors such as engine power, fuel type and production site, in order to restore the sector demand and stimulate the economy. In this context, this work aims to evaluate the implications of IPI tax relief policy, since 2009, on the turnover of joint-stock companies of the automotive and related sectors. The methodology was a multiple regression analysis model with Dynamic Panel data, in order to explain the variations of companies' turnover in the sector, regarding IPI tax relief. The data used were of 84 companies of this sector, for the period from 1998 to 2015, based on the software Economática. The results showed a decrease of IPI tax collection in the periods of relief, both in general and specific scope. In addition, we verified that the adoption of the policy had a negative influence on the turnover of the evaluated companies. Thus, we concluded that the tax policy under analysis did not contribute to an increase of automotive sector companies' turnover.

Do Tax Incentives for Saving in Pension Accounts Cause Debt Accumulation?

DEFF Research Database (Denmark)

Yde Andersen, Henrik

2018-01-01

This paper applies a quasi-experimental research design on a Danish 2010 policy that reduced tax incentives for saving in annuity pension schemes to show significant substitution of savings from retirement accounts to gross debt repayments. We find that for every 1 Danish currency unit reduction...... in retirement savings 31 cents goes to debt repayments. Taking into account all types of savings, we find full crowding-out. Consistent with previous findings, we document that the effect is driven by a minority, about 23 percent, who actively rebalance their savings....

Analisis Pengaruh Tax Avoidance Terhadap Cost of Debt Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Selama Periode 2010–2014

OpenAIRE

Santosa, Janice Ekasanti; Kurniawan, Heni

2016-01-01

Cost of debt borne by the company set by creditors based on how managementmanages the company. Effective and efficient management related to the way themanagement to increase revenue and suppress the load to obtain the maximum profit. Oneof the expense to be managed is the tax expense. Tax savings that they comply with the provisions of taxation known as tax avoidance. This study aims to reexamine the influenceof tax avoidance on the cost of debt on companies listed in the Indonesia Stock Exc...

Full investment stop without tax relief. Twelve fields downgraded because of tax and prices

International Nuclear Information System (INIS)

Ramm, H.H.

1994-01-01

The article discusses the investment level in relation to taxation on the Norwegian continental shelf. Oil companies have put investment of NOK 230 Billions on hold until tax relief is introduced. At least 50% of fields under consideration last August have been downgraded and postponed indefinitely because low prices and high taxes have pushed them below the profitability threshold. 1 fig., 1 tab

15 CFR 19.11 - How will Commerce entities use tax refund offset to collect a Commerce debt?

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities use tax refund offset to collect a Commerce debt? 19.11 Section 19.11 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.11 How will...

Debt relief and Development: The case of the 2005 debt relief agreement with Nigeria

NARCIS (Netherlands)

A.G. Dijkstra (Geske)

2013-01-01

textabstractIn 1999 Nigeria became a democracy again after a long period of dictatorship. One of the top priorities for the newly elected President Obasanjo was to clear the huge foreign debt that the country had built up in previous decades. Most of this debt was with bilateral official creditors,

The pioneer income tax relief as an investment incentive in Nigeria ...

African Journals Online (AJOL)

Taxation is one of the major fiscal policy instruments used by government in regulating the economy, boosting investments and regulating inflation. Many developing nations formulate tax policies aimed at stimulating rapid economic growth. One of such policies in Nigeria is the Pioneer Income Tax Relief with the main goal ...

Indirect Taxes and Public Debt in the 'World of Islam' before 1800

NARCIS (Netherlands)

Fritschy, W.; S. Cavaciocchi,

2008-01-01

Indirect taxes and public debt in the ‘world of Islam’ before 1800. A comparison of Western and Islamic public finance. Wantje Fritschy – Vrije Universiteit Amsterdam – June 2007 The ‘world of islam’ and ‘the West’ before 1800 seem to have displayed different ‘fiscal values’: not only was it

Security Clearances: Additional Mechanisms May Aid Federal Tax-Debt Detection

Science.gov (United States)

2015-03-18

it is requesting disclosure , and, as such, the agency may not obtain the complete tax -debt history of the individual nor would it be of use during...BagdoyanS@gao.gov. Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this statement...Connect with GAO To Report Fraud, Waste, and Abuse in Federal Programs Congressional Relations Public Affairs Please Print on Recycled Paper.

Financing Schools and Property Tax Relief -- A State Responsibility. The Report in Brief.

Science.gov (United States)

Advisory Commission on Intergovernmental Relations, Washington, DC.

This report is the first response to President Nixon's request to the Commission for an evaluation of the proposed replacement of school property taxes by a Federal value added tax. The report findings reveal that a federal program to bring tax relief is neither necessary nor desirable, and the Commission suggests that the States assume a greater…

A Simple Accounting-based Valuation Model for the Debt Tax Shield

Directory of Open Access Journals (Sweden)

Andreas Scholze

2010-05-01

Full Text Available This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period.

26 CFR 301.6511(d)-1 - Overpayment of income tax on account of bad debts, worthless securities, etc.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Overpayment of income tax on account of bad... bad debts, worthless securities, etc. (a)(1) If the claim for credit or refund relates to an... the deductibility of a bad debt under section 166 or section 832(c), or of a loss from the...

38 CFR 1.902 - Antitrust, fraud, and tax and interagency claims.

Science.gov (United States)

2010-07-01

... of the antitrust laws or to any debt involving fraud, the presentation of a false claim, or... whole or in part on conduct in violation of the antitrust laws or any claim involving fraud, the... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Antitrust, fraud, and tax...

48 CFR 252.229-7009 - Relief from customs duty and value added tax on fuel (passenger vehicles) (United Kingdom).

Science.gov (United States)

2010-10-01

... and value added tax on fuel (passenger vehicles) (United Kingdom). 252.229-7009 Section 252.229-7009... Relief from customs duty and value added tax on fuel (passenger vehicles) (United Kingdom). As prescribed in 229.402-70(i), use the following clause: Relief from Customs Duty and Value Added Tax on Fuel...

Discretion in the “Backyard of Law”: Case Handling of Debt Relief in Sweden

OpenAIRE

Bengt Larsson; Bengt Jacobsson

2013-01-01

This article explores discretion in welfare professional work. The aim is to analyse what room for discretionary decision-making that exist in case handling of debt relief at the Swedish Enforcement Authority (SEA). The analysis is guided by a conceptual distinction between structural and epistemic aspects of discretion, as well as between substantive and procedural aspects. The data comprises official and internal SEA documents, interviews with management and staff and field notes from obser...

Reconciling State Aid and Property Tax Relief for Urban Schools: Birthing a New STAR in New York State

Science.gov (United States)

Eom, Tae Ho; Killeen, Kieran M.

2007-01-01

Similar to many property tax relief programs, New York State's School Tax Relief (STAR) program has been shown to exacerbate school resource inequities across urban, suburban, and rural schools. STAR's inherent conflict with the wealth equalization policies of New York State's school finance system are highlighted in a manner that effectively…

Double Dividend Taxation Relief: A New View From The Corporate Income Tax Perspective

OpenAIRE

Sebastian Lazar

2010-01-01

Double taxation of dividends is a matter of great interest in the actual context of globalization and free movement of capital and persons. As the classical system is more and more abandoned, new solutions for the relief of double taxation are put into practice as a mean to reduce the fiscal burden on shareholders. With few exceptions, all these solutions are based on dividend tax relief. The paper aims at providing alternative solutions for double dividend taxation relief by taking some acti...

The Interaction Between the Debt Relief Measures in the National Credit Act 34 of 2005 and Aspects of Insvolvency Law

Directory of Open Access Journals (Sweden)

C van Heerden

2009-09-01

Full Text Available The National Credit Act 34 of 2005 (the 'NCA' aims at promoting responsibility in the credit market by encouraging responsible borrowing, avoidance of over-indebtedness and the fulfilment of financial obligations by consumers, and at discouraging reckless credit granting by credit providers and contractual default by consumers. Although a further aim is to address over-indebtedness by debt review, for instance, this mechanism is based on the principle of satisfaction of the consumer's responsible financial obligations in full. In a recent judgment, Ex parte Ford 2009 (3 SA 376 (WCC, the court has thus refused to grant a sequestration order following an application for voluntary surrender since the bulk of the debt was credit agreements regulated by the NCA. The fact that the debtor-applicant did not apply for debt review in terms of the NCA of 2005 before applying for voluntary surrender played a significant role in the court's decision not to grant the order. This article thus considers the impact of the debt relief remedies in the NCA on insolvency law. In particular it is an attempt to provide some answers to the question if the Insolvency Act 24 of 1936 (hereafter the 'Insolvency Act' is in conflict with the previously stated principle of the NCA, namely full satisfaction of all responsible financial obligations by an over-indebted consumer. It also considers the concepts of over-indebtedness and reckless credit and their related debt relief remedies when considering applications for voluntary surrender or compulsory sequestration in terms of the Insolvency Act.

What if Member States Subjected Non-Resident Taxpayers to Unlimited Income Taxation whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

NARCIS (Netherlands)

M.F. de Wilde (Maarten)

2011-01-01

textabstractIn this article, the author seeks to illustrate, through examples dealing with cross-border business losses, what the result would be if Member States were to subject non-resident taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax

What if Member States Subjected Non-Resident Taxpayers to Unlimited Income Taxation whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

OpenAIRE

Wilde, Maarten

2011-01-01

textabstractIn this article, the author seeks to illustrate, through examples dealing with cross-border business losses, what the result would be if Member States were to subject non-resident taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax exemption method.

Assessing debt sustainability in a stochastic environment: 200 years of Dutch debt and deficit management

NARCIS (Netherlands)

van Wijnbergen, S.; France, A.

2012-01-01

When debt levels approach critical levels, tax payers may revolt against the associated debt service burden. Funding problems may arise in capital markets when lenders anticipate such revolts and refuse to participate in debt auctions. We provide a stochastic framework to assess whether such

Currency Exchange Results - What If Member States Subjected Taxpayers to Unlimited Income Taxation Whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

NARCIS (Netherlands)

M.F. de Wilde (Maarten)

2011-01-01

textabstractThe author, in this article, examines, through examples, the effects of Member States subjecting taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax exemption with regard to how such an approach would affect the cross-border taxation of

Intra-Firm Transactions: What if Member States Subjected Taxpayers to Unlimited Income Taxation whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

NARCIS (Netherlands)

M.F. de Wilde (Maarten)

2011-01-01

textabstractIn this article, the author examines, through examples, the effects of Member States subjecting taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax exemption from the perspective of how such an approach would affect the cross-border

Debt Maturity: Is Long-Term Debt Optimal?

OpenAIRE

Laura Alfaro; Fabio Kanczuk

2007-01-01

We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the fraction of debt that needs to be rolled over every period. In the model, the benefits of defaulting are tempered by higher future interest rates. We then calibrate our artificial economy and solve fo...

Currency Exchange Results - What If Member States Subjected Taxpayers to Unlimited Income Taxation Whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

OpenAIRE

Wilde, Maarten

2011-01-01

textabstractThe author, in this article, examines, through examples, the effects of Member States subjecting taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax exemption with regard to how such an approach would affect the cross-border taxation of currency exchange results.

Intra-Firm Transactions: What if Member States Subjected Taxpayers to Unlimited Income Taxation whilst Granting Double Tax Relief under a Netherlands-Style Tax Exemption?

OpenAIRE

Wilde, Maarten

2011-01-01

textabstractIn this article, the author examines, through examples, the effects of Member States subjecting taxpayers to unlimited income taxation whilst granting double tax relief under a Netherlands-style tax exemption from the perspective of how such an approach would affect the cross-border taxation of intra-firm transactions.

Investment Timing, Liquidity, and Agency Costs of Debt

DEFF Research Database (Denmark)

Hirth, Stefan; Uhrig-Homburg, Marliese

2010-01-01

This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...... level of liquid funds that eliminates agency costs by implementing the first-best investment policy for a given capital structure. In a second step we generalize the framework by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally...... trades off tax benefits and agency costs of debt....

26 CFR 1.166-1 - Bad debts.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Bad debts. 1.166-1 Section 1.166-1 Internal... TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-1 Bad debts. (a... shall be allowed in respect of bad debts owed to the taxpayer. For this purpose, bad debts shall...

26 CFR 1.1275-7 - Inflation-indexed debt instruments.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Inflation-indexed debt instruments. 1.1275-7... Inflation-indexed debt instruments. (a) Overview. This section provides rules for the Federal income tax treatment of an inflation-indexed debt instrument. If a debt instrument is an inflation-indexed debt...

American Exceptionalism Revisited: Tax Relief, Poverty Reduction, and the Politics of Child Tax Credits

Directory of Open Access Journals (Sweden)

Joshua T.McCabe

2016-07-01

Full Text Available In the 1990s, several liberal welfare regimes (LWRs introduced child tax credits (CTCs aimed at reducing child poverty. While in other countries these tax credits were refundable, the United States alone introduced a nonrefundable CTC. As a result, the United States was the only country in which poor and working-class families were paradoxically excluded from these new benefits. A comparative analysis of Canada and the United States shows that American exceptionalism resulted from the cultural legacy of distinct public policies. We argue that policy changes in the 1940s institutionalized different “logics of appropriateness” that later constrained policymakers in the 1990s. Specifically, the introduction of family allowances in Canada and other LWR countries naturalized a logic of income supplementation in which families could legitimately receive cash benefits without the stigma of “welfare.” Lacking this policy legacy, American attempts to introduce a refundable CTC were quickly derailed by policymakers who saw it as equivalent to welfare. Instead, they introduced a narrow, nonrefundable CTC under the alternative logic of “tax relief,” even though this meant excluding the lowest-income families. The cultural legacy of past policies can explain American exceptionalism not only with regard to CTCs but to other social policies as well.

Optimal taxation and debt with uninsurable risks to human capital accumulation

OpenAIRE

Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki

2015-01-01

We consider an economy where individuals face uninsurable risks to their human capital accumulation, and analyze the optimal level of linear taxes on capital and labor income together with the optimal path of government debt. We show that in the presence of such risks it is beneficial to tax both labor and capital and to issue public debt. We also assess the quantitative importance of these findings, and show that the benefits of government debt and capital taxes both increase with the magnit...

48 CFR 2132.607 - Tax credit.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 2132.607... Contract Debts 2132.607 Tax credit. FAR 32.607 has no practical application to FEGLI Program contracts. The... Government, contractors may not offset debts to the Fund by a tax credit that is solely a Government...

Investment Timing, Liquidity, and Agency Costs of Debt

DEFF Research Database (Denmark)

Hirth, Stefan; Uhrig-Homburg, Marliese

This paper examines the effect of debt and liquidity on corporate investment in a continuous-time dynamic framework. We show that due to stockholder-bondholder agency conflicts, investment thresholds are U-shaped in leverage and decreasing in liquidity. While the underinvestment problem dominates...... for low-liquidity firms, there is overinvestment for high-liquidity firms. In the absence of tax effects, we derive the optimal level of liquid funds that eliminates agency costs by implementing the first-best investment policy for some given capital structure. In a second step we generalize the framework...... by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally trades off tax benefits and agency costs of debt....

Petroleum tax and financial decisions

International Nuclear Information System (INIS)

Stensland, G.; Sunnevaag, K.

1993-03-01

The work presented in this report focuses on tax motivated financial incentives in the Norwegian petroleum tax system. Of particular concern is the effects of the reserve fund requirement in the Joint Stock Companies Act. Our prime concern is the Norwegian petroleum tax system as applicable from January 1992, but for the sake of comparison, we have also examined the ''old'' Norwegian petroleum tax system. The findings presented in this report can be divided in two parts. Based on an overview over the development in debt and equity for the major part of companies operating on the Norwegian continental shelf it seems reasonable to divide the companies in three groups. The first group is companies which is not in a tax paying position, both ''foreign'' and domestic. These companies seem to use debt as their most important capital source. The second group is Norwegian companies in a tax paying position. These companies also seem to use debt as the most important capital source. The last group is ''foreign'' companies in a tax paying position. This is a group of companies that mainly use equity to finance their investments in the offshore sector. The second part of the report tries to explain these observations. In the report we compare the incentive effects in the new petroleum tax system to the old tax system. The incentives to finance investments with debt is stronger in the new tax system. Several explanations emerge. Firstly, in the old tax system the investor got an effective tax deduction of 12.8% for dividends. This is removed in the new system. Secondly, in the new system 78% tax is included in the financial statements after tax profit calculation and the maximum dividend calculation, while in the old tax system the withholding tax was excluded. 31 refs., 13 figs. 2 tabs

The governance of federal debt in the United States of America

Directory of Open Access Journals (Sweden)

Gisele Mah

2017-02-01

Full Text Available The United State of America has been experiencing high debt to GDP ratio of more than 100% and these Public debts are detrimental. The main purpose of this study was to examine the shocks of the variables on others in the USA economy by using quarterly data. The variance decomposition and the Generalised Impulse Response Function techniques were employed to analyse the data. The result revealed that high variation of shocks in real federal debt is explained by their own innovations in the short run, by CPI followed by real federal debt its self. In the long run, this leads to CPI and real government spending. The GIRF reveals that in the short run, real federal debt responds negatively to shocks from CPI, real federal interest payment and real federal government tax receipts and positively to real federal debt and real government spending. In medium term, only real federal government tax receipts are negative while the others are positive. In the long run, the response are all positive to shock from the independent variables. The results lead to the recommendation that the US government should focus on real federal debt in the short run. In the medium term, US government should focus on increasing real government spending and reducing only real federal government tax receipts. In the long run the target should real be federal debt, CPI, real federal interest payment, real government spending and real federal government tax receipts

26 CFR 1.585-5 - Denial of bad debt reserves for large banks.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Denial of bad debt reserves for large banks. 1...) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Banking Institutions § 1.585-5 Denial of bad debt... other section for an addition to a reserve for bad debts. However, for these years, except as provided...

Do Taxes Affect Corporate Financing Decisions?

OpenAIRE

MacKie-Mason, Jeffrey K

1990-01-01

This paper provides clear evidence of substantial tax effects on the choice between issuing debt or equity; most studies fail to find significant effects. The relationship between tax shields and debt policy is clarified. Other papers miss the fact that most tax shields have a negligible effect on the marginal tax rate for most firms. New predictions are strongly supported by an empirical analysis; the method is to study incremental financing decisions using discrete choice analysis. Previous...

Rethinking debt sustainability in the context of the Millennium Development Goals

Directory of Open Access Journals (Sweden)

Jan Kregel

2007-09-01

Full Text Available The 2005 World Summit Outcome (United Nations, General Assembly 2005b, pp. 7-8 noted that debt relief can be an important source of capital for development. Since debt relief for developing countries is currently determined by assessments of what is considered a sustainable external debt burden, it underlined the importance of debt sustainability to the efforts to achieve national development goals, including the Millennium Development Goals (MDGs. It also called for the preparation and implementation in 2006 of national development strategies (NDS to achieve the internationally agreed development goals and objectives, including the Millennium Development Goals

Dynamic Capital Structure with Callable Debt and Debt Renegotiations

DEFF Research Database (Denmark)

Christensen, Peter Ove; Flor, Christian Riis; Lando, David

2014-01-01

We consider a dynamic trade-off model of a firm’s capital structure with debt renegotiation. Debt holders only accept restructuring offers from equity holders backed by threats which are in the equity holders’ own interest to execute. Our model shows that in a complete information model in which...... taxes and bankruptcy costs are the only frictions, violations of the absolute priority rule (APR) are typically optimal. The size of the bankruptcy costs and the equity holders’ bargaining power affect the size of APR violations, but they have only a minor impact on the choice of capital structure....

Capital Structure and International Debt Shifting

NARCIS (Netherlands)

Huizinga, H.P.; Laeven, L.; Nicodeme, G.

2006-01-01

This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between

BUDGET AND PUBLIC DEBT

Directory of Open Access Journals (Sweden)

Morar Ioan Dan

2014-12-01

Full Text Available The issue of public budgeting is an important issue for public policy of the state, for the simple reason that no money from the state budget can not promote public policy. Budgetary policy is official government Doctrine vision mirror and also represents a starting point for other public policies, which in turn are financed by the public budget. Fiscal policy instruments at its disposal handles the public sector in its structure, and the private sector. Tools such as grant, budgetary allocation, tax, welfare under various forms, direct investments and not least the state aid is used by the state through their budgetary policies to directly and indirectly infuence sector, and the private. Fiscal policies can be grouped according to the structure of the public sector in these components, namely fiscal policy, budgeting and resource allocation policies for financing the budget deficit. An important issue is the financing of the budget deficit budgetary policies. There are two funding possibilities, namely, the higher taxes or more axles site and enter the second call to public loans. Both options involve extra effort from taxpayers in the current fiscal year when they pay higher taxes or a future period when public loans will be repaid. We know that by virtue of "fiscal pact" structural deficits of the member countries of the EU are limited by the European Commission, according to the macro structural stability and budget of each Member State. This problem tempers to some extent the governments of the Member States budgetary appetite, but does not solve the problem of chronic budget deficits. Another issue addressed in this paper is related to the public debt, the absolute amount of its relative level of public datoriri, about the size of GDP, public debt financing and its repayment sources. Sources of public debt issuance and monetary impact on the budget and monetary stability are variables that must underpin the justification of budgetary

The Americans with Disabilities Act: prescription for tax relief.

Science.gov (United States)

Cook, E D; Judice, A K; Hazelwood, A C

1996-01-01

As employers, healthcare organizations must comply with Title I of the Americans with Disabilities Act of 1990-Employment Discrimination by Private Entities-which covers virtually all aspects of employment and prohibits employers from discriminating against otherwise qualified job applicants and workers who have disabilities or who become disabled. Further, healthcare organizations must comply with the provisions of Title III of the act-Nondiscrimination on the Basis of Disability by Public Accommodations and in Commercial Facilities-which requires places of public accommodations and commercial facilities to be designed, constructed, and altered in compliance with the accessibility standards of the act. While compliance with the ADA can be costly, four specific sections of the Internal Revenue Code offer tax relief to organizations that meet the guidelines of Titles I and III.

Appropriacy of spontaneous accusation in the installment of tax debts Cabimento da denúncia espontânea no parcelamento de débitos tributários

Directory of Open Access Journals (Sweden)

Cristina Zanello

2009-12-01

Full Text Available Spontaneous accusation as well as installment of tax debts have a specific function in the legal order. The search for its concepts and foundations is necessary in order to solve controversies generated by the interpretation of the norms that rule such instances, which have not been taken into account by court decisions. Antinomies are created where there is none, preventing such instances from fulfilling the mission of accomplishing fundamental principles and rights. Once the paradigms that prevent the systematic interpretation of the rules that sustain such instances are overcome, it is concluded that the spontaneous accusation is the specific rule that does not collide with the rules of tax debt installment, which can be applied whenever the subject in tax debt has the initiative of paying the debts before any action by the tax authorities, even if the payment is in installments.A denúncia espontânea assim como o parcelamento de débitos tributários tem uma determinada função no ordenamento jurídico. A busca de seus conceitos e fundamentos é necessária para resolver polêmicas geradas na interpretação das normas que regem os referidos institutos, o que não tem sido observado nas decisões dos tribunais. Criam-se antinomias onde não existem, impedindo que tais institutos venham a cumprir a missão de dar efetividade aos princípios e direitos fundamentais. Vencidos os paradigmas que impedem a interpretação sistemática das regras que informam os referidos institutos, conclui-se que a denúncia espontânea é regra específica que não colide com as regras de parcelamento de débitos tributários, podendo ser aplicada sempre que o sujeito passivo da obrigação tributária tiver a iniciativa de pagar os débitos tributários antes de qualquer procedimento do Fisco, ainda que o pagamento seja em parcelas.

The Debt Overhang Hypothesis: Evidence from Pakistan

Directory of Open Access Journals (Sweden)

Shah Muhammad Imran

2016-04-01

Full Text Available This study investigates the debt overhang hypothesis for Pakistan in the period 1960-2007. The study examines empirically the dynamic behaviour of GDP, debt services, the employed labour force and investment using the time series concepts of unit roots, cointegration, error correlation and causality. Our findings suggest that debt-servicing has a negative impact on the productivity of both labour and capital, and that in turn has adversely affected economic growth. By severely constraining the ability of the country to service debt, this lends support to the debt-overhang hypothesis in Pakistan. The long run relation between debt services and economic growth implies that future increases in output will drain away in form of high debt service payments to lender country as external debt acts like a tax on output. More specifically, foreign creditors will benefit more from the rise in productivity than will domestic producers and labour. This suggests that domestic labour and capital are the ultimate losers from this heavy debt burden.

The Greek sovereign debt: Are there really any options?

OpenAIRE

Papanikos, Gregory T.

2014-01-01

Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making level. This paper looks at the Greek debt and four options are discussed: (a) unilateral default (b) unilaterally imposed austerity measures (c) restructuring through negotiating and (d) a tax on wealth to pay for the debt. Optimal options depend on the borr...

Discontinuous financing based on market values and the value of tax shields

OpenAIRE

Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard

2018-01-01

The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk of future debt levels, the firm's strategy to adjust the absolute debt level to future changes of the firm value, labeled as (re-) financing policy, affects the value of tax shields. Standard discounted cash flow (DCF) models offer two simplified (re-) financing policies originally introduced by Modigliani and Miller (MM) as well as Miles and Ezzell (ME). In this paper, we i...

A fundamental tax reform in Norway : a comparison of the allowance for corporate equity system and the comprehensive business income tax system in a Norwegian setting

OpenAIRE

Riskjell, Ole Kristian

2014-01-01

This thesis seeks to answer what are the main distortions in the Norwegian tax system and to determine which of the ACE or CBIT systems that best could replace the current system. First, the thesis considers the current distortions in the Norwegian tax system. I find that the current tax system is distortive with regards to the tax-treatment of debt versus equity, as only cost of debt is deductible for tax purposes, while cost of equity is not. Moreover, the current system is d...

26 CFR 1.1275-5 - Variable rate debt instruments.

Science.gov (United States)

2010-04-01

... nonpublicly traded property. A debt instrument (other than a tax-exempt obligation) that would otherwise... variations in the cost of newly borrowed funds in the currency in which the debt instrument is denominated... on the yield of actively traded personal property (within the meaning of section 1092(d)(1)). (ii...

Discretion in the “Backyard of Law”: Case Handling of Debt Relief in Sweden

Directory of Open Access Journals (Sweden)

Bengt Larsson

2013-04-01

Full Text Available This article explores discretion in welfare professional work. The aim is to analyse what room for discretionary decision-making that exist in case handling of debt relief at the Swedish Enforcement Authority (SEA. The analysis is guided by a conceptual distinction between structural and epistemic aspects of discretion, as well as between substantive and procedural aspects. The data comprises official and internal SEA documents, interviews with management and staff and field notes from observations. The analysis points to a change in the balance between standards and discretion in relation to the on-going formalization of case handling at the SEA, though not in the simplistic sense that discretion is diminished through formalization. When taking into account the different analytical aspects of discretion, it is concluded that discretion is narrowed only in some respects. There is still space for case officers in selecting and interpreting information and assess-ing the conditions regarding subject matter.

TAX PLANNING: OPTIMIZATION TOOL OF DEBTS TOWARDS THE BUDGET

Directory of Open Access Journals (Sweden)

Anatol GRAUR

2017-06-01

Full Text Available Tax planning is complex of measures,consisting in the reduction of tax payments under the law. Tax planning at the enterprise starts from the initial structuring of businesses and activities and can be carried out both at entity level (corporate and the individual (individual. Compared to tax evasion, tax planning is performed only under the law by avoiding taxes. Avoiding or reducing taxes is possible by organizing activities in such a way that the law allows reducing the tax base or tax rate. Optimization of tax payments is possible by organizing the work in such a way, so as the legislation avoids or reduces the tax base,tax rates and tax incentives application.

26 CFR 1.166-4 - Reserve for bad debts.

Science.gov (United States)

2010-04-01

... the bad debts reserves of certain mutual savings banks, domestic building and loan associations, and... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Reserve for bad debts. 1.166-4 Section 1.166-4...) INCOME TAXES (CONTINUED) Itemized Deductions for Individuals and Corporations § 1.166-4 Reserve for bad...

The value of tax shields with a fixed book-value leverage ratio

OpenAIRE

Fernandez, Pablo

2005-01-01

The value of tax shields depends only on the nature of the stochastic process of the net increases of debt. The value of tax shields in a world with no leverage cost is the tax rate times the current debt plus the present value of the net increases of debt. We develop valuation formulae for a company that maintains a fixed book-value leverage ratio and show that it is more realistic than to assume, as Miles-Ezzell (1980) do, a fixed market-value leverage ratio. We also show that Miles-Ezzell ...

Fiscal adjustment and deficit financing during the debt crisis

OpenAIRE

Easterly, William R.

1989-01-01

To study the adjustment to the debt crisis, this paper compares the experience of seven"crisis"debtor countries with those of five"noncrisis"debtor countries. In response to a sharp reduction in external capital flows, the crisis countries rescheduled their debt during 1982-87. The noncrisis group avoided debt resheduling during that period and maintained access to external capital. The paper finds that highly indebted countries are probably better off raising conventional taxes and cutting c...

48 CFR 1632.607 - Tax credit.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Tax credit. 1632.607... 1632.607 Tax credit. FAR 32.607 has no practical application to FEHBP contracts. The statutory... may not offset debts to the Fund by a tax credit which is solely a Government obligation. ...

THEORETICAL CONSIDERATIONS ON INSOLVENCY AND JOINT LIABILITY ON TAX MATTERS

Directory of Open Access Journals (Sweden)

POPEANGĂ VASILE NICOLAE

2015-03-01

Full Text Available Romanian legislation stipulates incident in tax as a way of fighting outstanding tax debts in relation to certain conditionalities, the tax authorities can declare the insolvency of the debtor taxpayer and attracting joint liability of third parties on which transfer tax claims extinguish the obligation owed by the insolvent. According to various editions of the Dictionary of the Romanian Language through insolvency means "a situation in which the debtor whose assets are worth less than all obligations would be satisfied with the goods" [DEX 1998] or "situation of the debtor to be in default of debt outstanding [DEX 2009]. From the perspective of civil law, "insolvency resulting from the inferiority of the assets may be subject by law enforcement, to the total amount of outstanding debt" [Law 287/2009 on the Civil Code, art. 1417]. From the perspective of tax law "is insolvent debtor whose income or assets are worth less than the outstanding tax obligations or who has no income or assets" [GO 92/2003 regarding the Fiscal Procedure Code, art. 176].

An Analysis of Tax Buoyancy Rates

Directory of Open Access Journals (Sweden)

Farooq Rasheed

2006-10-01

Full Text Available By using econometric techniques for estimating tax elasticities, this paper findssignificant but low tax buoyancy rates for GDP, M0 and volume of trade. Surprisingly,the theoretically important factor of tax evasion (SFTR was found to be ineffective. Thisindicates that SFTR is not an adequate measure of tax evasion. There is no significantassociation between tax revenue growth and investment, credit, public debt and inflation.This illustrates the weakness of the tax regime in Pakistan.

Tax avoidance with cross-border hybrid instruments

DEFF Research Database (Denmark)

Johannesen, Niels

2014-01-01

in the other country with a cross-border hybrid instrument. We then investigate why countries tend to allow the use of hybrid instruments for tax avoidance and show that even if effective anti-avoidance rules are available, there exists a global policy equilibrium in which no country uses such rules......The rules demarcating debt and equity for tax purposes differ between countries, hence the possibility that a hybrid financial instrument is treated as equity in one country and debt in another. This may create a scope for tax avoidance by allowing firms that invest in foreign countries to combine...... tax deductible interest expenses in the host country and tax favored dividend income in the home country. In this paper, we first develop a formal model of hybrid instruments and show that, for a given pair of countries, firms in at least one country and sometimes in both can avoid taxes on investment...

Debt Financing and Thin-Capitalization: Case Study in Slovenia

Directory of Open Access Journals (Sweden)

Lidija Hauptman

2014-03-01

Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

Blueprint for a business energy tax

International Nuclear Information System (INIS)

Hewett, C.

1998-11-01

This report argues the case for energy taxation as against emissions trading to reduce energy consumption by UK businesses, and presents a blueprint for the implementation of energy taxes. The case for a business energy tax is set out, and the use of energy taxes in other European countries such as Denmark, Austria, the Netherlands, Finland and Sweden is outlined. The form of energy tax for the UK and key questions on operation of an energy tax are discussed, and tax relief for investments which reduce emissions, the potential effects of tax relief on energy intensive industry, and the combination of policy measures are considered

International tax planning by multinationals: Simulating a tax-minimising intercompany response to the OECD's recommendation on BEPS Action 4

OpenAIRE

Kayis-Kumar, Ann

2016-01-01

In October 2015, the OECD/G20 presented their final report on the Base Erosion and Profit Shifting (BEPS) Project. This article presents a unique analysis of the OECD/G20’s recommendation on Action 4 by utilising tax optimisation modelling to simulate and examine a hypothetical multinational enterprise’s (MNE’s) behavioural response to this recommendation. The literature to date has primarily focused on the “debt bias”, which arises from the distortion in the tax treatment between debt an...

Relationship between Overall Debt, Taxation and the Basel Index in Major Financial Institutions in Brazil

Directory of Open Access Journals (Sweden)

Paulo César de Melo Mendes

2016-04-01

Full Text Available Research regarding the capital structure of banks points to the regulatory minimum capital requirement established by the Basel agreements as its main determinant. For other kinds of enterprise, capital structure is pointed to by several theories as a tax planning alternative, since the use of debt allows tax savings. Given the debt characteristics of banks, which prevent the deduction of interest in the calculation of income taxes and thus prevent tax savings through debt, the use of capital structure for tax planning by financial institutions is less evident. In view of this, in addition to contributing to research on the determinants of the capital structure of banks, this study has the objective of examining the relationship between overall debt, taxation and the BIS ratio of financial institutions located in Brazil. The initial sample consisted of the 50 largest banks, identified by the criterion of net income in 2012; but due to lack of availability of information and adjustments made to assure the efficacy of the study, the final sample was made up of 34 financial institutions. The baseline for analysis was the mean values of data from 2010 to 2012 and data were analyzed using correlation analysis and multiple linear regression. No relationship was found between taxation and banks' overall indebtedness. However, influence of the regulatory minimum capital requirement on the capital structure of financial institutions was observed.

77 FR 71131 - Implementation of the Middle Class Tax Relief and Job Creation Act of 2012; Establishment of a...

Science.gov (United States)

2012-11-29

... access to OADEs. Some OADEs are marketers that make autodialed calls on behalf of other entities, e.g... adopts the existing definition in its rules, as set forth in the TCPA context, and defines an ``emergency.... Definitions. As noted above, the Tax Relief Act does not define ``automatic dialing'' or ``robocall...

Modelling Monetary and Fiscal Governance in the Wake of the Sovereign Debt Crisis in Europe

Directory of Open Access Journals (Sweden)

Bodo Herzog

2016-05-01

Full Text Available This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM. The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.

78 FR 71468 - Rules Relating to Additional Medicare Tax

Science.gov (United States)

2013-11-29

... regulations include amendments to Sec. 1.1401-1 of the Income Tax Regulations, and Sec. Sec. 31.3101-2, 31... federal income tax. For federal income tax purposes, wages paid in a year are considered income to the...,'' the same forms used for requesting federal income tax withholding relief, to request relief from...

The Effects of Dependency on Debt Financing On Financial Reporting Policy: The Case of Greece

OpenAIRE

Athanasios P. Bellas; Christos Tzovas

2008-01-01

Financial statements information is supposed to influence the credit decisions of credit institutions. Furthermore, debt agreements include terms based upon accounting numbers. Within this context an accounting choice aiming to minimize tax liability might generate significant non-tax costs for a firm. The significance of these costs is conditioned upon the level of dependency of firm on debt financing. This paper examines the arguments that have been developed regarding the association betwe...

Debt and taxes for private firms

DEFF Research Database (Denmark)

Bartholdy, Jan; Mateus, Cèsario

2011-01-01

This paper tests for "pecking order" financing of small and medium size firms. The main sources and "pecking order" of financing for SMEs are equity (internally generated cash), trade credit paid on time, credit provided by institutions such as banks and leasing companies, other sources of debt...... and delayed payment on trade credit. The "pecking order" of financing is driven by the costs of asymmetric information (cost of gathering and analysing information) and financial distress costs. Empirical tests do not confirm that SMEs follow a pecking order....

26 CFR 1.988-6 - Nonfunctional currency contingent payment debt instruments.

Science.gov (United States)

2010-04-01

... accrued but unpaid interest is translated into functional currency at the same rate used, in each of the... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Nonfunctional currency contingent payment debt... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Export Trade Corporations § 1.988-6 Nonfunctional currency...

7 CFR 3.46 - Offset against tax refunds.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Offset against tax refunds. 3.46 Section 3.46 Agriculture Office of the Secretary of Agriculture DEBT MANAGEMENT Administrative Offset § 3.46 Offset against tax refunds. USDA will take action to effect administrative offset against tax refunds due to debtors...

An Analysis of the Effect of External Debt on Crowding-Out of Private ...

African Journals Online (AJOL)

Also, the huge debt and debt service raised future tax expectation and discouraged the private sector from undertaking investment projects. While the accelerator effect was present, the cost of investment goods negatively influenced private investment demand. Availability of credit seemed to have influenced the level of ...

Tax Competition and Double Tax Treaties with Mergers and Acquisitions

OpenAIRE

Siggelkow, Benjamin Florian

2013-01-01

In a two-period tax competition model with provision of local public goods, we analyze efficiency properties of double taxation reliefs incorporating either the exemption method, the tax credit system or the full taxation after deduction system. Foreign direct investments are presumed to be one-way and characterized by long-term mergers and acquisitions. We find that in case of (i) tax revenue maximization the exemption method implies inefficiently low tax rates, whereas the fu...

IMPACT OF THE GLOBAL FINANCIAL CRISIS ON SOVEREIGN DEBT IN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Condea Bogdan Virgil

2014-07-01

Full Text Available At European Union level, the global financial crisis intensified the issue of sovereign debts and member states had to implement a series of fiscal measures in order to reduce the budgetary deficit and public debts, that have peaked in the last decades. These changes were also imposed in the Romanian fiscal system and the effects were felt in particular through increased tax rates or even the introduction of new taxes. 2008 was the year that marked a turning point in the fiscal policy of member states of the European Union from multiple perspectives. The impact of the economic crisis was felt mainly through the drastic decrease in tax revenues for all member states, which led to an accelerated growth of the budgetary deficit and implicitly of the indebtedness degree. In this context, EU member states were forced to adopt measures that would reduce the budgetary deficit (increases in some taxes and reduction of certain public expenditures. In 2010, the sovereign debt crisis in the euro area exposed the weaknesses of the EU economic governance. In response, the so-called "six pack" regulations were introduced in December 2011. Moreover, many countries have intensified their consolidation efforts in an attempt to regain the confidence of financial markets. The new architecture of fiscal policy in the European area has undergone many changes in recent years, market not only by the fiscal harmonization process, but mainly by the temptation of fiscal coordination that aims mainly to achieve fiscal stability and reduce medium and long-term public debt. The excessive growth of countries' indebtedness degree in recent years led to the need to study the sustainability of the indebtedness policy, considering that maintaining the budgetary deficit at a prudent level would also ensure the sustainability of fiscal policy. The study analyzes the effects in budgetary plan of economic recovery measures by highlighting the evolution of public debt in EU member

Pengaruh faktor ukuran, pertumbuhan, risiko keuangan, struktur aktiva dan non debt tax shield perusahaan terhadap struktur modal pada Bursa Efek Enam Negara ASEAN

OpenAIRE

Situmorang, Christina Verawaty

2015-01-01

The objective of the research was to analyze the influence of some factors such as measurement, growth, financial risk, assets structure, and non debt tax shield simultaneously and partially on the capital structure of a real estate company. The population was 285 real estate companies listed in the Stock Exchanges of six ASEAN countries : Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam in 2011, and 210 of them with 210 analysis units were used as the samples, using purposiv...

ISSUES CONCERNING THE ROLE OF PROMOTION FOR TAX AUTHORITIES

OpenAIRE

Carmen Comaniciu; Liliana Bunescu

2012-01-01

Tax administration having as general objectives fighting against tax evasion, business support, modernization and improvement of procedures, prevention of tax evasion during collection, improving the collection of budgetary debts wants to be a modern administration that rely on principles of efficiency, transparency and responsibility. How the objectives of tax administration are known? Does everyone understand the objectives of tax administration? Do taxpayers know that major strategic orien...

Evaluating the underlying factors behind variable rate debt.

Science.gov (United States)

McCue, Michael J; Kim, Tae Hyun Tanny

2007-01-01

Recent trends show a greater usage of variable rate debt among health care bond issues. In 2004, 63.4% of the total health care bonds issued were variable rate compared with 30.6% in 1995 (Fitch Ratings, 2005). The purpose of this study is to gain a better understanding of the underlying factors, credit spread, issue characteristics, and issuer factors behind why hospitals and health system borrowers select variable rate debt compared with fixed rate debt. From 2000 to 2004, this study sampled 230 newly issued tax-exempt bonds issued by acute care hospitals and health care systems that included both variable and fixed rate debt issues. Using a logistic regression model, hospitals with variable rate debt issues were assigned a value of 1, whereas hospitals with fixed rate debt issues were assigned a value of 0. This study found a positive association between bond insurance and variable rate debt and a negative association between callable feature and variable rate debt. Facilities located in certificate-of-need states that possessed higher case mix acuity, earned higher profit margins, generated higher debt service coverage, and held less debt were more likely to issue variable rate debt. Overall, hospital managers and board members of hospitals possessing a strong financial performance have an interest in utilizing variable rate debt to lower their cost of capital. In addition, this outcome may also reflect that investment bankers are doing a better job in educating senior hospital management about the interest rate savings benefit of variable rate compared with fixed rate debt.

The value of tax shields IS equal to the present value of tax shields

OpenAIRE

Cooper, Ian A.; Nyborg, Kjell G.

2005-01-01

Fernandez (2004b) argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the literature. It implies that, even though the capital market is complete, value-additivity is violated. As a consequence, adjusted present value formulae of a standard sort cannot be used. Also, Fernandez’s argument implies that the value of the tax saving differs from conventional...

38 CFR 1.990 - Written agreement to repay debt as alternative to salary offset.

Science.gov (United States)

2010-07-01

... repay debt as alternative to salary offset. 1.990 Section 1.990 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS GENERAL PROVISIONS Salary Offset Provisions § 1.990 Written agreement to repay debt as alternative to salary offset. (a) Notification by employee. The employee may propose, in...

Allegheny County Tax Liens (Filings, Satisfactions, and Current Status)

Data.gov (United States)

Allegheny County / City of Pittsburgh / Western PA Regional Data Center — Tax liens are a method the government uses to secure an interest in unpaid tax debt. This dataset represents information about county, municipal, school district,...

Optimal green tax reforms yielding double dividend

International Nuclear Information System (INIS)

Fernandez, Esther; Perez, Rafaela; Ruiz, Jesus

2011-01-01

In an stylized endogenous growth economy with a negative externality created by CO2 emissions and in which abatement activities are made by private firms, we find a wide range of dynamically feasible green tax reforms yielding the double dividend without any need to assume a complex production structure or tax system, or a variety of externalities in production. As a remarkable finding, we obtain certain scenarios in which increasing the emissions tax up to the Pigouvian level and removing completely the income tax is dynamically feasible and, also, it is the second-best reform. Hence, as a difference to previous literature, in these scenarios the first-best tax mix is implementable, allowing for the elimination of both environmental and non-environmental inefficiencies. Our result arises because of the consideration of public debt issuing and the management of the government budget balance with an intertemporal perspective. The result is obtained for an intermediate range of environmental bearing in preferences, the valid range being contingent on the pre-existing income tax rate. The type of tax reform that we propose could also be implemented for different energy taxes. - Highlights: → We use an endogenous growth model with a negative externality from CO2 emissions. → Abatement activities are made by private firms to reduce payment of emissions taxes. → We find dynamically feasible green tax reforms yielding the double dividend result. → Our result arises thanks to the inclusion of public debt issuing as a financing device. → The type of tax reform proposed can be implemented for other energy taxes.

48 CFR 252.229-7010 - Relief from customs duty on fuel (United Kingdom).

Science.gov (United States)

2010-10-01

..., February 1973, entitled “Relief from Customs Duty and/or Value Added Tax on United States Government... Office. (b) Specific information should be included in the request for tax relief, such as the number of...

Relief for marginal wells is better than energy tax

International Nuclear Information System (INIS)

Swords, J.; Wilson, D.

1993-01-01

By increasing production costs and reducing petroleum prices, President Bill Clinton's proposed energy tax would increase marginal well abandonments and hasten the decline of the US oil and gas industry. Instead, the US needs tax law changes to help counteract the increasing number of oil and gas well abandonments in the lower 48 states. The proposed tax would create potential difficulties, while three incentives could be introduced to reduce abandonments and at the same time preserve US government tax revenues that otherwise would be lost. Eliminating the net income limitation on percentage depletion allowances on wells that would otherwise be abandoned would be a great help for marginal well operators. Extended enhanced oil recovery (EOR) credits and broader investment tax credits could also serve the dual purpose of keeping marginal wells operating longer and generating more federal tax revenues. A marginal well investment tax credit should be provided that is not just a credit for incremented investments that exceed investment in prior years. An investment tax credit based on out-of-pocket costs of production, targeted for marginal wells, would be an important incentive to invest in, and continue to maintain, these properties. (author)

26 CFR 1.884-1 - Branch profits tax.

Science.gov (United States)

2010-04-01

... computation of the E&P basis of a U.S. asset. (ii) Bad debt reserves. A bank described in section 585(a)(2)(B) (without regard to the second sentence thereof) that uses the reserve method of accounting for bad debts for U.S. federal income tax purposes shall decrease the amount of loans that qualify as U.S. assets by...

Tax Cut Legislation: What's Fair? Lesson Plan.

Science.gov (United States)

Foundation for Teaching Economics, Davis, CA.

Front and center in 2001 domestic policy debates is President George W. Bush's proposed tax relief plan. The U.S. federal tax is a progressive tax code, predicated on the assumption that "people who are most able to pay should pay the most." A progressive tax system makes an individual's tax bill increase faster than his/her income. The…

Tax reliefs in the Russian Federation, their definition, types and classification

OpenAIRE

Natalia Soloveva

2012-01-01

The present article analyzes the definition of tax allowances that is fixed in Tax Code of the Russian Federation and classification of tax allowances into tax exceptions, tax abatements and tax discharges. The article also covers the author's classification of tax allowances into direct and indirect ones, according to economic benefits obtained by taxpayers as a result of using tax allowances. In the conclusion, the author determines an exhaustive list of tax allowances in the Russian tax le...

7 CFR 400.141 - Internal Revenue Service (IRS) Tax Refund Offset.

Science.gov (United States)

2010-01-01

... 7 Agriculture 6 2010-01-01 2010-01-01 false Internal Revenue Service (IRS) Tax Refund Offset. 400...-Regulations for the 1986 and Succeeding Crop Years § 400.141 Internal Revenue Service (IRS) Tax Refund Offset... debt owing to any Federal agency by offset against a taxpayer's Federal income tax refund. This section...

Tax reliefs in the Russian Federation, their definition, types and classification

Directory of Open Access Journals (Sweden)

Natalia Soloveva

2012-12-01

Full Text Available The present article analyzes the definition of tax allowances that is fixed in Tax Code of the Russian Federation and classification of tax allowances into tax exceptions, tax abatements and tax discharges. The article also covers the author's classification of tax allowances into direct and indirect ones, according to economic benefits obtained by taxpayers as a result of using tax allowances. In the conclusion, the author determines an exhaustive list of tax allowances in the Russian tax legislation.

An Empirical Study on Public Debt's Determinants: Evidence from Romania

Directory of Open Access Journals (Sweden)

Marilen Gabriel PIRTEA

2013-02-01

Full Text Available The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.

Unemployment Insurance Fund Insolvency and Debt in Michigan.

Science.gov (United States)

Blaustein, Saul J.

Without changes in Michigan's unemployment insurance law, the state's unemployment insurance debt will probably reach $3.8 billion by the end of 1985. Currently, Michigan's employers pay unemployment insurance tax rates that vary from 1 to 9 percent, depending upon the amount of benefits charged against their accounts. Beginning with the federal…

Tax Administration: IRS's Innocent Spouse Program Performance Improved; Balanced Performance Measures Needed

National Research Council Canada - National Science Library

2002-01-01

.... Under the Internal Revenue Services (IRS) Innocent Spouse Program, IRS can relieve taxpayers of tax debts on the basis of equity considerations, such as not knowing that their spouse failed to pay taxes due...

PHENOMENON OF TAX LOSSES OF STATE BUDGETARY RESOURCES

Directory of Open Access Journals (Sweden)

Larysa Sidelnykova

2015-11-01

Full Text Available The aim of this work is structuring categorical-conceptual apparatus of the of the tax losses phenomenon in the state budgetary resources, namely clarification of the concepts of “tax gap”, “tax expenditures”, “tax losses”, as well as the quantification of tax losses of the Consolidated budget of Ukraine. Methodology. Most modern scholars interpret the tax gaps as the amount of taxes that were not received with the budget as a result of shadow economy, tax evasion and the existence of tax debt. However, considerable asymmetry of the tax component of the state budgetary resources also arises due to budget losses of all levels as a result of providing tax exemptions. In modern economic literature such losses are considered as tax expenditures. We consider tax losses a generalizing concept including potential amounts of tax revenues that the state and local budgets have not received as a result of the existence of the phenomenon of “tax gaps” and “tax expenditures”, and the amount of losses of the state budgetary resources in terms of their tax component is equal to the sum total of tax exemptions provided, unsettled tax debt of economic agents and the loss of tax revenue due to the operation of shadow economy. The study is based on the analysis of tax losses of budgetary resources of Ukraine during the period of time from 2004 to 2014. The results of the study showed enormous losses of budgetary resources in Ukraine due to the imperfection of the tax system, spread of undisclosed operations, tax evasion, and inefficient fiscal policy implementation. The Consolidated budget loses the amounts of monetary funds, equal to an average of 53.30% of actual revenue over the period studied. Total tax losses of the state budgetary resources in 2014 are equivalent to the total actual expenditures of the Consolidated budget of Ukraine on social protection and social security, defense, public order, security and judicial authorities. Even

78 FR 49242 - Relief From Joint and Several Liability

Science.gov (United States)

2013-08-13

... 66(c) allows the requesting spouse to avoid liability for tax on community income of which the... is added to Sec. 1.66-4(j)(2)(ii) for claims for equitable relief from the Federal income tax... amended as follows: PART 1--INCOME TAXES 0 Paragraph 1. The authority citation for part 1 continues to...

ADA APA SETELAH TAX AMNESTY?

Directory of Open Access Journals (Sweden)

Antin Okfitasari

2017-12-01

Full Text Available Abstract: What is the matter After Tax Amnesty? This study analyzes the taxpayer obligation after tax amnesty and the consequences that arise if they fail to perform their obligations. The research uses descriptive qualitative approach through literature study. The research shows that there are some obligations for taxpayers to be done. Failure and misconduct in the implementation of obligations after tax amnesty, will result in consequences of sanctions, tax amnesty cancellation, and examination. Finally the relief that should be obtained taxpayers tax amnesty participants will turn into a boomerang because of it.

27 CFR 24.158 - Extent of relief.

Science.gov (United States)

2010-04-01

... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Extent of relief. 24.158 Section 24.158 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT..., until all tax is fully paid. (d) Wine vinegar plant bond. The surety will be relieved of liability for...

Estimating profit shifting in South Africa using firm-level tax returns

DEFF Research Database (Denmark)

Wier, Ludvig

2016-01-01

Using the universe of South African corporate tax returns for 2009–14, we estimate profit- and debt-shifting responses in South Africa. We find evidence that South African subsidiaries engage in profit shifting and that profit-shifting responses to tax incentives across all channels...

Debt management and economic growth in Nigeria:performance,challenges and responsibilities

Directory of Open Access Journals (Sweden)

Adeyemi Oludare Tolulope

2010-12-01

Full Text Available There is no one entity solely responsible for the debt crisis Nigeria found itself in by the early 1980s: not the Nigerian government, the banks, not the creditor governments. The increase in the Nigeria debt crises has been caused by a lot of factors that have forced their way into the country’s administration over the years. The major cause of Nigeria’s debt crises is the change in the economic fortune in the oil sector.One major obstacle for Nigeria’s economic development over the last two decades has been its crippling debt overhang. In April 2006, Nigeria ordered a final debt repayment to rich lending nations, completing Africa’s biggest debt relief deal.How do we assess the debt crisis in which Nigeria found itself? What are the lessons to be learned? Certainly, these are some of the most important questions to be studied as the country embarks with a clean slate with private and bilateral lenders after the long sought-after debt restructuring deal that came in April 2006.This paper analyzes the lessons to be learned from Nigeria’s debt history, looking especially at the phenomenon of oil-led spending and borrowing that occurred during 1986-2006. Its objective is to determine whether Nigeria received a higher credit-rating than its domestic and macroeconomic fundamentals would have otherwise justified due to its oil revenues, and whether the debt-repayment crisis arose because oil windfalls from the early 1980s were not used to retire its debt.

Tax savings for your practice. New tax law accelerates depreciation write-off.

Science.gov (United States)

Dennis-Escoffier, Shirley; Quintana, Olga

2004-04-01

The Jobs and Growth Tax Relief Reconciliation Act of 2003 provides benefits for your medical group practice by quadrupling the expensing deduction and increasing additional first-year bonus depreciation. These increases are not permanent--some expire as soon as the end of 2004. So now is the time to start planning to maximize the tax-saving benefits for your practice.

Classification of EU Countries in the Context of Corporate Income Tax

Directory of Open Access Journals (Sweden)

Alena Andrejovská

2016-01-01

Full Text Available Taxes are an integral part of human society, regardless of the economic, cultural and political disparities between the countries. Income taxes of legal entities represent significant part of the budget, what is the reason for their timeliness and public discussion. The aim of the paper is a classification of the EU countries into economic groups and an assessment of the grouping these EU member states based on common characteristics in the area of corporate income taxes. Common features are determined by the structure of selected macroeconomic indicators: public debt, government budget balance, the overall tax burden, economic performance, nominal and effective tax rate. The analysis compares a range of methodological approaches of hierarchical (Ward linkage and median linkage, and non‑hierarchical clustering (k-means clustering and fuzzy cluster analysis. The results of cluster analysis grouped the monitored countries into five clusters based on common characteristics as the corporate income tax rate, economics performance and the level of public debt. The result of the analysis shows that despite of ongoing there are still differences present, which are present in the ratios of countries’ development as well as in the economic policies of the particular countries.

A CRITICAL ANALYSIS OF THE FACTORS LYING BEHIND RECENT PUBLIC DEBT ACCUMULATION IN ROMANIA

Directory of Open Access Journals (Sweden)

Irina BILAN

2014-12-01

Full Text Available Following Romania’s accession to the EU, its public debt expressed as a share of GDP has seen a steep upward trend. Although this situation has not been unprecedented, as public debt massively increased in many other European countries once the economic crisis emerged, and the current level of Romania’s public debt is still well below the European limit of 60% of GDP, the previous experience of other developing countries tells us that this situation cannot be appreciated as a comfortable one. Against this background, it is important to investigate the factors that led to the recent growth of Romania’s public debt, to see if their action is only temporary or, on the contrary, if they persist over time, and to see if, by the promoted public indebtedness policies, prerequisites have been created to foster economic growth, as a rational support of further debt reduction. Thus, the aim of our paper is to identify and critically evaluate the contribution of different factors underlying the growth of Romania’s public debt in 2007-2013. Our analysis is supported by data (on public debt, public budgetary revenues, expenditures and budget balance, inflation rate, GDP growth rate, etc., collected from the reports of the Ministry of Public Finance of Romania or databases of international institutions (European Commission, International Monetary Fund.The main conclusion of our work is that although, like in other European countries, the economic crisis has contributed, through its effects on the GDP growth rate and budget balance, to the increase of Romania’s public debt, other specific and more persistent factors have also had an important contribution (as the pro-cyclical fiscal policy, the tax evasion, the large volume of arrears to public budgets, especially of public companies, the relatively low tax base, the high expenses on goods and services, salaries or even the interests payments on public debt.

The production tax credit for wind turbine powerplants is an ineffective incentive

International Nuclear Information System (INIS)

Kahn, E.; California Univ., Berkeley, CA

1996-01-01

The US Energy Policy Act (EPAct) of 1992 created a production tax credit of 1.5c/kWh available for 10 years to promote certain renewable energy technologies, including wind turbines. This paper argues that the impact of the wind turbine production tax credit will be minimal. The argument depends entirely on the nature of the project finance structure used by the private power industry for wind turbine development. We show that tax credits can only be absorbed by equity investors if there is a large fraction of equity in the project capital structure. This raises the financing cost of wind turbine projects compared to conventional power technology, which relies on a large fraction of low cost debt. If the tax credit were paid as a cash subsidy, the capital structure could be shifted to low cost debt and financing costs could be significantly reduced. (Author)

Tax Expenditures: A Theoretical Review

Directory of Open Access Journals (Sweden)

Vjekoslav Bratić

2006-06-01

Full Text Available Tax expenditures are an instrument frequently used when a government wishes to achieve certain economic and social effects. But because of the increasing number and scope of tax expenditures, their proper use, quality of administration and record-keeping have become a major challenge for the tax authorities and the whole of the government. The article considers and explains very diverse forms of tax expenditure such as reliefs, tax deductions, tax allowances, tax exceptions and special rates of taxation and the ways in which they are defined and calculated. The key problems in the analysis are the absence of a single definition and of methodology for the calculations; these ultimately make it impossible to compare tax expenditures between or among countries.

Optimal Tax Routing: Network Analysis of FDI Diversion

OpenAIRE

van 't Riet, Maarten; Lejour, Arjen

2017-01-01

The international corporate tax system is considered as a network and, just like for transportation, ‘shortest’ paths are computed, minimizing tax payments for multinational enterprises when repatriating profits. We include corporate income tax rates, withholding taxes on dividends, double tax treaties and the double taxation relief methods. We find that treaty shopping leads to an average potential reduction of the tax burden on repatriated dividends of about 6 percentage points. Moreover, a...

Problems and Recommendations over Tax Policies

Directory of Open Access Journals (Sweden)

Engin ONER

2015-03-01

Full Text Available Tax policy is a tool that state uses on economic, social and financial fields. Funding public expenditure is its financial goal, providing economic stability and development is its economic goal and contributing to fair distribution of income and wealth is its social goal. In result of high debt load, rupture between taxes and economic goals, being not established a document and registration order and lacking in management of administration and control functions, significantly increasing tax loss and evasion and factors such as unfair competition that it leads to show that our tax system is ineffective and have a negative influence in economic life. In order to succeed in tax policies, “taxes should be minimalistic, should consider the ability to pay with respect to income level, should prevent the luxurious consumption and waste, should decrease tax evasion and loss, should tax informal economy, should encourage export, employment and development, should be reformed in a permanent way and implementing tax consciousness into whole society” is inevitable.

TAX SMOOTHING: TESTS ON INDONESIAN DATA

Directory of Open Access Journals (Sweden)

Rudi Kurniawan

2011-01-01

Full Text Available This paper contributes to the literature of public debt management by testing for tax smoothing behaviour in Indonesia. Tax smoothing means that the government smooths the tax rate across all future time periods to minimize the distortionary costs of taxation over time for a given path of government spending. In a stochastic economy with an incomplete bond market, tax smoothing implies that the tax rate approximates a random walk and changes in the tax rate are nearly unpredictable. For that purpose, two tests were performed. First, random walk behaviour of the tax rate was examined by undertaking unit root tests. The null hypothesis of unit root cannot be rejected, indicating that the tax rate is nonstationary and, hence, it follows a random walk. Second, the predictability of the tax rate was examined by regressing changes in the tax rate on its own lagged values and also on lagged values of changes in the goverment expenditure ratio, and growth of real output. They are found to be not significant in predicting changes in the tax rate. Taken together, the present evidence seems to be consistent with the tax smoothing, therefore provides support to this theory.

An assessment of tax reliefs and economic development in Nigeria ...

African Journals Online (AJOL)

Therefore, in as much as the imposition of tax is inevitable, some measures are put in place by the government to reduce the burden of tax on taxpayers. This is aimed at providing the tax payers with a sufficient disposable income which its resultant effect is the improvement of standard of living of the citizenry. For the ...

Overview of Major Issues of Tax Treaties Law in Kosovo

Directory of Open Access Journals (Sweden)

Bedri Peci

2015-06-01

Full Text Available The aim of this research is to analyze and find out the major issue of tax treaties law in Kosovo. In this analysis we have used the research method of case study. The results of research show that the legal framework for the elimination of double taxation, after 1999, initially started its establishment journey from the United Nations Administration Mission in Kosovo (UNMIK. Taking into consideration the specifications of the political status, the process for the establishment of the unilateral and bilateral legal framework has been made with mistakes, slow and with delays. Following its declaration of independence, Kosovo has paid greater attention to tax treaties. Although double taxation relief in Kosovo may be obtained either unilaterally or under a tax treaty, there remains a lot of work to be done for the completion of the necessary framework for elimination of double taxation. The double taxation relief provided by a tax treaty prevails over the domestic relief. The study is of particular relevance to scholars, tax practitioners, expatriates who work and invest in Kosovo, etc

An analysis of public debt levels in both developed and developing countries

Directory of Open Access Journals (Sweden)

Arsić Sonja

2015-01-01

Full Text Available The main objective of this paper is pointing out the importance of high public debt problem as well as the underlying causes that have led to rise in public debt in selected countries. The following methods were used in this research: historical method, deduction, generalization methods and statistical methods. By observing data on ten year trend of public debt in selected countries, we have concluded that there is a trend of increase in public debt, as a percentage of the gross domestic product of a country. Each of the analyzed countries (Canada, United Kingdom, Greece, Argentina and Serbia has specific causes that have led to rise in public debt, but the main cause that is common to all countries is the excessive consumption of state organs and reduction of tax revenues that has arisen as a result of reduced economic activity due to the global economic crisis in recent years. By analyzing the data on the trend of public debt in the observed countries in the period from 2003. to 2014., we have concluded that the problem can be solved by increasing gross domestic product, or reducing government spending.

The influence of public debt on the performance of the economy

Directory of Open Access Journals (Sweden)

Mareček Jan

2017-01-01

Full Text Available Thanks to public debt, nations maintain a stable tax rate and at the same time raise expenses for suppressing budget crises. Public debt is considered risk-free and is issued by the national government. However, extensive public debt raises interest rates, extrudes private investments, worsens fixed balance, widens short-term fluctuation and has a negative impact on economic growth. The performance of the economy can be measured mostly by GDP, which is expressed as the monetary value of all finished products and services produced in a certain time period in one country. The aim of this paper is to explore the relationship, or rather identify the mutual correlation of public debt of one country and its performance (GDP. The research includes countries of the European Union, which have an identifiable timeline of public debt and GDP. The source of this data is the database of the World Bank. The information is from the period of years from 1995 through 2015. The correlation of the whole file of countries and then individual countries is ascertained. On the basis of the results, we can state that in the explored sample of countries, high dependence between public debt and GDP has been proven.

36 CFR 1011.11 - How will the Presidio Trust use tax refund offset to collect a debt?

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.11 How will the Presidio... Trust will refer to the Treasury Offset Program any delinquent, legally enforceable debt for collection...

Impact of future tax incentive legislation on the development of biomass energy

International Nuclear Information System (INIS)

Middleton, G.L. Jr.

1991-01-01

Historically, the use of biomass as an energy source has been subsidized by generous tax incentives. These tax incentives took the form of tax-exempt financing, the energy tax credit, the investment tax credit, and short depreciation lives. Common with tax incentives in other areas, the tax incentives for biomass projects have been curtailed in recent years. Given the appetite of Congress for revenue, it is not likely that the recent trend will reverse. If changes do occur, they are likely to involve liberalization of some oof the rules for tax-exempt debt. But even under current law, there are still tax advantages available for biomass energy projects, of which potential developers should be aware

78 FR 72393 - Net Investment Income Tax

Science.gov (United States)

2013-12-02

... of Article 23 (Relief from Double Taxation) of the 2006 United States Model Income Tax Convention... taxation of ANSTs at the lowest individual tax rate. Furthermore, section 646 treats all distributions, to... of Net Investment Income. The regulations affect individuals, estates, and trusts whose incomes meet...

International labor migration and external debt.

Science.gov (United States)

Bustamante, J A

1987-01-01

The prevailing Mexican and US definitions of undocumented migration are poles apart. The US views it as a criminal problem. Mexicans view the undocumented migrants as actors in an economic game in which the rules are extremely disadvantageous to these migrants. Migrants themselves and their communities view the undocumented as a positive element. It is necessary to move toward a bilateral focus and bilateral negotiation on the issue of migratory workers. This proposal derives from several assumptions: 1) the external debt is a bilateral or multilateral issue, 2) it is important to avoid forcing debtor countries to choose between stimulating economic growth or making payment on their foreign debt, 3) prevailing public opinion in the US favors halting undocumented migration, 4) the US views the migration of undocumented Mexicans as the result of forces endogenous to Mexico and exogenous to the US, 5) the US views both Mexico's ability to make payment on its external debt and to halt emigration as tied to the Mexican government's ability or inability to reconcile political stability with scarce monetary resources, and 6) political instability in Mexico could augment emigration to the US and undermine Mexico's ability to address its foreign debt. The following proposal suggests means to link negotiation on the external debt to that of undocumented migration: 1) The Mexican government could reach an accord with the US to channel a portion of the actual interest on the external debt as a fund to be invested in Mexico to construct a system of labor intensive agroindustrial productive units designed to attract former or potential migratory workers; 2) the total amount of these funds would be deducted from interest payments on the principal of the actual external debt and redefined as an ad hoc loan to Mexico to finance these production units; 3) part of the production from these units would be incorporated into ongoing US food relief and food assistance programs; 4) the

The effect of the behavior of an average consumer on the public debt dynamics

Science.gov (United States)

De Luca, Roberto; Di Mauro, Marco; Falzarano, Angelo; Naddeo, Adele

2017-09-01

An important issue within the present economic crisis is understanding the dynamics of the public debt of a given country, and how the behavior of average consumers and tax payers in that country affects it. Starting from a model of the average consumer behavior introduced earlier by the authors, we propose a simple model to quantitatively address this issue. The model is then studied and analytically solved under some reasonable simplifying assumptions. In this way we obtain a condition under which the public debt steadily decreases.

Which cost of debt should be used in forecasting cash flows?

Directory of Open Access Journals (Sweden)

Ignacio Vélez–Pareja

2009-04-01

Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

Last hope: tax exemption

International Nuclear Information System (INIS)

Anon

2016-01-01

Economically it is not possible to make money with old depreciated nuclear power plants because of the success of renewable energies, It is only the expectation on significant tax relief that keeps the power plants in operation.

Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal

OpenAIRE

Lourenço, António José dos Santos Morão; Oliveira, Eduardo Carmo

2017-01-01

Abstract In recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories o...

A Closer Look: The American Taxpayer Relief Act of 2012

Science.gov (United States)

Balmer, Mary

2013-01-01

School districts may be affected by the American Taxpayer Relief Act of 2012 with regard to fixed assets management and education entities. The act avoids the scheduled increases to individual income tax rates for most Americans and extends a host of expired and expiring tax provisions for both individuals and businesses. The provisions described…

Does inequality cause inflation? The political economy of inflation, taxation and government debt

NARCIS (Netherlands)

Beetsma, R.M.W.J.; van der Ploeg, F.

1992-01-01

A democratic society in which the distribution of wealth is unequal elects political parties which tend to represent the interests of the poor. The clientele of such governments favor unanticipated inflation taxes to erode the real value of debt service and redistribute income from the rich to the

Relief for marginal wells is better than energy tax. [United States: policy

Energy Technology Data Exchange (ETDEWEB)

Swords, J.; Wilson, D. (Coopers and Lybrand (United States))

1993-04-01

By increasing production costs and reducing petroleum prices, President Bill Clinton's proposed energy tax would increase marginal well abandonments and hasten the decline of the US oil and gas industry. Instead, the US needs tax law changes to help counteract the increasing number of oil and gas well abandonments in the lower 48 states. The proposed tax would create potential difficulties, while three incentives could be introduced to reduce abandonments and at the same time preserve US government tax revenues that otherwise would be lost. Eliminating the net income limitation on percentage depletion allowances on wells that would otherwise be abandoned would be a great help for marginal well operators. Extended enhanced oil recovery (EOR) credits and broader investment tax credits could also serve the dual purpose of keeping marginal wells operating longer and generating more federal tax revenues. A marginal well investment tax credit should be provided that is not just a credit for incremented investments that exceed investment in prior years. An investment tax credit based on out-of-pocket costs of production, targeted for marginal wells, would be an important incentive to invest in, and continue to maintain, these properties. (author)

The use of tax expenditures in times of fiscal consolidation

OpenAIRE

Lovise Bauger

2014-01-01

Against the background of recovering growth and remaining fiscal consolidation needs, reforming tax expenditures may offer a promising avenue to raise revenue and, at the same time, improve efficiency of the tax systems. The workshop, held by DG ECFIN on 23 October 2013, addressed the economic and budgetary aspects of tax expenditures, including reporting practices, and discussed the rationale for business tax incentives and the distributional effects of tax reliefs in personal income taxatio...

Developed Model for Debts Relief Decision Based on Financial and Accounting Reports Applied on PORT TRANS EUROPE SA

Directory of Open Access Journals (Sweden)

Riana Iren RADU

2013-12-01

Full Text Available Business agents are today facing with a dynamic economic environment transformed by the direct effects of the economic crisis. In these circumstances the managers of the entities are forced to adapt to the economic activities by various types of decisions. A special attention is paid to financial decisions. Financial issues touch all aspects of economic life of an agent. In this context are fitting the management of debts. Management of debts problem can be addressed through a decision-making model. In this paper we propose the development of a multidimensional decision to be strengthened the management of debts of PORT TRANS EUROPE SA, in order to reduce them.

27 CFR 25.285 - Refund of beer tax excessively paid.

Science.gov (United States)

2010-04-01

... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Refund of beer tax... TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS BEER Refund or Adjustment of Tax or Relief From Liability § 25.285 Refund of beer tax excessively paid. (a) Eligibility. A brewer who, under the provisions...

Tax Revenues in the Context of Economic Determinants

Directory of Open Access Journals (Sweden)

Alena Andrejovská

2018-03-01

Full Text Available Despite the general recognition that taxes are generally a strong policy tool for assessing the macroeconomic impact of the country's alternative tax policies, taxes are often weakened by restrictions on tax revenue measurement. The aim of the contribution is to quantify the impact of selected macroeconomic indicators (gross domestic product, level of employment, public debt, foreign direct investments, effective tax rate, statutory tax rate on the total amount of tax revenues, taking into account the tax competitiveness of the 28 EU member states. There was used methods of three models of regression analysis: the pooling model, the fixed effects model and the random effects model. The hypothesis that the gross domestic product has the greatest impact on tax revenue has been tested. In conclusion, the analysis confirmed that the strongest correlation is between tax revenues and employment rate. Followed by foreign direct investment and gross domestic product. Increasing these determinants by 1 mil. € (increase in employment by 1% would increase tax revenues by 10 072 mil. € at the employment rate, by 383.1 thousand € for gross domestic product and by 434.2 thousand € for foreign direct investment.

Ontario electricity industry restructuring : preliminary asset valuation and calculation of stranded debt

International Nuclear Information System (INIS)

1998-01-01

The rationale for restructuring Ontario's electricity industry was restated. Financial elements of the Government's White Paper on the electrical industry included the following: (1) establishing a level playing field on taxes and regulation, (2) restructuring Ontario Hydro into new companies with clear business mandates, and (3) taking action to put the new companies on solid financial ground. To achieve these objectives requires valuation of the new companies as a key part in the restructuring process. This Ministry of Finance document contains preliminary estimates of the total debt and liabilities of Ontario Hydro ($ 39.1 billion), the value of the new generation and service companies ($ 15.8 billion), and the stranded debt ($ 23.3 billion, less the value of dedicated revenue streams of $ 15.4 billion, equal to the residual stranded debt of $ 7.9 billion). The method by which the stranded debt was calculated is also described. It is stressed that the overriding principles governing the financial restructuring plan are to achieve restructuring without increasing electricity rates, to retain maximum value in the electricity sector until stranded debt is retired, and to recover stranded debt from the electricity sector and not from taxpayers. Ministry advisors indicate that these preliminary valuations would allow the new companies to operate as commercial companies in a competitive market and receive investment grade credit ratings. 44 figs

Taxes, bankruptcy costs, and capital structure in for-profit and not-for-profit hospitals.

Science.gov (United States)

Huang, Sean S; Yang, Jie; Carroll, Nathan

2018-02-01

About 60% of the US hospitals are not-for-profit and it is not clear how traditional theories of capital structure should be adapted to understand the borrowing behavior of not-for-profit hospitals. This paper identifies important determinants of capital structure taken from theories describing for-profit firms as well as prior literature on not-for-profit hospitals. We examine the differential effects these factors have on the capital structure of for-profit and not-for-profit hospitals. Specifically, we use a difference-in-differences regression framework to study how differences in leverage between for-profit and not-for-profit hospitals change in response to key explanatory variables (i.e. tax rates and bankruptcy costs). The sample in this study includes most US short-term general acute hospitals from 2000 to 2012. We find that personal and corporate income taxes and bankruptcy costs have significant and distinct effects on the capital structure of for-profit and not-for-profit hospitals. Specifically, relative to not-for-profit hospitals: (1) higher corporate income tax encourages for-profit hospitals to increase their debt usage; (2) higher personal income tax discourages for-profit hospitals to use debt; and (3) higher expected bankruptcy costs lead for-profit hospitals to use less debt. Over the past decade, the capital structure of for-profit hospitals has been more flexible as compared to that of not-for-profit hospitals. This may suggest that not-for-profit hospitals are more constrained by external financing resources. Particularly, our analysis suggests that not-for-profit hospitals operating in states with high corporate taxes but low personal income taxes may face particular challenges of borrowing funds relative to their for-profit competitors.

41 CFR 105-55.003 - Antitrust, fraud, tax, interagency claims, and claims over $100,000 excluded.

Science.gov (United States)

2010-07-01

... apply to any debt based in whole or in part on conduct in violation of the antitrust laws or to any debt... antitrust laws or any claim involving fraud, the presentation of a false claim, or misrepresentation on the... 41 Public Contracts and Property Management 3 2010-07-01 2010-07-01 false Antitrust, fraud, tax...

38 CFR 1.929 - Reduction of debt through performance of work-study services.

Science.gov (United States)

2010-07-01

... performance of work-study services. 1.929 Section 1.929 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF... performance of work-study services. (a) Scope. (1) Subject to the provisions of this section VA may allow an... becomes entitled by performance of work-study services under 38 U.S.C. 3485 and 3537 when the debt arose...

PAYING UP THE FISCAL DEBTS IN ROMANIA THROUGH EXCEPTIONAL VEHICLES – DATIO IN SOLUTUM/ UNRESTRAINED PAYMENT

Directory of Open Access Journals (Sweden)

POPEANGĂ VASILE NICOLAE

2014-06-01

Full Text Available In accordance with the legal norm incidents in tax procedures, in Romania the tax debts can pay off through commissioning. Fighting procedure of tax receivables by placing in payment by the taxpayer begins by formulating the debtor, owner of real estate, a request to this effect, which addresses the tax authority that administers the claims. The debtor's right to appeal to this method is practically unlimited. Extinguishing procedure of tax receivables by placing in payment by the taxpayer begins by formulating the debtor, owner of real estate, a request to this effect, which addresses the tax authority that administers the claims. The debtor's right to appeal this way is practically unlimited. It actually arises from the time the claim becomes due and remain until its extinction, as long as the taxpayer has an active fiscal condition.

Recent Tax Law Changes.

Science.gov (United States)

Lukaszewski, Thomas

1998-01-01

Describes provisions of the Taxpayer Relief Act of 1997 as they influence business and personal taxes. Also explains a recent ruling, the IRS Revenue Procedure 96-31, which will benefit businesses which did not claim all the depreciation expenses they were entitled to over the years. (KB)

20 CFR 606.25 - Waiver of and substitution for additional tax credit reduction.

Science.gov (United States)

2010-04-01

..., DEPARTMENT OF LABOR TAX CREDITS UNDER THE FEDERAL UNEMPLOYMENT TAX ACT; ADVANCES UNDER TITLE XII OF THE SOCIAL SECURITY ACT Relief From Tax Credit Reduction § 606.25 Waiver of and substitution for additional tax credit reduction. A provision of subsection (c)(2) of section 3302 of FUTA provides that, for a...

15 CFR 19.10 - How will Commerce entities use administrative offset (offset of non-tax Federal payments) to...

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false How will Commerce entities use administrative offset (offset of non-tax Federal payments) to collect a Commerce debt? 19.10 Section 19.10 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To...

The role of tax audit as a component of restaurants` financial state audit

OpenAIRE

T.M. Omelianchuk; B.V. Kostyk

2015-01-01

The necessity of tax audit in the process of audit the financial state the enterprises of restaurant economy arises through accumulation in the balance sheet information about the state of fiscal discipline in such forms like the debt on payment taxes, fees and other payments to the budget. In connection with the widespread scientific pluralism views, the purpose of the article is an analysis the role of the tax audit of the company in restaurant facilities today. Dialectical method of ...

Analysis of The Corporate Effective Tax Rate in Brazil: A study focusing on ETR and Current ETR.

Directory of Open Access Journals (Sweden)

Guilherme Otávio Monteiro Guimarães

2016-05-01

Full Text Available This study aimed to analyze the effective tax rate of public companies operating in stock market in Brazil over a period between 2003 and 2013, both to the total effective tax rate (ETRt as the curren (ETRc, seeking to verify evidence of the presence of tax management. This analysis consists of (i to assess whether average tax burden is upper, equal or less than the statutory rate of 34%; (ii verify that the ETR suffered influence of RTT adjustments arising from the introduction of IFRS; (iii identify proxies (size; profitability; inventory; properties, plants and equipment; debt; and deferred tax expenses which may explain the variation in ETR. The results showed that: (i companies have a significantly lower ETR than the statutory tax rate; (ii companies reported a lower ETR on the full adoption of IFRS period; (iii the ETR has relation to size (negative, debt (positive and components of assets (positive; and (iv there are deferral strategies considering the negative sign of deferred taxes in relation to the current ETR. The results confirm the practice of tax management and also demonstrate that the resulting RTT adjustments resulted in a lower tax burden, confirming previous studies that estimated less conservative earnings after the beginning of the convergence process. Finally, we observed that larger companies have a lower tax burden and that in general companies adopt choices that allow the deferral of taxes on income.

42 CFR 433.68 - Permissible health care-related taxes.

Science.gov (United States)

2010-10-01

... any deducted amounts for bad debts, charity care, and payer discounts. (iv) The tax is imposed on... all revenues (including Medicare and Medicaid) but excludes teaching hospitals would have to meet this... the State; (2) Providers that do not charge for services within the class; (3) Rural hospitals...

Fiscal Effectiveness and Debt Illusion in a Rational Expectations Model

OpenAIRE

Basil A. DALAMAGAS

1993-01-01

The question of how substitution of debt for taxes affects private sector wealth and consumption has long been an unresolved macroeconomic theory and policy dispute. The present study attempts to address this problem within a modified fiscal-illusion setting, by utilizing an explicit rational expectations optimizing model of consumer behaviour for a sample of six developed countries. The empirical evidence presented is strongly supportive of the assertion that consumers make their consumption...

Argentina’s Defaulted Sovereign Debt: Dealing with the Holdouts

Science.gov (United States)

2010-02-17

PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) Congressional Research Service,Library of Congress,101 Independence Ave, SE ,Washington,DC,20540-7500...RS21482, The Paris Club and International Debt Relief, by Martin A. Weiss. 7 Juan Pablo Bohoslavsky and Kunibert Raffer, "¿Qué Hacer con los Reclamos...Piden Suspender un Año la Ley Cerrojo para Acelerar el Canje. November 27, 2009. 28 Martin Kanenguiser, "Inminente Anuncio de Canje de los Bonos que

31 CFR 285.3 - Offset of tax refund payments to collect past-due support.

Science.gov (United States)

2010-07-01

... may take in order to secure his or her proper share of the tax refund; and (iii) In cases when a debt... review with the State enforcing collection or the State issuing the support order as prescribed by the... spouse may take in order to secure his or her proper share of the tax refund. See paragraph (f) of this...

Which Types of Firms React More to a Tax Cut?

DEFF Research Database (Denmark)

Lai, Tat-kei; Ng, Travis

The agency model of Chetty and Saez (2010) predicts that firms with stronger corporate governance are more responsive to a dividend tax cut in their dividend and investment policies. We test these predictions by exploiting the sudden and significant dividend tax cut following the Jobs and Growth...... Tax Relief Reconciliation Act of 2003 and the pre-tax cut variation in corporate governance standards across firms. We find that firms with stronger corporate governance raise dividends and reduce investment in response to the tax cut significantly more than firms with weaker corporate governance...

ACCOUNTING, TAX AND FINANCIAL APPROACHES CONCERNING THE CONCEPT OF EQUITY

Directory of Open Access Journals (Sweden)

Mihaela TULVINSCHI

2016-12-01

Full Text Available Substantiating the concept of equity is an issue of interest to specialists in accounting, taxation and finance. The purpose of this article is to present three of the sensitive issues generated by the concept of equity. One aspect considered is the demarcation of financial liabilities from the equity instruments. The distinction between equity and debt instruments is necessary because it has consequences on financial reporting. A second part of the study focuses on the fiscal side, trying to find the answer to the question: Are there deferred taxes recognized in equity? Deferred tax liabilities will be presented at the end of the year in equity and not debt, because they are related to gains recorded directly in equity. The third part of the article discusses the financial importance of equity, focusing on subscription and attribution rights as financial instruments used when raising capital. By creating subscription rights it is desired to obtain immediate funds needed to finance the entity.

Debt and Equity in Domestic and International Tax Law : A Comparative Policy Analysis

NARCIS (Netherlands)

Boer, Martin; Schön, Wolfgang

2014-01-01

The demarcation between debt and equity is a long-standing core constituent of company and taxation law the world over. However, its sustainability for national and international taxation regimes is increasingly the subject of doubt. Domestic and international proposals for reform are directed

Budget Deficit And Public Debt - The Great Challenges For The Eu Member States

Directory of Open Access Journals (Sweden)

Lupu, Iulia

2010-12-01

Full Text Available The financial crises had a strong impact on the public finance sectors from European countries. Even if in 2007 they started from relative good fiscal positions, the public debt and the budgetary deficits considerably deteriorated and registered historic values in European Union. With all measures taken to stimulate the economy, is a very favourable scenario to return at the taxes level from 2007. The aggregate numbers regarding the deficit and public debt incline to disguise the different evolutions of the European Union member states. The strong deterioration of fiscal indicators is caused by the automat effect of the economic productivity and also by measures taken by the governments of the member states. The past experiences can help to evaluate the fiscal measures that must be adopted in order to reduce the public debt and the deficit, without having an universal solution for all countries. Very important is the existing context for the implementation of adopted measures.

The Effect of Dividend Tax Policy on Corporate Investment

Directory of Open Access Journals (Sweden)

Jimmy Torrez

2006-10-01

Full Text Available The Job Growth and Taxpayer Relief Reconciliation Act of 2003 lowered dividend taxes to the same rate as capital gains taxes in the United States using the Pecking Order Theory as a framework. This paper develops a model that examines the effect the tax cut will have on corporate investment. The model finds that the dividend rate tax cut will increase the corporate cost of capital and lower investment. Therefore, any increase in the value of the stock market from this act will simply be a response to an increase in after tax returns and not from an increase in production.

Capital gains taxation under different tax regimes

OpenAIRE

Sureth, Caren; Langeleh, Dirk

2005-01-01

This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate tax system with double taxation of profits on corporate and personal level, a shareholder relief system, that reduces double taxation completely. It can be shown that general analytical solutions for ...

Tax and Fiscal Policies for Promotion of Industrial EnergyEfficiency: A Survey of International Experience

Energy Technology Data Exchange (ETDEWEB)

Price, Lynn; Galitsky, Christina; Sinton, Jonathan; Worrell,Ernst; Graus, Wina

2005-09-15

The Energy Foundation's China Sustainable Energy Program (CSEP) has undertaken a major project investigating fiscal and tax policy options for stimulating energy efficiency and renewable energy development in China. This report, which is part of the sectoral sub-project studies on energy efficiency in industry, surveys international experience with tax and fiscal policies directed toward increasing investments in energy efficiency in the industrial sector. The report begins with an overview of tax and fiscal policies, including descriptions and evaluations of programs that use energy or energy-related carbon dioxide (CO2) taxes, pollution levies, public benefit charges, grants or subsidies, subsidized audits, loans, tax relief for specific technologies, and tax relief as part of an energy or greenhouse gas (GHG) emission tax or agreement scheme. Following the discussion of these individual policies, the report reviews experience with integrated programs found in two countries as well as with GHG emissions trading programs. The report concludes with a discussion of the best practices related to international experience with tax and fiscal policies to encourage investment in energy efficiency in industry.

Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

International Nuclear Information System (INIS)

JL Fuller; KM Leek

2000-01-01

The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50% of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization

Last hope: tax exemption; Letzte Hoffnung Steuerbefreiung

Energy Technology Data Exchange (ETDEWEB)

Anon

2016-10-15

Economically it is not possible to make money with old depreciated nuclear power plants because of the success of renewable energies, It is only the expectation on significant tax relief that keeps the power plants in operation.

Which Types of Firms React More to a Tax Cut?

DEFF Research Database (Denmark)

Lai, Tat-kei; Ng, Travis

The agency model of Chetty and Saez (2010) predicts that firms with stronger shareholder rights and a better market for corporate control are more responsive to a dividend tax cut in their dividend and investment policies. We test these predictions by exploiting the sudden and significant dividend...... tax cut following the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the pre-tax cut variations in the firms’ governance indexes (the Corporate Governance Index constructed by Gompers, Ishii, and Metrick, 2003, and the Entrenchment Index constructed by Bebchuk, Cohen, and Ferrel, 2009). We...

27 CFR 25.286 - Claims for remission of tax on beer lost in transit between breweries.

Science.gov (United States)

2010-04-01

... tax on beer lost in transit between breweries. 25.286 Section 25.286 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS BEER Refund or Adjustment of Tax or Relief From Liability § 25.286 Claims for remission of tax on beer lost in transit...

Tax structure and corruption

Directory of Open Access Journals (Sweden)

Ilić-Popov Gordana

2014-01-01

Full Text Available In the article an analysis of the impact of corruption, both administrative and state capture, on the tax structure is carried out. The authors established a negative correlation between the degree of corruption and the height of the effective tax burden, while isolating a simultaneous directly proportional impact of the nominal tax burden (which could reflect state intervention - the main corruption factor on the scope of corruption. The effects of corruption on the decrease of individual taxes' share in GDP are diversified, with impact on direct taxes as a whole being more observable. The mode of tax assessment significantly determines exposure of certain tax to the administrative corruption: it is generally larger in case of taxes assessed by the decision of the competent tax officials who are carrying out both assessment and audit, while in the case of self-assessment and withholding they just perform audits implying limited exposure to corruption. Corruptive state capture is present in the case of taxes which are important for influential corruptors. That is why in Serbia laws preventing taxation of capital gains or heavier taxation of dividends and other income paid to non-residents located in the tax havens were adopted, while by-laws which should have enabled implementation of prescribed lump sum taxation based on external signs of wealth have not been enacted. The authors concluded that the anti-corruption strategy should rely on the increasing role of self-assessment, which could reduce the room for administrative corruption. Unclear and imprecise formulations of the tax norms facilitate corruption, because they create room for arbitrariness in interpretation and implementation of the laws and by-laws. It is therefore necessary to surprises discretion, simplify tax procedure and diminish the number of tax relief's.

The dynamic characteristics and influencing factors of debt structure of the public companies in China

Directory of Open Access Journals (Sweden)

Zhefan Piao

2013-09-01

Full Text Available Design/methodology/approach: Learned from Leary (2009, Konstantinos Voutsinas and Richard A.Werner (2011, this study designs a model of debt maturity structure with an unbalanced panel data set. It consists of 1352 Chinese listed companies with8124 observations during the period of 2003-2011. Hausman test hasbeen used, and the findings support the fixed effects model.Findings: Besidesthe factors that have been confirmed by previous researches, debt maturitystructure is also sensitive to other factors, such as economicexpectations, monetary policy, financial restrictions and changes in tax rates.Research limitations/implications: There are still many cases, which affect the debt maturitystructure, are worth of further exploring, for instance, the impactof lagged monetary policy, the determinants of short-term debt ratio and thecost of operating.Practical implications: From the macro point of view, research in this area enable thegovernment to introduce more suitable policies that direct and promote thedevelopment of the bond market, thus it spurs corporations to choose theproper finance structure. From the micro point of view, firms can learn fromthe research to choose the efficient method and term of financing as well asdebt structure.Originality/value: In some way, conclusions of this papercontribute to the study of dynamic characteristics and factors of debt maturitystructure in Chinese listed companies.

Tax morale, influencing factors, evaluation opportunities and problems: the case of Estonia Maksumoraal, selle mõjutegurid, hindamise võimalused ja probleemid Eesti näitel

Directory of Open Access Journals (Sweden)

Kerly Lillemets

2013-01-01

Full Text Available .The individual willingness of a person to pay taxes is the result of the complex behavior of the person affected by various factors. The research object of this article is the individual willingness of the members of the Estonian society to pay taxes and the possible influence factors for this willingness. The objective of the author in this article is to evaluate the tax related behavior of individuals in comparison to tax debts and personal demographic and psychographic based indicators, to compare the results with the results of the tests that had previously been carried out and to try to identify the possible role of the society upon formation and education of the tax related behavior of an individual. The statistical indicators – tax debts of individual persons, the gender and age related structure of the persons owing taxes in the population – serving as the basis of this article confirm the earlier results of the empirical research supported by values, based on which the willingness level of paying taxes is connected to the person-based independent indicators as gender and age

STATE DEBT: A CONCEPTUAL TREATMENT

Directory of Open Access Journals (Sweden)

Ion STURZU

2014-02-01

Full Text Available Government debt (also known as public debt and national debt is the debt owed by a central government. (In the U.S. and other federal states, "government debt" may also refer to the debt of a state or provincial government, municipal or local government. By contrast, the annual "government deficit" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year. Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetize their debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt, and can result in hyperinflation if used unsparingly. Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank or international financial institutions. As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country and external debt (owed to foreign lenders. Sovereign debt usually refers to government debt that has been issued in a foreign currency. Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.

DO PUBLIC AND PRIVATE DEBT LEVELS AFFECT THE SIZE OF FISCAL MULTIPLIERS?

Directory of Open Access Journals (Sweden)

Chairul Adi

2017-09-01

Full Text Available This paper investigates the effectiveness of fiscal policies – as measured by the impact and cumulative multipliers – and how they interact with public and private debt. Harnessing the moderated panel regression approach, based on the yearly data set of several economies during the period from 1996 to 2012, the analysis is focused on the impact of spending-and-revenue-based fiscal policies on economic growth and how these fiscal instruments interact with public and private indebtedness. The result of spending stimuli advocates the basic Keynesian theory. An increase in public expenditures contemporaneously generates a positive multiplier, of around 0.29 – 0.44 and around 0.45 – 0.58 during two years. Decomposing the expenditures into their elements, this paper documents a stronger impact from public investment than that from government purchases. On the other hand, the revenue stimuli seem to follow the Ricardian Equivalence Hypothesis (REH, arguing that current tax cuts are inconsequential. The impact and cumulative multipliers for this fiscal instrument have mixed results, ranging from -0.21 to 0.05 and -0.26 to 0.06, respectively. Moreover, no robust evidence is found to support the argument that government debt moderates the effectiveness of fiscal policies. The size of the multipliers for both spending and revenue policies remain constant with the level of public debt. On the other hand, private debt appears to show a statistically significant moderating effect on spending stimuli. Its impact on spending multipliers, however, is economically insignificant. The moderation effect of private debt on the revenue stimuli does not seem to exist. Finally, this paper documents that both public and private debt exhibit a negative and statistically significant estimation for economic output.

Debt swapping as a tool for economic and social stabilization in Russia's closed nuclear cities (briefing paper)

Energy Technology Data Exchange (ETDEWEB)

JL Fuller; KM Leek

2000-03-08

The next great issue on the Russian landscape will be management of its foreign debt. In the near future the United States will be called upon to lead an international program of debt restructuring to assist Russia in overcoming the burden of its debt trap. With debt service obligations equal to 50{percent} of 1999 revenues, Russia has virtually no chance of sustaining a program of economic recovery without debt relief (Hardt, 1999). With some form of debt restructuring a foregone conclusion, Russia, the United States, and world community have a vital stake in searching for creative ways to transform the inevitability of debt restructuring into something of value and constructive to Russia and the problems it faces. This was the rationale behind debt-for-nature swaps which emerged in the early 1980s in Latin American and Eastern Europe as a means of relieving developing nations of their crippling foreign debt. Debt-for-nature swaps served both domestic and international needs by converting a portion of foreign debt, often at steep discounts, into local currency that was then used to fund programs to preserve the environment. The debt swap mechanism provides the prospect of getting something of real value where nothing is expected. The Pacific Northwest National Laboratory (PNNL) has proposed to use the same model to synergistically capitalize defense threat reduction activities and environmental remediation within Russia's closed nuclear cities. Preventing the emigration of nuclear technology, expertise, and hardware from these cities to subnational groups and countries of proliferation concern is one of the world's foremost pressing problems. It is in the best national security interest of the United states to assist Russia in overcoming the legacy of the Cold War by helping to address the catastrophic environmental and public health effects of nuclear production that negatively impact economic stabilization.

TAX COMPETITION REGARDING FOREIGN DIRECT INVESTMENT BETWEEN TRANSITION EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Ramona DUMITRIU

2005-01-01

Full Text Available This paper explores the fiscal measures adopted in the transition European countries in order toencourage the foreign direct investment. There were analysed six countries: Albania, Macedonia,Moldova, Russian Federation, Union of Serbia and Muntenegro, Ukraine, based on the four criteria:corporate and capital gains tax rates, withholding taxes, tax incentives, foreign tax relief andtransfer pricing rules. Finally, the conclusion is that all the analysed countries offer favourable fiscalconditions for the foreign direct investment. Serbia, Muntenegro, Macedonia and Moldova haveattractive fiscal regimes, showing that the authorities from these countries count on the foreign directinvestment as a solution of solving the social and economic problems.

Enhancing the Alberta Tax Advantage with a Harmonized Sales Tax

Directory of Open Access Journals (Sweden)

Philip Bazel

2013-09-01

Full Text Available Alberta enjoys a reputation as a fiercely competitive jurisdiction when it comes to tax rates. But the reality is that the province can do better with a tax mix that has greater emphasis on consumption, rather than income tax levies. While Alberta has a personal tax advantage compared to other Canadian jurisdictions — but not the United States — it relies most heavily on income taxes and non-resource revenues that impinges on investment and saving. Taxes on new investment in Alberta’s non-resource sectors are no better than average, compared to other countries in the Organization for Economic Cooperation and Development, or OECD, so it is not exceptionally attractive to many different kinds of investors. And Alberta’s corporate income tax rate is not much more competitive than the world average for manufacturing and service companies. By introducing the Harmonized Sales Tax with a provincial rate of 8 per cent (in addition to the federal 5 per cent rate, Alberta has the ability to make its tax system more competitive. An HST would even allow the province to entirely eliminate income tax for the majority of families. And because the HST would be easily administered using the same collection mechanisms that already exist for the GST, implementing a new Alberta HST could be done relatively smoothly and with minimal additional administration costs. Adopting an Alberta HST is the simplest, most efficient and fairest way to reform the provincial tax system, and will deliver noticeable benefits to Albertans, most visibly in the form of significant income tax relief. It would enable the province to raise the income-tax exemption from $17,593 to $57,250, making it possible for couples to earn up to $114,500 free of any provincial income taxes. In addition, the province could lower income tax rates for income over that amount from 10 to nine per cent. And with the revenue from the HST, Alberta would have the capacity to lower its general corporate

Object and subject of evasion of taxes and other compulsory payments

Directory of Open Access Journals (Sweden)

Koval L.

2014-01-01

Full Text Available The paper is devoted to such topical issue of Criminal Law as Object and Subject of Evasion of Taxes and Other Compulsory Payments. There are analyzed researched crime determination problems, which are connected with subject and object of tax and other compulsory payments evasion. In the course of the research, the author has made the conclusions that the object of the evasion of taxes and other compulsory payments group is the national economic interests. The direct object is the national economic interests in the sphere of state revenues or the national fiscal interests. While analyzing the law and regulations it is concluded that the subject of the evasion of taxes and other compulsory payments is the tax base (income, property, expenses and consumption, taxes, state and local government fees, as well as other payments determined by the State. The author has also concluded that the subject of the evasion of taxes and other compulsory payments does not include increase in the tax principal debt, fine and late charge, which are covered by the financial responsibility. The subject of the evasion of taxes and other compulsory payments may not include also income from illegal activity or proceeds resulting from criminal offences.

Model for Calculating the Maximum Permissible Tax Burden in Amur Region in the Context of the Implementation of Largest Investment Projects

OpenAIRE

Viktor Vladimirovich Ivanov; Maria Olegovna Kakaulina; Oleg Anatolievich Tsepelev

2018-01-01

According to the Government of the Amur region, tax collection from the implementation of investment projects was tightly controlled from 2016, because of the region’s high debt load. This situation requires assessing the acceptability of the level of regional tax burden for business entities. The purpose of this paper is to develop a model for assessing the level of regional tax burden, taking into account the implementation of the largest investment projects in the territory. The m...

Do Municipal Governments Need More Tax Powers? A Background Paper on Municipal Finance in Alberta

Directory of Open Access Journals (Sweden)

Melville McMillan

2014-11-01

observed since the early 1950s. • Since the mid-1990s, municipal total expenditures (current plus capital have represented a smaller percentage of personal incomes than in any years since 1953. • The cost of financing municipal debt has decreased from 20 per cent of municipal expenditures in the mid1980s to about four per cent today. Other categories have remained comparatively stable. • Government grants to municipalities were greatly reduced from 1993 to 2004 but have since increased and now amount to about 19 per cent of total revenues. • Over 90 per cent of municipal own-source revenues come from property taxes, investment income, and the sales of goods and services. Over the past 30 years, sales generated about one-third of the total. The property tax share has increased from 47 per cent to 55 per cent; essentially absorbing the declining contributions from investment income. • Since the 1960s, municipal long-term debt has declined from 20 per cent of personal income to four per cent. Financial assets of municipalities amount to eight per cent of personal income. Since 2000, Alberta’s municipalities have held net financial assets; that is, they have been net lenders. Overall, Alberta municipalities are in a solid, even favourable financial position. Debt and debt-servicing costs are low, the burden of municipal property taxes has remained stable at a moderate level for many years, and the total property tax burden in Alberta is (and has been over the past decade lower than at any period in the past 60 years. The Finances of the Cities of Edmonton and Calgary Much of the interest in municipal finances has to do with the situations of “big cities.” An overview of the finances of Calgary and Edmonton provides insights into the Alberta “big city” circumstances. Comparisons between 1996 and 2011 give some historical perspective. Major observations are: • Property taxes account for about 40 per cent of city revenues. • Approximately one-half of

CFC legislation and its compliance with Community Law : Sweden's lack of double CFC tax relief

OpenAIRE

Kerr, Evelina

2009-01-01

CFC legislation has become an instrument to protect national tax bases and minimize the abusive effects of international tax planning. The Swedish CFC legislation is found in chapter 39a of the ITA whereas it is established under what circumstances CFC taxation can arise. If a shareholder of a foreign legal entity is liable of CFC taxation in Sweden such a holder is also entitled to deduct tax paid by the CFC abroad. The purpose of the granted tax credit is to avoid double taxation, although ...

Tax Incentives to Businesses in the Areas of Special State Concern

Directory of Open Access Journals (Sweden)

Branimir Marković

2013-07-01

Full Text Available The legal and strategic framework for regional development in the Republic of Croatia, which includes the development of entrepreneurship, was established almost twenty years after Croatia had gained independence. Until then, less developed areas, i.e., areas with a special status in terms of certain reliefs and exemptions granted to citizens and economic entities had been supported through individual laws. Today, government authorities stimulate entrepreneurial activity through individual regulations in force, by corporate income tax exemptions. The state gives back corporate income tax (tax liability not subject to exemptions that taxpayers engaged in entrepreneurial activities had paid up to the state budget, to local self-government units as assistance from the state budget. By doing so, the government aims to reduce the gap between the developed and underdeveloped parts of the Republic of Croatia and encourage entrepreneurial activity in the smaller and less developed regions. The indicators of entrepreneurial activity in the area supported by the state: the number of enterprises, number of employees in an enterprise, the total revenue generated by entrepreneurial activities, profit and loss after tax and net operating profit/loss, provide insight into the performance of enterprises. In view of the above, the authors have analyzed the performance of enterprises entitled to tax relief in the areas of special state concern and provided an overview of financial resources (tax revenue which state authorities have waived to facilitate a more competitive business performance.

45 CFR 2506.41 - What are the Corporation's procedures for collecting debts by tax refund offset?

Science.gov (United States)

2010-10-01

... Corporation's Accounting and Financial Management Services Division will be the point of contact with the... when the Corporation: (1) Determines that an error has been made with respect to a debt that has been...

31 CFR 900.3 - Antitrust, fraud, and tax and interagency claims excluded.

Science.gov (United States)

2010-07-01

... activity do not apply to any debt based in whole or in part on conduct in violation of the antitrust laws... in whole or in part on conduct in violation of the antitrust laws or any claim involving fraud, the... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Antitrust, fraud, and tax and...

36 CFR 1011.21 - How do other Federal agencies use the offset process to collect debts from payments issued by the...

Science.gov (United States)

2010-07-01

..., including salary payments issued to the Presidio Trust employees. This section and § 1011.22 of this subpart... collection of debts through tax refund offset. (b) Administrative offset (including salary offset... paid in full or otherwise resolved to the satisfaction of the creditor agency. (c) Where a creditor...

Double income tax between UK and US, 1914-1945 – Impact on UK multinationals

OpenAIRE

Izawa, Ryo

2015-01-01

Tax rates on business income in many countries increased enormously during World War I and stayed at a much higher level than before the war. Particularly, the UK multinationals with subsidiaries based elsewhere other than the Empire suffered from the situation because the UK did not provide a foreign tax relief until 1945, when a tax treaty with US was signed. The aim of this paper is to clarify the historical premises of establishment of the tax treaty in 1945. The major premise of this pap...

Foreign investment, international mergers and the 1993 capital income tax reform in Finland

OpenAIRE

Hannu Piekkola

1995-01-01

Foreign direct investment in Finland and the 1993 Finnish Capital Income Tax Reform are examined in this article. Under territorial taxation, the most common form of international double taxation relief; the tax reform will encourage new capital investment. New capital investment from the US, which applies worldwide taxation, would be mildly discouraged, and FDI in the form of mergers and acquisitions largely discouraged. In the UK and Japan, the worldwide principle only covers tax rates. Thu...

Pharmacy Students' Attitudes Toward Debt.

Science.gov (United States)

Park, Taehwan; Yusuf, Akeem A; Hadsall, Ronald S

2015-05-25

To examine pharmacy students' attitudes toward debt. Two hundred thirteen pharmacy students at the University of Minnesota were surveyed using items designed to assess attitudes toward debt. Factor analysis was performed to identify common themes. Subgroup analysis was performed to examine whether students' debt-tolerant attitudes varied according to their demographic characteristics, past loan experience, monthly income, and workload. Principal component extraction with varimax rotation identified 3 factor themes accounting for 49.0% of the total variance: tolerant attitudes toward debt (23.5%); contemplation and knowledge about loans (14.3%); and fear of debt (11.2%). Tolerant attitudes toward debt were higher if students were white or if they had had past loan experience. These 3 themes in students' attitudes toward debt were consistent with those identified in previous research. Pharmacy schools should consider providing a structured financial education to improve student management of debt.

THE NEED FOR PUBLIC DEBT MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT WITHIN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Meghisan Madalina Georgeta

2011-07-01

Full Text Available Public debt is created when the necessary resources for the socio-economic development of a state are greater than the opportunities that exist at that time. The destination of the necessary resources acquired from foreign markets can be either consumption by raising the standard of living (on short term or investments in order to reduce the discrepancies in relation to the European Union through investments in infrastructure, jobs, human and technical capital development. The scientific research aims to clarify several key objectives, namely: the theoretical concept and its belonging in the governance politics; the dynamics of public debt in Romania and the identification of specific features of the indebtedness decision, the influence of the current global economic crisis on the Romanian economy, the analysis of Romania's public debt sustainability integrated in the European structures, and proposals for action in order to return as soon as possible to a positive economic dynamics with direct impact on people's standard of living. The theme of this research is contemporary in the context of the financial and economical global crisis and the difficulties in overcoming this period. The need to coordination the fiscal and budgetary policies in Romania, the awareness that the accumulation of a large public debt presents a threat to future generations, the increase of the tax pressure over a market that trends towards globalization and the impact that the aging of the population will have on the public finances sparked public controversy, both in the academic environment and in the media. To continuously borrow resources and maintain a stable level for them requires a sustainable public debt, an important objective of any state's tax policy. A sustainable public debt is the result of the market and of the fiscal and budgetary policy decisions. Although the sustainability of public finances and implicitly of public debt has been an issue extensively

The role of tax audit as a component of restaurants` financial state audit

Directory of Open Access Journals (Sweden)

T.M. Omelianchuk

2015-06-01

Full Text Available The necessity of tax audit in the process of audit the financial state the enterprises of restaurant economy arises through accumulation in the balance sheet information about the state of fiscal discipline in such forms like the debt on payment taxes, fees and other payments to the budget. In connection with the widespread scientific pluralism views, the purpose of the article is an analysis the role of the tax audit of the company in restaurant facilities today. Dialectical method of cognition of the essence of the tax audit and methods of comparison, generalization, systematization and synthesis of the study of the peculiarities of tax audit of the company in restaurant facilities were used for achievement the purpose of research. Discovered the features of realization the tax audit оn the company of the restaurant facilities. Studied the state the market development of the external audit of taxes and tax audit in Ukraine. Have been identified the features of the system of taxation of business entities in the restaurant industry. The scope of results’ application are the participants’ assessment of the financial state and fiscal capacity of the enterprise restaurant economy.

The Determinants of Debt Financing

OpenAIRE

Zhao, Chenkai

2013-01-01

Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

10 CFR 1015.103 - Antitrust, fraud, tax, interagency, transportation account audit, acquisition contract, and...

Science.gov (United States)

2010-01-01

... part on conduct in violation of the antitrust laws or to any debt involving fraud, the presentation of... whole or in part on conduct in violation of the antitrust laws or any claim involving fraud, the... 10 Energy 4 2010-01-01 2010-01-01 false Antitrust, fraud, tax, interagency, transportation account...

Debt Covenant Renegotiation and Investment

DEFF Research Database (Denmark)

Arnold, Marc; Westermann, Ramona

This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

INFLUENCE OF INTERNATIONALIZATION OF TAX LAW ON RUSSIAN TAX LAW ENFORCEMENT IN THE AREA OF CORPORATE TAXATION

Directory of Open Access Journals (Sweden)

Karina Ponomareva

2017-01-01

Full Text Available Subject. The influence of internationalization of tax law on Russian tax law enforcement in the area of corporate taxation is considered in the article.The purpose of the paper is to analyze influence of internationalization of tax law on Russian tax law enforcement in the area of corporate taxation.Methodology. The author uses methods of theoretical analysis, particularly the theory of integrative legal consciousness, as well as legal methods, including formal legal method and methods of comparative law.Results, scope of application. The development of Russian tax legislation is influenced by acts of international organizations, primarily the Action Plan aimed at combating base erosion and profit shifting (BEPS.Trends of regulation of corporate taxation in relationships with participation of a foreign element are considered in the article. The main issues of realization of norms in the area of corporate direct taxation are brought into light, and namely, taxation of royalties, intra-group expenses, thin capitalization rules and transfer pricing. Tax agreements concluded by the Russian Federation do not contain special rules aimed at combating abuses (in contrast, for example, from European anti-avoidance rules.In recent years Russian tax law introduced institutions that had been established and applied in the tax law of foreign countries. These processes are moving forward and are characterized by frequent changes of legislation, which indicates that the concept of deoffshorization and implementation of the BEPS plan is not always elaborated at the stage of adoption of bills.Conclusions. The author comes to the conclusion that the most relevant and most controversial issues are taxation of payment of royalties, debt financing and intra-group expenses. The practice of applying the CFC rules is just starts forming. In addition, there is a tendency to increase the quality and quantity of information sources used by tax authorities to collect

ELEMENTS TAX OPTIMIZATION SMALL AND MEDIUM ECONOMIC AGENTS DURING CRISIS

Directory of Open Access Journals (Sweden)

Negoescu Gheorghe

2015-05-01

Full Text Available In Romania there is a high level of taxation, which dramatically reduces the remaining cash available to economic agents in the conditions in which short and long-term loans are granted at interest rates two to three times higher than in the European, US, and Japan. Failure to pay the debts to the state lead to access (interest, penalties and fines significant delay for one year can double duty. Under these conditions, small businesses are forced to seek personal savings (hopefully to offset debts receivable at IFNs in disadvantageous conditions of interest, or the underworld loan sharks. In these circumstances it is not surprising that the number of corporate bankrupts multiplied. In our attempt to answer PFA alternative employment or as a form of tax optimization.

TAX BENEFITS FOR REGIONAL BUSINESS: NEED, SUFFICIENCY, EFFICIENCY

Directory of Open Access Journals (Sweden)

Irina P. Dovbiy

2018-03-01

Full Text Available The article analyzes the tax benefits for the enterprises of Russia. Their analysis is carried out in the context of territorial affiliation of tax benefit. Tax benefits were granted as anti-crisis measures: promotion of entrepreneurship, reduction of informal employment, implementation of investment projects. Their granting was often characterized by haphazard nature. There were cases of abuse in the application of tax benefits. The entrepreneur must be ready to prove their right to benefits. Tax benefits have a triple effect: economic, fiscal-budgetary, social. The state tax policy allowed reducing the level of debt burden for 2016. Simultaneously, the increase in tax and non-tax revenues of the consolidated budgets was ensured. The authors analyze the regional and sectoral tax benefits. They are very diverse, especially for small businesses. This is due to socio-economic differentiation of regions. The magnitude of the regional tax burden is determined by the complex of factors: external and internal. The application of tax benefits is associated with big problems. First of all, this is a concealment of income. Secondly, there is a problem of “double” taxation. Difficulties are also associated with applying individual tax regimes: special economic zones, territories of advanced development. The problem of drawing “out of the shadow” of selfemployed citizens is very acute. There must be a special fee regime for them: there is no guarantee of employment for such citizens. The problems of regional taxation of entrepreneurial activity include, on the one hand, the availability and development of various benefits, and on the other hand, their nonsystem character, the impossibility of identifying and using various mechanisms in the aggregate, for example, the mechanisms for the development of entire industries and social directions in entrepreneurship. The authors emphasize that the conditions in which the modern economy of Russia is

Distributions of owner-occupiers' housing wealth, debt and interest expenditure ratios as financial soundness indicators

DEFF Research Database (Denmark)

Lunde, Jens

The Danish housing market boomed from 1993 to the end of 2006. The house price increases from 2003 to 2006 were especially dramatic and cannot be explained satisfactorily by `fundamentals'. Moreover, the owner-occupiers are highly indebted; Denmark is the nation with the highest household debt....../GDP, highest total liabilities/net wealth and highest mortgage debt/net non-financial wealth ratios among 15 OECD countries. Obviously, an analysis of the financial soundness of owner-occupiers is topical in order to analyse financial stability in society. The financial soundness of Danish owner......-occupier families is analysed using relevant financial indicators for the owner-occupiers' capital structure and interest payments. Tax statistics for the owner-occupier families are used here. In a financial soundness perspective macro data are of limited importance as they express total and average changes...

In Sickness and in Debt: Do Mounting Medical Bills Predict Payday Loan Debt?

Science.gov (United States)

Bickham, Trey; Lim, Younghee

2015-01-01

Cash-strapped families sometimes turn to small, short-term loans with exorbitant fees—payday loans—to cope with mounting medical bills. Given that about three-fourths of payday loan customers are repeat borrowers, consumer advocates and policymakers have increasingly raised voices of concern about the use of payday loans to finance various household expenses, including, among other things, medical bills. The present study hypothesized that increases in medical debt are associated with increases in payday loan debt among a sample of Chapter 7 bankruptcy filers. The results of a multivariate tobit regression analysis showed that medical debt was associated with increased payday loan debt, controlling for various types of debt and other socioeconomic variables. This article concludes with implications of the results for social work policy- and direct-practice.

Determinants of Polish public debt

Directory of Open Access Journals (Sweden)

Tomasz Stryjewski

2011-12-01

Full Text Available The crisis, which had its beginning in 2007, turned into the debt crisis of the countries. The examples of Greece, Ireland, Iceland or Spain showed the category of public debt in a new light. Poland, at the turn of 2010/2011 also achieved the upper level of public debt acceptable by the law. In the present situation of the European Union countries being in debt, and even insolvent, the situation in Poland becomes riskier. This article attempts at an empirical verification of the determinants of Polish public debt within 95 months (the data link with the period of time from January 2003 to November 2010. The verification of the main factors which cause the formation of public debt takes place by means of an appropriately verified econometric model.

International Corporate Debt Market

OpenAIRE

Manuela Geranio; Issam Hallak

2012-01-01

Research on international debt markets has chiefly investigated sovereign debt markets. We suggest a review of the different types of borrowers and the differences in the instruments. In particular we show that syndicated loans are an essential tool of international debt markets to monitor international markets borrowers. We also show by looking at the details of these instruments the mechanisms behind such tools.

The Odiousness of Greek Debt in Light of the Findings of the Greek Debt Truth Committee

OpenAIRE

Bantekas, I; Vivien, Renaud

2016-01-01

Unlike the popular narrative, which suggests that the Greek debt crisis was the result of lavish spending, this article demonstrates that the ‘crisis’ was generated by a transformation of purely private debt into public debt. This finding is supported by the preliminary report of the Greek Parliamentary Committee on the Truth of the Greek Debt, which clearly demonstrated the exponential increase of private debt in Greece risked the collapse of the private financial institutions exposed to it,...

Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes

NARCIS (Netherlands)

Eijffinger, S.C.W.; Huizinga, H.P.; Lemmen, J.J.G.

1996-01-01

This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5-year government bond market.The approach is one of pooled cross-section, time-series regressions.We find that, in general, U.S. dollar yields on

Revisiting M&M with Taxes: An Alternative Equilibrating Process

Directory of Open Access Journals (Sweden)

Kenneth J. Kopecky

2018-01-01

Full Text Available Modigliani and Miller present an equity-quantity shifting equilibrating process to achieve an optimal firm value in the presence of corporate taxes. However, in the era in which they derived their various propositions regarding the relation between a firm’s value and its capital structure, well-capitalized takeover specialists including private equity firms and sovereign funds did not exist, at least by today’s standards. In this paper we develop a simple arbitrage strategy, made viable by the presence of takeover firms, which presents an alternative equilibrating process to achieve the same optimal firm value. This alternative process is markedly different from that of the Modigliani and Miller theorem in terms of its predictions for debt use and restores the prospect of capital structure irrelevancy despite the existence of corporate taxes.

Comments on "A reconsideration of tax shield valuation" by Enrique R. Arzac and Lawrence R. Glosten

OpenAIRE

Fernandez, Pablo

2004-01-01

While Arzac and Glosten (2005) affirm that "the value of tax shields depends upon the nature of the equity stochastic process, which, in turn, depends upon the free cash flow process," I prove that the value of tax shields depends only upon the nature of the stochastic process of the net increase of debt. Arzac and Glosten (2005) formulate the constant leverage ratio assumption as Dt = L•Et. The assumption of Fernández (2004) is E{Dt}= L•E{Et}, where E{•} is the expected value operator, D the...

Challenges experienced by debt counsellors in Gauteng

Directory of Open Access Journals (Sweden)

Kgomotso Masilo

2015-09-01

Full Text Available Gauteng, Province of South Africa is experiencing a decreasing number of registered and practising debt counsellors. This paper investigates and assesses the challenges that debt counsellors in Gauteng experiences. Fifteen debt counsellors from three municipalities of Gauteng were interviewed. Data was analysed using ATLAS ti. The paper concluded that though debt counsellors are complying with the regulations in rendering debt counselling service, they still had challenges regarding backlogs in debt review. The paper recommends that debt counsellors should be adequately trained and should restructure their rehabilitation methods on the one hand and the National Credit Regulator should monitor debt counsellors’ practices and assist them with their queries on the other hand.

7 CFR 1951.213 - Debt settlement.

Science.gov (United States)

2010-01-01

... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.213 Section 1951.213 Agriculture... and Grants § 1951.213 Debt settlement. Subpart C of part 1956 of this chapter prescribes policies and procedures for debt settlement actions for loans covered under this subpart when it is determined that a debt...

PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE

Directory of Open Access Journals (Sweden)

Botoc Claudiu

2011-07-01

Full Text Available The global crisis has caused a serious fiscal deterioration that leaves the world economy with serious challenges. In many developed markets as well as in a few emerging markets (Emerging markets public finances have already become, or are at least at risk of becoming, unsustainable. Commonly, public debt sustainability is defined as a sovereign's ability to service debt without large adjustments to public revenue and/or expenditure and without ever-increasing public-debt-to-GDP ratios. Hence, this definition refers to both a country's ability and willingness to repay its debt. We also have to add the fact that there isn`t an universal accepted definition of fiscal or debt sustainability. In light of the growing public debt, the issue of debt sustainability has increasingly attracted attention. In this paper we analyse public debt sustainability scenario in EU economies. At least half of the EU countries will have to implement stringent fiscal consolidation programmes over the next few years in order to prevent already high public-debt-to-GDP ratios from a further significant rise, also the case of Romania. However, drastic fiscal policy adjustment may be not feasible in the short term and hence public debt is likely to grow further. In some scenarios the public-debt-to-GDP ratio is predicted to soar to 133% in 2020, from just over 100% in 2010. By contrast, nearly all EM countries, including major economies, appear to be well positioned to stabilise or even outgrow their current debt ratios without drastic fiscal adjustment. Institutional improvements may help European countries to maintain fiscal credibility. In light of the future fiscal challenges, many European governments may introduce new or more effective national debt limits, similar to those put in place in the past with good results by some Emerging markets. Such institutional reforms could help to insulate fiscal policies from political pressure and to anchor financial market

Tax expenditures and the efficiency of Croatian value added tax

Directory of Open Access Journals (Sweden)

Petar Sopek

2012-09-01

Full Text Available The main aim of this paper is to provide a systematic overview of value added taxation in Croatia along with main changes in relevant legislation and to estimate total amount of tax expenditures. Results show that the proportion of tax expenditures in GDP in Croatia in 2010 amounted to less than 4%, a proportion lower than in any of the EU new member states, as well as almost twice as low as the EU-27 average. It can be concluded that the Croatian value added taxation system is efficient in this way, as was additionally shown by an analysis according to which Croatia in 2010 had better efficiency indicators than all the observed EU member states. The Croatian VAT system is mainly harmonized with EU directives, but abolition of the zero rate is still expected; this will increase government revenue by approximately 0.4-0.8% of GDP, depending on a chosen scenario. It has been suggested that a detailed analysis of the overall value added taxation system should be initiated, with the aim of optimizing cost-benefits. The main focus should be placed on the determination of the optimal VAT registration threshold, the costs and benefits of the introduced reliefs and exemptions in the tax system and the potential effects of the repeal of the zero rate.

36 CFR 1011.8 - When will the Presidio Trust suspend or terminate debt collection on a debt?

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false When will the Presidio Trust... PRESIDIO TRUST DEBT COLLECTION Procedures To Collect Presidio Trust Debts § 1011.8 When will the Presidio Trust suspend or terminate debt collection on a debt? If, after pursuing all appropriate means of...

Tax reforms - taxes without tax laws

OpenAIRE

Varma, Vijaya Krushna Varma

2009-01-01

All Direct and Indirect taxes accompanied by tax laws, accounting, auditing and tax returns, can be abolished if a new tax system called "TOP Tax system" is adopted and implemented by all nations. Ultimate economic reforms will relieve 7 billion people of the world from the cobweb of ambiguous and complex tax structures, plethora of tax laws, mandatory and cumbersome accounting, auditing, tax returns and consequent quagmire of all tax related cases. Taxation, tax collection, tax enforce...

15 CFR 19.8 - When will Commerce entities suspend or terminate debt collection on a Commerce debt?

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 1 2010-01-01 2010-01-01 false When will Commerce entities suspend or terminate debt collection on a Commerce debt? 19.8 Section 19.8 Commerce and Foreign Trade Office of the Secretary of Commerce COMMERCE DEBT COLLECTION Procedures To Collect Commerce Debts § 19.8 When will...

Mortgage Debt and Wages

DEFF Research Database (Denmark)

Wood, James

2017-01-01

Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth.......Different approaches to mortgage debt may impact wages, how homeowners engage with employers and welfare services, and economic growth....

The Growth Opportunity Channel of Debt Structure

NARCIS (Netherlands)

Giambona, E.; Golec, J.

2013-01-01

This paper studies the importance of growth opportunities for debt structure decisions. High growth firms use more unsecured debt to preserve financial flexibility (in the form of untapped secured debt capacity) in connection with future growth opportunities: the growth opportunity channel of debt

Does debt predict growth? An empirical analysis of the relationship between total debt and economic output

Directory of Open Access Journals (Sweden)

Willem Vanlaer

2015-12-01

Full Text Available Although the recent global financial crisis has stimulated a vast amount of research on the impact of public debt on economic growth and also increasingly on the role of private credit, the total levels of indebtedness of an economy have largely been ignored. This paper studies the impact of the total level of and increases in debt-to-GDP on economic growth for 26 developed countries in the short, medium and longer term. We analyse whether we can predict the future level of growth, simply by looking at the total level of debt, or increases in that debt level. We find that there is a negative correlation between high levels of debt and short term economic growth, but that this effect tapers in the medium and long term. Similarly, we find that rapid debt accumulation is negatively related to economic growth over the short term, the impact is less pronounced over the medium term and is non-existent over the long term.

A qualitative study of the impact of the UK 'bedroom tax'.

Science.gov (United States)

Moffatt, S; Lawson, S; Patterson, R; Holding, E; Dennison, A; Sowden, S; Brown, J

2016-06-01

The implementation of the 'Removal of the Spare Room Subsidy' in April 2013, commonly known as the 'bedroom tax', affects an estimated 660 000 working age social housing tenants in the UK, reducing weekly incomes by £12-£22. This study aimed to examine the impact of this tax on health and wellbeing in a North East England community in which 68.5% of residents live in social housing. Qualitative study using interviews and a focus group with 38 social housing tenants and 12 service providers. Income reduction affected purchasing power for essentials, particularly food and utilities. Participants recounted negative impacts on mental health, family relationships and community networks. The hardship and debt that people experienced adversely affected their social relationships and ability to carry out normal social roles. Residents and service providers highlighted negative impacts on the neighbourhood, as well as added pressure on already strained local services. The bedroom tax has increased poverty and had broad-ranging adverse effects on health, wellbeing and social relationships within this community. These findings strengthen the arguments for revoking this tax. © The Author 2015. Published by Oxford University Press on behalf of Faculty of Public Health.

Debt Sustainability of Ukraine: Status, Problems and Policy

Directory of Open Access Journals (Sweden)

Mytrofanova Anastasiia S.

2017-03-01

Full Text Available The aim of the article is a comprehensive analysis of indicators and disclosure of problems of debt sustainability of Ukraine, as well as the formulation of recommendations for its management. There built a system of indicators for debt sustainability analysis consisting of the following elements: indicators of the status, structure and dynamics of the state debt; indicators of the state debt servicing; indicators of the state debt factors; indicators of the debt burden forecast. Based on the calculation and analysis of the indicators, a conclusion is drawn on the deepening of the debt crisis in Ukraine, which is manifested in the excess of normative values of the indicators of status, structure and dynamics of the state debt. The reasons for the aggravation of the debt crisis in Ukraine are revealed and divided into three groups: objective historical, socioeconomic and subjective-institutional ones. Based on the analysis of trends in the sphere of violation of debt sustainability, there defined main problems of debt sustainability management, which form three groups: socio-economic problems; problems in the sphere of public administration; negative impact of related debt factors. In addition, risks and threats of deepening the debt burden are identified. Based on the analysis of these problems, a system of recommendations on the state policy of managing debt sustainability is built, including operational, tactical and strategic measures and reflecting the interrelated action of instruments of fiscal, monetary, investment, foreign trade and other economic policies of the state.

Sustainability of Government Debt in Sri Lanka

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OG Dayaratna-Banda

2014-07-01

Full Text Available This paper examines the impact of government budget deficit on debt sustainability in Sri Lanka by using a novel methodological approach. The study used annual time series data from 1960 to 2012 in Sri Lanka for empirical testing. Sustainability of government debt is tested by using face value, market value and discounted market value of government debt as a proportion of GDP. Discounted market value of debt to GDP ratio was calculated using weighted average interest rate. Results of Augmented Dickey Fuller and Phillips-Perron tests indicate that debt ratios are non-stationary implying the existence of an unsustainable debt outlook. Results of the Chow test, employed to test if a structural break can be observed in 1978 as a result of moving away from the command economy to a market-oriented economy, indicate that the policy change has not led to have any fixed change in the mean of debt serials. The results compel us to conclude that public debt in Sri Lankan is not sustainable, so that a switch is required from foreign debt to other sources of financing of fiscal deficit or deficit reduction.

The effect of carbon tax on per capita CO2 emissions

International Nuclear Information System (INIS)

Lin Boqiang; Li Xuehui

2011-01-01

As the most efficient market-based mitigation instrument, carbon tax is highly recommended by economists and international organizations. Countries like Denmark, Finland, Sweden, Netherlands and Norway were the first adopters of carbon tax and as such, research on the impacts and problems of carbon tax implementation in these countries will provide great practical significance as well as caution for countries that are to levy the tax. Different from the existing studies that adopt the model simulation approaches, in this article, we comprehensively estimate the real mitigation effects of the five north European countries by employing the method of difference-in-difference (DID). The results indicate that carbon tax in Finland imposes a significant and negative impact on the growth of its per capita CO 2 emissions. Meanwhile, the effects of carbon tax in Denmark, Sweden and Netherlands are negative but not significant. The mitigation effects of carbon tax are weakened due to the tax exemption policies on certain energy intensive industries in these countries. Notwithstanding, in Norway, as the rapid growth of energy products drives a substantial increase of CO 2 emissions in oil drilling and natural gas exploitation sectors, carbon tax actually has not realized its mitigation effects. - Highlights: → DID method is employed to test the real mitigation effect of carbon tax. → Carbon tax in Finland imposes a significant and negative impact. → The effects of carbon tax in other four countries are limited. → Tax exemption or tax relief is the main reason of limited effects. → High tax rates and recycling the revenue contribute to emission reduction.

Debt Shifting and Thin-Capitalization Rules – German Experience and Alternative Approaches

Directory of Open Access Journals (Sweden)

Ruf Martin

2015-09-01

Full Text Available This paper presents the general design of thin-capitalization rules and summarizes the economic effects of such rules as identified in theoretical models. We review empirical studies providing evidence on the experience with (German thin-capitalization rules as well as on the adjustment of German multinationals to foreign thin-capitalization rules. Special emphasis is given to the development in Germany, because Germany went a long way in limiting interest deductibility by enacting a drastic change in its thin-capitalization rules in 2008, and because superb German data on multinational finance allows for testing several aspects consistently. We then discuss the experience of the Nordic countries with thin-capitalization rules. Briefly reviewing potential alternatives as well, we believe that the arm’s-length principle is administratively too costly and impracticable, whereas we argue that controlled-foreign-company rules might be another promising avenue for limiting internal debt shifting. Fundamental tax reforms towards a system with either "allowance for corporate equity" (ACE or a "comprehensive business income tax" (CBIT should also eliminate any thin-capitalization incentive.

Can a violation of investor trust lead to financial contagion in the market for tax-exempt hospital bonds?

Science.gov (United States)

Bernet, Patrick M; Getzen, Thomas E

2008-03-01

Not-for-profit hospitals rely heavily on tax-exempt debt. Investor confidence in such instruments was shaken by the 1998 bankruptcy of the Allegheny Health and Education Research Foundation (AHERF), which was the largest U.S. not-for-profit failure up to that date and whose default was accompanied by claims of accounting irregularities. Such shocks can result in contagion whereby all hospitals are viewed as riskier. We test for the significance and duration of resulting contagion using an industry-specific model of interest cost determinants. Empirical tests indicate that contagion does occur, resulting in higher interest on new debt issues from other hospitals.

7 CFR 1951.894 - Debt settlement.

Science.gov (United States)

2010-01-01

... 7 Agriculture 14 2010-01-01 2009-01-01 true Debt settlement. 1951.894 Section 1951.894 Agriculture... REGULATIONS (CONTINUED) SERVICING AND COLLECTIONS Rural Development Loan Servicing § 1951.894 Debt settlement. Debt settlement of all claims will be handled in accordance with the Federal Claims Collection...

Determinants of Complexity of Sovereign Debt Negotiation

Directory of Open Access Journals (Sweden)

Lidia Mesjasz

2016-07-01

Full Text Available The situation on all kinds of financial markets is determined by their increasing complexity. Negotiation of sovereign debt is also a complex endeavor. Its complexity results both from structural characteristics - number of actors, problems of coordination, communication, cooperation and conflict and from cognitive limitations. The survey of literature on sovereign debt management shows that no research has been done on complexity of sovereign debt management, and sovereign debt negotiation in particular. The aim of the paper is to provide initial framework concepts of complexity of sovereign debt restructuring negotiation referring to a universal collection of characteristics of negotiation. A model of debt restructuring negotiation is elaborated and a set of its complexity- related characteristics is proposed.

Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia

NARCIS (Netherlands)

Engwerda, Jacob; van Aarle, B.; Weeren, A.J.T.M.

2015-01-01

In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we analyse debt stabilization in two diametrically opposed regimes. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based

Tax Administration Systems and Tax Consciousness of Income Tax and Consumption Tax

OpenAIRE

横山, 直子

2015-01-01

Tax compliance costs of consumption tax are relatively high. Tax compliance costs for self-assessment taxpayers are high, and for withholding income taxpayers, the compliance costs are small. That is to say, characteristics of tax compliance costs for income tax and consumption tax are various. And also characteristics of tax consciousness for income tax and consumption tax are many and various. The features of this paper are to clarify characteristics of tax compliance costs and tax consciou...

The high price of debt: household financial debt and its impact on mental and physical health.

Science.gov (United States)

Sweet, Elizabeth; Nandi, Arijit; Adam, Emma K; McDade, Thomas W

2013-08-01

Household financial debt in America has risen dramatically in recent years. While there is evidence that debt is associated with adverse psychological health, its relationship with other health outcomes is relatively unknown. We investigate the associations of multiple indices of financial debt with psychological and general health outcomes among 8400 young adult respondents from the National Longitudinal Study of Adolescent Health (Add Health). Our findings show that reporting high financial debt relative to available assets is associated with higher perceived stress and depression, worse self-reported general health, and higher diastolic blood pressure. These associations remain significant when controlling for prior socioeconomic status, psychological and physical health, and other demographic factors. The results suggest that debt is an important socioeconomic determinant of health that should be explored further in social epidemiology research. Copyright © 2013 Elsevier Ltd. All rights reserved.

A nuclear power enterprise debt management system construction Based on Sanmen Nuclear Power Co., LTD, debt risk management case analysis

International Nuclear Information System (INIS)

Wu Yan; Liu Shuqing

2010-01-01

Building nuclear power enterprises need huge investment , often tens of billions RMB. How to do a good job in corporate debt risk management, becoming powerful large-scale development of nuclear power ,ensuring the supply of funds and existing debt service in the process of large-scale development of nuclear power ,is an important task. In this paper, managing the company's debt is very urgent and necessary through analysis of SMNPC financing and debt structure; through the analysis of SMNPC's debt risk management , the authors would like to explore how to build up the framework of the debt management under the large-scale development of nuclear power construction . Nuclear power enterprises need to strengthen supervision mechanism and internal control,build-up and perfect all-round debt risk manage system, keep watch on debt risk in order to ensure preservation and increment of the value of state assets. (authors)

Addressing Student Debt in the Classroom

Science.gov (United States)

Perkins, David; Johnston, Tim; Lytle, Rick

2016-01-01

Student debt is a national concern. The authors address debt in the classroom to enhance students' understanding of the consequences of debt and the need for caution when financing their education. However, student feedback indicates this understanding has a delayed effect on borrowing behavior and underscores the importance of making difficult…

7 CFR 1782.20 - Debt Settlement.

Science.gov (United States)

2010-01-01

... 7 Agriculture 12 2010-01-01 2010-01-01 false Debt Settlement. 1782.20 Section 1782.20 Agriculture... (CONTINUED) SERVICING OF WATER AND WASTE PROGRAMS § 1782.20 Debt Settlement. Pursuant to 7 U.S.C. 1981, this section prescribes policies for debt settlement of Water and Waste Disposal loans; Watershed loans and...

PUBLIC DEBT IN REPUBLIC OF SRPSKA

Directory of Open Access Journals (Sweden)

Ljiljana Jović

2017-10-01

Full Text Available The global crisis has led to the requestioning of the justification of economic growth based on borrowing. The issue of public spending and public debt has become particularly important for small and opened economies that are not sufficiently competitive on the world market. If one such country seeks to enter the EU, the rules on the amount of total borrowing and public debt can be a significant obstacle. In recent years, Republic of Srpska has been borrowing rapidly, so in the academic community is already concerned about the possibility and price of servicing those debts. The paper gives a theoretical explanation of the public debt and the needs for borrowing, then to set out the rules on debt level limitation. In the final part, the indicators of indebtedness of Republic of Srpska were presented on the basis of the available information, with the conclusion that this is a medium-indebted country, but also a country that is very vulnerable when it comes to maintaining macroeconomic stability and regular debt servicing

SOVEREIGN DEBT RESTRUCTURING AND “VULTURE FUNDS”

Directory of Open Access Journals (Sweden)

Emilia Cornelia STOICA

2016-06-01

Full Text Available Defining sovereign debt - debt issued or guaranteed by a public entity: central and / or regional public authorities, central banks, public institutions or enterprises - must include the risks that its management may generate, mainly the risk of default. If an medium period of time - 3-5 years – the macroeconomic growth of a state, and as the result the increase of the public revenues constantly lies below the growth of sovereign debt, these will cause an insolvability risk to cover it, and that state should proceed to restructure its debt. Financial stability of public authorities and sovereign debt occurred since the beginning of the creation of democratic states, and instruments for debt restructuring have been continuously adapted to economic and social conjuncture. Initially, states faced a necessity of funding were borrowed from foreign governments and / or large consortia bank, and when their debts had to be restructured it has been created the international institutional framework to negotiate between debtor countries and public creditors - Paris Club - and to coordinate negotiations between public authorities and major debtor consortia - London Club. In the last decade 'vulture funds' occurred, which are hedge funds acquiring from the secondary financial market debt the securities, including public debt, to a much lower share nominal value. Subsequently, vulture funds claim states issuing debt repayment at values close or equal to the face value - in this way can make a profit of more than 100% of the financial investment they made it on the secondary market. If these countries do not comply, generally being unable to honor their public debt, vultures funds act the countries in international courts, which usually prevails because vultures funds’ action is legal under current conditions.

42 CFR 413.178 - Bad debts.

Science.gov (United States)

2010-10-01

... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts. 413.178 Section 413.178 Public Health...) Services and Organ Procurement Costs § 413.178 Bad debts. Link to an amendment published at 75 FR 49199, Aug. 12, 2010. (a) CMS will reimburse each facility its allowable Medicare bad debts, as defined in...

The international experience of using tax initiatives as the mechanism to stimulate employers to invest in employees’ education

Directory of Open Access Journals (Sweden)

I.V. Voinalovych

2015-12-01

Full Text Available The role of the taxation instrument as the mechanism to encourage employers to participate in education and vocational training to facilitate the accumulation of human capital and Ukraine’s economy innovation development are defined. The international experiences in the use of tax incentives for encouraging employers’ investment in the education of employees and training staff are researched. The variety of tax incentives (tax allowance, tax exemption, tax credit, tax relief, tax deferral and the features of their applying in European countries are considered. The author defines the benefits and disadvantages of implementation of tax incentives that should be taken into account in determining the perspectives for their use in vocational education and training in Ukraine. It is determined that increasing the efficiency of taxation is provided by the combination of various tax incentives and economic instruments, aimed at enhancing both employers’ and individuals’ participation in lifelong learning.

75 FR 56858 - Improvements to the Supplemental Security Income Program-Heroes Earnings Assistance and Relief...

Science.gov (United States)

2010-09-17

... number, 1-800-772-1213, or TTY 1-800-325-0778, or visit our Internet site, Social Security Online, at... SOCIAL SECURITY ADMINISTRATION 20 CFR Part 416 [Docket No. SSA-2009-0017] RIN 0960-AH00 Improvements to the Supplemental Security Income Program--Heroes Earnings Assistance and Relief Tax Act of 2008...

The effect of carbon tax on per capita CO{sub 2} emissions

Energy Technology Data Exchange (ETDEWEB)

Lin Boqiang, E-mail: bqlin@xmu.edu.cn [New Huadu Business School, Minjiang University, Fuzhou 350108 (China); China Center for Energy Economics Research, Xiamen University, Xiamen 361005 (China); Li Xuehui [China Center for Energy Economics Research, Xiamen University, Xiamen 361005 (China)

2011-09-15

As the most efficient market-based mitigation instrument, carbon tax is highly recommended by economists and international organizations. Countries like Denmark, Finland, Sweden, Netherlands and Norway were the first adopters of carbon tax and as such, research on the impacts and problems of carbon tax implementation in these countries will provide great practical significance as well as caution for countries that are to levy the tax. Different from the existing studies that adopt the model simulation approaches, in this article, we comprehensively estimate the real mitigation effects of the five north European countries by employing the method of difference-in-difference (DID). The results indicate that carbon tax in Finland imposes a significant and negative impact on the growth of its per capita CO{sub 2} emissions. Meanwhile, the effects of carbon tax in Denmark, Sweden and Netherlands are negative but not significant. The mitigation effects of carbon tax are weakened due to the tax exemption policies on certain energy intensive industries in these countries. Notwithstanding, in Norway, as the rapid growth of energy products drives a substantial increase of CO{sub 2} emissions in oil drilling and natural gas exploitation sectors, carbon tax actually has not realized its mitigation effects. - Highlights: > DID method is employed to test the real mitigation effect of carbon tax. > Carbon tax in Finland imposes a significant and negative impact. > The effects of carbon tax in other four countries are limited. > Tax exemption or tax relief is the main reason of limited effects. > High tax rates and recycling the revenue contribute to emission reduction.

The great exterminator of children.

Science.gov (United States)

Logie, D

1992-05-30

Time is running out. Major contributors to declines in the health of Brazilian children, particularly street children, are the international debt crisis, the reverse flow of capital from the South to the North, and economic adjustment policies. There are medical consequences and an ecological debt. There is a question about the merits of having the poor pay for the folly of bad, past government decisions. All the major charities campaigned against repayment of debt. Banks are only exposed to 3% of their total assets in Third World debt, and are receiving tax relief for non repayment. Austerity programs have meant cuts in health and education, and diversion of food, wages, and welfare to producing exports in order to repay the debt. The message is earn more and spend less. The poor are hit the hardest, particularly by rising food prices. Diseases which were though to be eradicated are coming back. After decades of economic advances, countries are slipping back into mass poverty. Cuts in food subsidies or health care and family planning affect women and overpopulation. Land is being usurped from peasant farmers and tropical forests destroyed; urbanization has led to abandonment of 8 million children on the streets. The 1989 Brady plan suggests trading commercial debt for lower priced bonds which could be purchased by big business or even by the country itself. The deals tend to be complex. So far only 6 countries have benefited. Another proposal is English Prime Minister John Major's Trinidad Terms of September 1990, which is directed to low income country debtors. In December 1991 the UK cancelled 50% of the debt to the poorest countries over the next 3 years. The US and Australia have set up rescheduling agreements. World Bank debt is still in question. Commercial banks should also make an offer of relief. It is suggested that doctors unite in an organization called Physicians Against International Debt-PAID to lobby banks, governments, and the international

In pursuit of tax equity: lessons from VAT rate structure adjustment in Poland

Directory of Open Access Journals (Sweden)

Artur Świstak

2015-06-01

Full Text Available In 2011, in the aftermath of the economic crisis, Poland increased its value added tax rates. Despite an already large VAT policy gap, further rate differentiation was used to address distributional concerns and to protect the most vulnerable households. We find that the changes to the VAT rate structure hardly improved the overall progressivity of the VAT and the tax system as a whole. While providing only minimal relief to the poor, taxation of food products at a super reduced rate greatly subsidized the richer households. With a small change to the income tax structure, the government could have secured more progressivity at a lower cost in terms of revenue foregone.

Scale-invariant properties of public-debt growth

Science.gov (United States)

Petersen, A. M.; Podobnik, B.; Horvatic, D.; Stanley, H. E.

2010-05-01

Public debt is one of the important economic variables that quantitatively describes a nation's economy. Because bankruptcy is a risk faced even by institutions as large as governments (e.g., Iceland), national debt should be strictly controlled with respect to national wealth. Also, the problem of eliminating extreme poverty in the world is closely connected to the study of extremely poor debtor nations. We analyze the time evolution of national public debt and find "convergence": initially less-indebted countries increase their debt more quickly than initially more-indebted countries. We also analyze the public debt-to-GDP ratio {\\cal R} , a proxy for default risk, and approximate the probability density function P({\\cal R}) with a Gamma distribution, which can be used to establish thresholds for sustainable debt. We also observe "convergence" in {\\cal R} : countries with initially small {\\cal R} increase their {\\cal R} more quickly than countries with initially large {\\cal R} . The scaling relationships for debt and {\\cal R} have practical applications, e.g. the Maastricht Treaty requires members of the European Monetary Union to maintain {\\cal R} < 0.6 .

Public debt managers' behaviour interactions with macro policies

NARCIS (Netherlands)

Hoogduin, Lex; Öztürk, Bahar; Wierts, Peter

2011-01-01

We investigate the evolution of public debt management, the policy behaviour of debt managers, and the interaction of debt management with financial stability and monetary policy. The main focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share

Public debt managers' behaviour: interactions with macro policies

NARCIS (Netherlands)

Hoogduin, L.; Öztürk, B.; Wierts, P.

2010-01-01

We investigate the evolution of public debt management, the policy behaviour of debt managers, and the impact of debt management on financial stability and monetary policy.The focus is on the euro area. Empirical estimations of a debt management reaction function indicate that the share of short

36 CFR 1011.10 - How will the Presidio Trust use administrative offset (offset of non-tax federal payments) to...

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 3 2010-07-01 2010-07-01 false How will the Presidio Trust... Trust Debts § 1011.10 How will the Presidio Trust use administrative offset (offset of non-tax federal...) If not already transferred to the FMS under § 1011.9 of this part, the Presidio Trust will refer any...

Anticipated debt and financial stress in medical students.

Science.gov (United States)

Morra, Dante J; Regehr, Glenn; Ginsburg, Shiphra

2008-01-01

While medical student debt is increasing, the effect of debt on student well-being and performance remains unclear. As a part of a larger study examining medical student views of their future profession, data were collected to examine the role that current and anticipated debt has in predicting stress among medical students. A survey was administered to medical students in all four years at the University of Toronto. Of the 804 potential respondents across the four years of training, 549 surveys had sufficient data for inclusion in this analysis, for a response rate of 68%. Through multiple regression analysis, we evaluated the correlation between current and anticipated debt and financial stress. Although perceived financial stress correlates with both current and anticipated debt levels, anticipated debt was able to account for an additional 11.5% of variance in reported stress when compared to current debt levels alone. This study demonstrates a relationship between perceived financial stress and debt levels, and suggests that anticipated debt levels might be a more robust metric to capture financial burden, as it standardizes for year of training and captures future financial liabilities (future tuition and other future expenses).

Public Debt and Economic Growth in Malaysia

OpenAIRE

Siew-Peng Lee; Yan-Ling Ng

2015-01-01

Public debt in the Malaysia increased because of fiscal expansions. This study examines whether public debt contributed to the economic growth in Malaysia over the period 1991 to 2013. It also examines whether other indicators of debt burden, such as budget deficit, budget expenditure, and external debt service and government consumption, have an impact on economic growth. The results of this study are consistent with the existing literature that found a negative association between diet and ...

Debt Collection Models and Their Using in Practice

Directory of Open Access Journals (Sweden)

Anna Wodyńska

2007-01-01

Full Text Available An important element of a companys credit policy is its attitude to collecting due receivables. A company tries to establish the rules of collecting the said amount within the standards that are applied in a company. Depending on the organizational structure of a company, its scope of activity, common practices and, in particular, the credit policy assumed by a company, enterprises use internal, external or mixed debt collection models. Internal debt collection model assumes conducting debt collection activities within the organizational structure of a creditor company. External debt collection consists of ordering debt collection activities at a specialised company that handles debt service (outsourcing, which is connected with acting on behalf and account of the ordering party, but it also consists of receivables trading. The choice of proper debt collection model is not easy, due to, among others, high costs of the process as well as necessary expertise knowledge in the said scope; and the products offered on the market, although they seem similar, do differ substantially among one another. Regardless of the debt collection model, it shall be remembered that debt collection shall be run in a manner that ensures consolidation of entrepreneurs good name and their market position. The debt collection procedure binding in a company shall serve to work out a cooperation model with clients that are based on buyers reliability.

The Greek public debt problem

Directory of Open Access Journals (Sweden)

Michalis Nikiforos

2016-12-01

Full Text Available The present paper examines the issue of the Greek public debt. After providing a historical discussion, we show that the austerity of the last six years has been unsuccessful in stabilizing the debt while, at the same time, it has taken a heavy toll on the economy and society. The recent experience shows that the public debt is unsustainable and therefore a restructuring is needed. An insistence on the current policies is not justifiable either on pragmatic or on moral or any other grounds. The experience of Germany in the early post-WWII period provides some useful hints for the way forward. A solution to the public debt problem is a necessary but not sufficient condition for the solution of the Greek and European crisis. A wider agenda that deals with the malaises of the Greek economy and the structural imbalances of the Eurozone is of vital importance.

48 CFR 31.205-3 - Bad debts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Bad debts. 31.205-3... REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 31.205-3 Bad debts. Bad debts, including actual or estimated losses arising from uncollectible accounts receivable due...

Government debt in Greece: An empirical analysis

Directory of Open Access Journals (Sweden)

Gisele Mah

2014-06-01

Full Text Available Greek government debt has been increasing above the percentage stated in the growth and stability path from 112.9% in 2008 to 175.6% in 2013. This paper investigates the determinants of the general government debt in Greek by means of Vector Error Correction Model framework, Variance Decomposition and Generalized Impulse Response Function Analysis. The analysis showed a significant negative relationship between general government debt and government deficit, general government debt and inflation. Shocks to general government and inflation will cause general government debt to increase. Government deficit should be increased since there is gross capital formation included in its calculation which could be invested in income generating projects. The current account balance should be reduced by improving the net trade balance.

Debt swaps as an innovative tool for financing renewable energies

International Nuclear Information System (INIS)

Gugler, A.

1999-01-01

The emergence of a so-called 'secondary market' for Third World debt papers laid the foundations for different types of debt swaps or debt conversions. A debt conversion is a financial transaction in which a 'converter' (or investor) exchanges (swaps) a debt denominated in a hard currency for a domestic debt payable in local currency by the debtor government. This operation is attractive for the investor because it can imply a significant leverage, since the debt paper is purchased at an often substantial discount on the secondary market, whereas the debtor government will redeem it at a rate above the purchase price. Debt swaps can play a role as an additional source of development finance, but their contribution should not be overestimated. Over the last ten years, debt-for-development and debt-for-nature swaps have generated an estimated US$ 1 billion in local currency. In recent years, debt swaps originating with non-governmental organizations have considerably slowed, probably due to rising prices for commercial debt titles. On the other hand, it is expected that there will be an increase of official debt conversions in the future. Since they can be an attractive financing tool, debt swaps could also be used in order to fund investments in or credit facilities for alternative energies. (orig.)

Financial Audit: Bureau of the Public Debt's Fiscal Years 2001 and 2000 Schedules of Federal Debt

National Research Council Canada - National Science Library

2002-01-01

The accompanying auditor's report presents the results of our audits of the Schedules of Federal Debt Managed by the Bureau of the Public Debt for the fiscal years ended September 30, 2001 and 2000...

The Little Data Book on External Debt 2009

OpenAIRE

World Bank

2009-01-01

The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2009, volume two, summary and country tables, contains statistical tables on the external debt of the 128 countries that report public and publicly guaranteed external debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting ...

The Little Data Book on External Debt 2007

OpenAIRE

World Bank

2007-01-01

The little data book on external debt, a pocket edition of Global Development Finance (GDF) 2007, volume two, summary and country tables, contains statistical tables on the external debt of the 135 countries that report public and publicly guaranteed debt under the debtor reporting system. It also includes tables of selected debt and resource flow statistics for individual reporting countr...

Executive Compensation and the Cost of Debt

NARCIS (Netherlands)

Kabir, Mohammed Rezaul; Li, Hao; Veld-Merkoulova, Yulia V.

2010-01-01

We examine how executive compensation affects the cost of debt financing. Analyzing CEO pay data from the UK, we find that debt-like and equity-like pay components have opposite effects on the cost of debt. An increase in defined benefit pensions is associated with lower bond yield spread, while an

12 CFR 370.3 - Debt Guarantee Program.

Science.gov (United States)

2010-01-01

... convertible debt to be issued, (C) The mandatory conversion date, (D) The conversion rate (i.e., the total... exchange rate in effect on the date that the debt is funded. (c) Calculation and reporting responsibility... guarantee expires on the earliest of the mandatory conversion date for mandatory convertible debt, the...

Cumulative Student Loan Debt in Minnesota, 2015

Science.gov (United States)

Williams-Wyche, Shaun

2016-01-01

To better understand student debt in Minnesota, the Minnesota Office of Higher Education (the Office) gathers information on cumulative student loan debt from Minnesota degree-granting institutions. These data detail the number of students with loans by institution, the cumulative student loan debt incurred at that institution, and the percentage…

Precautionary Borrowing and the Credit Card Debt Puzzle

DEFF Research Database (Denmark)

Druedahl, Jeppe; Jørgensen, Casper Nordal

2015-01-01

This paper addresses the credit card debt puzzle using a generalization of the buffer-stock consumption model with long-term revolving debt contracts. Closely resembling actual US credit card law, we assume that card issuers can always deny their cardholders access to new debt, but that they cannot...... to simultaneously hold positive gross debt and positive gross assets even though the interest rate on the debt is much higher than the return rate on the assets. Including a risk of being excluded from new borrowing which is positively correlated with unemployment, we are able to simultaneously explain...

House Prices and Public Debt

DEFF Research Database (Denmark)

Gjedsted Nielsen, Mads; Rzeznik, Aleksandra

By using the 2002 case of fraud in the Danish municipality Farum by then mayor Peter Brixtofte as an exogenous shock to public debt of 1 billion DKK, I estimate the effect of public debt on house prices. I find that the average home ownership lost about 570,000 DKK or as much as 29% of the average...... house price in the municipality. Furthermore, I document that the aggregate house price loss of 2.1 billion DKK greatly exceeds the increase in public debt of 1 billion DKK. I find that the drop in house prices is sustained 1 year, indicating that the housing market initially overreacts...

Quantification of ecological debt

International Nuclear Information System (INIS)

Martinez Alier, Joan

2005-01-01

The discussion about ecological debt is important keeping in mind historical foreign trade, where natural resources exploitation and primary production exported didn't assessment the ecological damage or the environmental values of the interchange. This essay shows the debate of ecological debt on greenhouse emission, enterprise environmental debit, unequal international trade, toxic waste export, and b io piracy ; in order to present the necessity of a new ecological and equitable world economy

The EMU debt criterion: an interpretation

Directory of Open Access Journals (Sweden)

R. BERNDSEN

1997-12-01

Full Text Available The convergence criteria specified in the Maastricht Treaty on government deficit and debt, inflation, the exchange rate and the long-term interest rate will play an important, if not decisive, role in determining which countries move on to the third stage of the Economic and Monetary Union (EMU. The aim of this work is to provide a possible interpretation of the EMU debt criterion. The author investigates the government debt criterion which, as Article 104c(2b of the Treaty shows, has a considerable scope for interpretation. Although this subject has been discussed extensively, relatively little work has been done to develop a clear interpretation of the EMU debt criterion. A flexible approach is adopted in which parts of the relevant Treaty text are characterised using two parameters.

Estimating the optimal growth-maximising public debt threshold for ...

African Journals Online (AJOL)

This paper attempts to estimate an optimal growth-maximising public debt threshold for Zimbabwe. The public debt threshold is estimated by assessing the relationship between public debt and economic growth. The analysis is undertaken to determine the tipping point beyond which increases in public debt adversely affect ...

Public debt management before, during and after the crisis

Directory of Open Access Journals (Sweden)

Ana Andabaka Badurina

2012-03-01

Full Text Available During the financial and economic crisis, the public debt ratio in the European Union increased significantly, and public debt management had to be carried out in a completely new and unfavorable environment. The authors of this paper explore the changes in public debt management during and after the crisis. They describe the way in which three members of the Union – the Netherlands, Ireland and Hungary – dealt with the challenge of government financing during the crisis. These three countries were chosen because they all had a comparatively welldeveloped public debt management system before the crisis, and also due to the fact that during the crisis those responsible for public debt management pursued a policy of active accommodation to current market circumstances. Therefore, these case studies can illustrate the capacity of public debt management to contribute to the prevention of a sovereign debt crisis. In the conclusion, the authors give an overview of public debt management in Croatia in the period of the crisis and compare it with public debt management in the three countries whose experiences are presented in the paper.

Simulation analysis of alternative strategies for public debt issuance ...

African Journals Online (AJOL)

of domestic debt in the public debt portfolio for market development purposes. While the ... objective, it is essential to have an effective public debt portfolio which provides an appropriate benchmarking structure against which the performance of debt managers can ... The cost metric is primarily influenced by the size of the.

Introduction: On the ethics of debt

Directory of Open Access Journals (Sweden)

William H. Carter

2016-10-01

Full Text Available This special issue stems from a 2015 conference on the ‘Ethics of Debt’, organised by the guest editors and held at Iowa State University. Three themes emerged from the conference and are represented in the articles and documentary film selected for the special issue. The first concerns representations of debt in art and literature. The second theme demonstrates how debt arises and functions in specific contexts. The final theme addresses moral and ethical responses to debt within society.

Credit Card Debt Hardship Letter Samples

OpenAIRE

lissa coffey

2016-01-01

Having trouble with your credit card debt? Below you will find examples of hardship letters. There are several things to consider when writing a credit card hardship letter. A hardship letter is the first step to letting the credit card company know that things are bad. This free credit card hardship letter sample is only a guide in order to start the negotiation. Credit card debt hardship letter example, hardship letter to credit card. If you are having trouble paying off your debt and need ...

Regional features of the individual income tax

Directory of Open Access Journals (Sweden)

L. V. Demina

2016-01-01

taxation of payments under the attraction of labor resources. Data on factors deflator amounts established in the regions and affecting the tax-to moves of foreign nationals engaged in labor activities in Russia. The conclusion is that, on the one hand, the list of options for the provision of tax relief on personal income for the region in recent years, and incremental, but, on the other hand, regions have the capacity and increase the size of tax revenue due to the increase the tax burden on foreign nationals working in Russia.

GENDER, DEBT, AND DROPPING OUT OF COLLEGE.

Science.gov (United States)

Dwyer, Rachel E; Hodson, Randy; McLoud, Laura

2013-02-01

For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college degree and future difficulties they may face in repaying college debt. We examine these new realities by studying gender differences in the role of debt in the pivotal event of graduating from college using the 1997 cohort of the national longitudinal Survey of youth. In this article, we find that women and men both experience slowing and even diminishing probabilities of graduating when carrying high levels of debt, but that men drop out at lower levels of debt than do women. We conclude by theorizing that high levels of debt are one of the mechanisms that sort women and men into different positions in the social stratification system.

PIIGS “R” US? The Coming U.S. Debt Crisis and What Can Be Done About It

Directory of Open Access Journals (Sweden)

Stephen R. Richardson

2011-07-01

Full Text Available The U.S. is beset by weak economic growth, ballooning debt and stubbornly high unemployment but the collapse of the housing bubble that spurred the 2008-2009 global financial crisis was more a consequence than a cause of what is wrong. The real culprit was and remains poor policymaking in the areas of taxation, finance and economics, which helped bring on the crisis by encouraging Americans to engage in counterproductive behaviour. This paper warns that without meaningful fiscal reform, the U.S. risks joining the PIIGS — Portugal, Ireland, Italy, Greece and Spain — on the road to ruin through unsustainable debt, high spending and chronically low growth. The author acknowledges the heated partisan debate over whether the answer is higher taxes or lower spending and explains that neither course alone offers a practical way out. A balanced approach incorporating aspects of both, combined with detailed policy reform as set forth in this paper, is the best solution. U.S. politicians must put aside their differences and replace bad policies with sound ones or the American economy will face disaster.

Exploring the link between household debt and income inequality

DEFF Research Database (Denmark)

Fasianos, Apostolos; Raza, Hamid; Kinsella, Stephen

2017-01-01

We investigate the relationship between household debt and income inequality in the USA, allowing for asymmetry, using data over the period 1913–2008. We find evidence of an asymmetric cointegration between household debt and inequality for different regimes. Our results indicate household debt...... only responds to positive changes in income inequality, while there is no evidence of falling inequality significantly affecting household debt. The presence of this asymmetry provides further empirical insights into the emerging literature on household debt and inequality....

PUBLIC DEBT ANALYSIS BASED ON SUSTAINABILITY INDICATORS

Directory of Open Access Journals (Sweden)

Elena DASCALU

2016-09-01

Full Text Available This article is an analysis of public debt, in terms of sustainability and vulnerability indicators, under a functioning market economy. The problems encountered regarding the high level of public debt or the potential risks of budgetary pressure converge to the idea that sustainability of public finances should be a major challenge for public policy. Thus, the policy adequate to address public finance sustainability must have as its starting point the overall strategy of the European Union, as well as the economic development of Member States, focusing on the most important performance components, namely, reducing public debt levels, increasing productivity and employment and, last but not the least, reforming social security systems. In order to achieve sustainable levels of public debt, the European Union Member States are required to establish and accomplish medium term strategic budgetary goals to ensure a downward trend in public debt.

Managing State Debt of Ukraine: Problems and Directions of Optimisation

Directory of Open Access Journals (Sweden)

Syzrantsev Hlib O.

2013-12-01

Full Text Available The modern state of the state debt of Ukraine and future forecasts of its increase make look for new methods of debt management. That is why the goal of the article lies in revelation of main problems of state debt management in Ukraine on the basis of the analysis of its modern state and also in scientific justification of conceptual grounds of improvement of the mechanism of state debt management and servicing under modern conditions. Analysing, systemising and generalising scientific works of many scientists, the article considers the state debt as an instrument of macro-economic regulation, provides dynamics of growth of external and internal state debts. In the result of the study the article reveals a number of unsolved problems in the sphere of debt management. Due to this the article offers conceptual measures on management of the state debt of Ukraine. The prospect of further studies is the search for state debt management methods that would allow reduction of the debt load on the state budget and economy of Ukraine.

31 CFR 380.3 - What collateral may I pledge if I am a Treasury Tax and Loan depositary under 31 CFR part 203...

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What collateral may I pledge if I am a Treasury Tax and Loan depositary under 31 CFR part 203, and what value will you assign to it? 380...) FISCAL SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT COLLATERAL ACCEPTABILITY AND...

Debt overhang and the macroeconomics of carry trade

NARCIS (Netherlands)

Jakucionyte, E.; van Wijnbergen, S.J.G.

2016-01-01

The depreciation of the Hungarian forint in 2009 left Hungarian borrowers with a skyrocketing value of foreign currency debt. The resulting losses worsened debt overhang in to debt-ridden firms and eroded bank capital. Therefore, although Hungarian banks had partially isolated their balance sheets

Mortgaged Minds: Faculty-in-Debt and Redlining Higher Education

Directory of Open Access Journals (Sweden)

Jeanne Scheper

2017-02-01

Full Text Available While undergraduate student loan debt continues to be “hard to register,” there are other conditions and effects of the student loan debt spiral that remain relatively invisible, unexamined, and certainly receive less attention in news headlines or on the op-ed pages about the fiscal cliff of education debt. These are the effects of this debt spiral on graduate education, faculty composition, and knowledge production itself. This article highlights how the debt load of faculty is part of the current student loan debt spiral, yet its effects on the working conditions of faculty, the learning conditions of students, and, importantly, the production of knowledge in the university remain underexamined.

7 CFR 792.4 - Demand for payment of debts.

Science.gov (United States)

2010-01-01

... 7 Agriculture 7 2010-01-01 2010-01-01 false Demand for payment of debts. 792.4 Section 792.4... AGRICULTURE PROVISIONS COMMON TO MORE THAN ONE PROGRAM DEBT SETTLEMENT POLICIES AND PROCEDURES § 792.4 Demand for payment of debts. (a) When a debt is due FSA, an initial written demand for payment of such amount...

Sovereign debt threatens the Union: the genesis of a federation

NARCIS (Netherlands)

Loubert, A.

2012-01-01

Eurozone sovereign debt crisis - Europe's ‘Alexander Hamilton Moment’ - American sovereign debt crisis of 1780s - Articles of Confederation - U.S. Constitution - Assumption of states' debt - Constitutional transformation key factor in enabling Alexander Hamilton's debt restructuring.

Substantive Legality in the Determination of Tax Liabilities in Terms of Time Validity (Materialna zakonitost pri določanju davčnih obveznostih z vidika časovne veljavnosti

Directory of Open Access Journals (Sweden)

Jernej Podlipnik

2015-11-01

Full Text Available In the article the author deals with the question which substantive tax rules that determine a taxpayer and tax liability (tax debt should apply in cases where these rules change from the time a taxable event takes place and until the tax is self-assessed of levied, if the legislator has not prescribed anything in the transitional provisions in this respect. Since the Slovenian tax legislation has no general provisions for such cases, the jurisprudence has decided to either apply the provisions that were in force at the date that tax obligation occurred or provisions that were in force during the tax period to which the tax liability relates. The author is a bit critical of that position because he finds it inadequate to some extent. Therefore he suggests an amended interpretation which takes into account provisions of the Slovenian constitution and practice of the Slovenian Constitutional Court. In conclusion, the author proposes an amendment of the Slovenian tax legislation with the enactment of a general provision that would resolve such legal situations.

Debt Boundaries Matter: Evidence From The Subsidiary Debt

NARCIS (Netherlands)

Altieri, M.

2017-01-01

I exploit the introduction of an accounting reform in the US to investigate whether the presence of subsidiary debt affects the cost of borrowing of conglomerates. The accounting reform forces some firms to restate from standalone firms (declaring one segment unit) to conglomerates (declaring

Public Debt, Corruption and Sustainable Economic Growth

Directory of Open Access Journals (Sweden)

Eunji Kim

2017-03-01

Full Text Available There are many studies that look into the relationship between public debt and economic growth. It is hard to find, however, research addressing the role of corruption between these two variables. Noticing this vacancy in current literature, we strive to investigate the effect of corruption on the relationship between public debt and economic growth. For this purpose, the pooled ordinary least squares (OLS, fixed effects models and the dynamic panel generalized method of moments (GMM models (Arellano-Bond, 1991 are estimated with data of 77 countries from 1990 to 2014. The empirical results show that the interaction term between public debt and corruption is statistically significant. This confirms the hypothesis that the effect of public debt on economic growth is a function of corruption. The sign of the marginal effect is negative in corrupt countries, but public debt enhances economic growth within countries that are not corrupt, i.e., highly transparent.

7 CFR 3.12 - Reporting of consumer debts.

Science.gov (United States)

2010-01-01

... and Compromise of Claims § 3.12 Reporting of consumer debts. (a) Notice. In demand letters to debtors... the delinquent consumer debt to credit reporting agencies after 60 days; (2) The specific information... credit bureaus. (d) Stay of disclosure. Agencies shall not disclose a delinquent debt to a credit...

Empirical Essays on Debt, Equity, and Convertible Securities

NARCIS (Netherlands)

P. Verwijmeren (Patrick)

2008-01-01

textabstractThis dissertation consists of four empirical studies on firms’ financing decisions. In the first two studies, we investigate the debt-equity choice for a large number of U.S. firms. We find that firms prefer debt financing over equity financing in case a debt issue allows the firm to

19 CFR 351.508 - Debt forgiveness.

Science.gov (United States)

2010-04-01

... Duties INTERNATIONAL TRADE ADMINISTRATION, DEPARTMENT OF COMMERCE ANTIDUMPING AND COUNTERVAILING DUTIES Identification and Measurement of Countervailable Subsidies § 351.508 Debt forgiveness. (a) Benefit. In the case of an assumption or forgiveness of a firm's debt obligation, a benefit exists equal to the amount of...

Are Debt Repayment Incentives Undermined by Foreign Aid?

DEFF Research Database (Denmark)

Bjørnskov, Christian; Schröder, Philipp

2013-01-01

This paper investigates the effects of inflows of foreign aid on the debt repayment behavior of developing countries. The paper first delineates the overall incentives to committing to timely debt repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. A set of conditional estimates suggest that the main findings generalize to the majority of developing countries...

PUBLIC DEBT MANAGEMENT – FUNDAMENTAL COMPONENT OF PUBLIC POLICY

Directory of Open Access Journals (Sweden)

Maria Pascal (Andriescu

2011-12-01

Full Text Available The global financial crisis has put considerable pressure on public finances, particularly on government debt. Public debt in many countries of the world have increased in recent years to levels that were not registered by the end of the Second World War, facing today with a high risk regarding fiscal sustainability.Debt portfolio is usually the largest financial portfolio of a state, with a complex structure that can generate high risks that may affect public balance and financial stability of the country. Thus, proper management of public debt must become a priority for both the creditor and debtor countries. This paper aims to highlight the importance of effective management of government debt and to make a brief assessment of Romania's public debt structure and dynamic.

A Brazilian Debt-Crisis Model

OpenAIRE

Assaf Razin; Efraim Sadka

2002-01-01

We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.

State debt dynamics: the methodological aspect

Directory of Open Access Journals (Sweden)

Crijanovschi Stela

2013-02-01

Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development

STATE DEBT DYNAMICS: THE METHODOLOGICAL ASPECT

Directory of Open Access Journals (Sweden)

Stela CRIJANOVSCHI

2013-02-01

Full Text Available In this article, it’s presented the methodological aspect of the state debt. The issue of supplementary money in order to cover the state debt is one of the factors that generate inflation, which respectively has a negative impact on the economic development.

How Does Corruption Affect Public Debt? An Empirical Analysis

OpenAIRE

Arusha Cooray; Friedrich Schneider

2013-01-01

This paper examines the relationship between corruption and public debt in 106 countries. Results suggest that corruption leads to an increase in public debt. We also investigate if the effect of corruption on pblic debt is increased by government expenditure, the shadow economy and military expenditure. We find that the effect of corruption on public debt is compounded by increased government expenditure and increased size of the shadow economy.

Bad debt is (not a bad friend

Directory of Open Access Journals (Sweden)

Zavišić Aleksandar

2016-01-01

Full Text Available Investing in distressed debt is a less known investment strategy of astute investors. Bonds with uncertain cash flow are the subject of their focus, especially in the Anglo-Saxon financial systems. The range of realized rates of return is very wide and retail investors are out of the game. One aspect of this strategy are investments in non-performing loans, that is the purchase of distressed loans at a discount. It does not take a genius to see that one of the reasons of insolvency in the Serbian economy is the long-standing low economic growth in Serbia, in the region and in Europe. High systemic risk coupled with the inefficient bankruptcy process and out-of-court restructuring are the context in which the problem of non-performing loans is to be solved. A series of other factors related to banks, real estate market, tax considerations, as well as the lack of supportive actions to prevent the increase of non-performing loans act as additional constraints. In mid-2015, a strategy was adopted in Serbia, which recognized this silent and prolonged crisis that has been accumulating within the banking system.

Debt Out of Control

DEFF Research Database (Denmark)

Achtziger, Anja; Hubert, Marco; Kenning, Peter

2015-01-01

In a representative sample of the German population (n = 946), we explored the links between self-control, compulsive buying, and debts. Participants completed the self-control scale (Tangney, Boone, & Baumeister, 2004) and the German Addictive Buying Scale (Raab, Neuner, Reisch, & Scherhorn, 2005......, there was a gender effect on compulsive buying: women were more prone to compulsive buying than men. Age also was significantly negatively related to compulsive buying and positively linked to self-control. Household income was not linked to self-control, compulsive buying, and debts. Implications for practice...

Debt, Neoliberalism and Crisis

DEFF Research Database (Denmark)

Charbonneau, Mathieu; Hansen, Magnus Paulsen

2014-01-01

, he develops a theory of debt suggesting that the power of credit, central to neoliberalism, requires the construction of an indebted subjectivity. Producing a responsible, guilty and thus hindered subject, this condition involves individuals and societies facing an infinite social debt. According...... to Lazzarato, post-Fordism should be understood through the ascending influence of neoliberalism, as the state has retroceded its power of money creation to private creditors. Through this process, the relation between capital and labour has been transcended by the creditor–debtor relationship. In the economy...

12 CFR 16.6 - Sales of nonconvertible debt.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Sales of nonconvertible debt. 16.6 Section 16.6... RULES § 16.6 Sales of nonconvertible debt. (a) The OCC will deem offers or sales of bank issued... grade; (5) Prior to or simultaneously with the sale of the debt, each purchaser receives an offering...

Application of decision analysis in debt-for-environment swaps

Energy Technology Data Exchange (ETDEWEB)

Abu-Taleb, M.F. [Department of Civil Engineering, Applied Science University, PO Box 40, 11831, Amman (Jordan)

2003-03-01

Through a mandate by the Government of Jordan, a debt-for-environment swap initiative was designed to mobilize resources for programs that improve the Jordanian environment within a broad spectrum of conservation, water supply, sanitation, resource management, ecological protection, environmental education, and pollution abatement technology. As a debtor country, Jordan faces a severe debt burden (with debt-per-capita levels among the highest in the world), and is facing difficulty obtaining further credit to fill the gaps in hard currency requirements for imports. Debt swap converts outstanding debt obligations into local currency for approved national environmental programs and projects. With creditor countries favoring debt swap over debt forgiveness in general, and debt swap for environmental technology projects in particular, the initiative was launched to ensure both fiscal and environmental quality benefits. With donors requiring that project development and selection procedures be fair, unbiased, and transparent, a mechanism for ultimate selection was developed by the author solely for the initiative based on multiple objective optimization techniques. This paper formulates the necessary decision-analytic principles for the initiative and presents a discrete, defensible, and transparent model for selection of projects. The model ranks the projects in terms of environment and economic objectives and can be used for other generalized applications. (orig.)

Can't afford a baby? Debt and young Americans.

Science.gov (United States)

Nau, Michael; Dwyer, Rachel E; Hodson, Randy

2015-12-01

This article explores the role of personal debt in the transition to parenthood. We analyze data from the National Longitudinal Study of Youth-1997 cohort and find that for the generation coming of age in the 2000s, student loans delay fertility for women, particularly at very high levels of debt. Home mortgages and credit card debt, in contrast, appear to be precursors to parenthood. These results indicate that different forms of debt have different implications for early adulthood transitions: whereas consumer loans or home mortgages immediately increase access to consumption goods, there is often a significant delay between the accrual and realization of benefits for student loans. The double-edged nature of debt as both barrier and facilitator to life transitions highlights the importance of looking at debt both as a monetary issue and also as a carrier of social meanings.

Are Debt Repayment Incentives Undermined by Foreign Aid?

DEFF Research Database (Denmark)

Bjørnskov, Christian; Schröder, Philipp J.H.

This paper investigates the effects of inflows of foreign aid on the debt repayment behaviour of developing countries. The paper first delineates the overall incentives to committing to timely repayment in a war of attrition-type model. A set of panel estimates including 93 developing countries...... shows that foreign aid is strongly negatively associated with repayment incentives. The findings pertain to both total debt service and service on publically guaranteed debt. Only countries that tend to vote predominantly with the US in the UN General Assembly are not significantly discouraged from...... servicing their debt by inflows of foreign aid....

The Influence of Debt Maturity Structure on Accounting Conservatism

Institute of Scientific and Technical Information of China (English)

Zhao Huiqing; Chen Xinguo

2015-01-01

According to the related data of A-share listed companies in 2009-2013,through extension model based on Basu＇s surplus - the stock return rate model ,this paper studies that the debt maturity structure influences on accounting conservatism. The empirical study finds that the amount of debt affects significantly the prudence,that is,the greater the amount of the debt contract con- cluded, the stronger role of accounting conservatism is ; Debt maturity have significant relationship with accounting conservatism. For the shorter debt maturity, the enterprise is easier to choose more prudent accounting policy, and when the period is longer, accounting conservatism is relatively weaker.

Would Tax Evasion and Tax Avoidance Undermine a National Retail Sales Tax?

OpenAIRE

Murray, Matthew N.

1997-01-01

Argues that shifting to an indirect tax system (a national sales tax) will not necessarily reduce tax avoidance and tax evasion behavior by businesses and individuals, particularly if the tax rate is set high to maintain revenue neutrality. Lack of experience in administering a high-rate, indirect tax system precludes definitive statements regarding the likely extent of tax base erosion under a national sales tax.

Student Debt and the Class of 2015. 11th Annual Report

Science.gov (United States)

Cochrane, Debbie; Cheng, Diane

2016-01-01

Student Debt and the Class of 2015 is the eleventh annual report on the student loan debt of recent graduates from four-year colleges, documenting the rise in student loan debt and variation among states as well as colleges. This report includes policy recommendations to address rising student debt and reduce debt burdens, including collecting…

Debt management pays off! A Research on the Cost and Benefits of Debt Management in the Netherlands

NARCIS (Netherlands)

Marc Anderson; Dr. Nadja Jungmann

2013-01-01

The number of applications for debt management services in the Netherlands shows a steady increase of about 10 percent each year, over the last few years. Municipalities, responsible for these services, at the same need to cut back on expenditures. Our research shows that the (social) return on debt

The effects of debt burden on the Nigerian economy | Ogege ...

African Journals Online (AJOL)

It employs the ordinary least squares (OLS) to test the relationship between debt burden and the growth in the Nigerian economy. The finding shows that there is a negative relationship between debt stock (internal and external debt) and gross domestic product, meaning that an increase in debt stock will lead to reduction ...

Parallel debt in the Serbian finance law

Directory of Open Access Journals (Sweden)

Kuzman Miloš

2014-01-01

Full Text Available The purpose of this paper is to present the mechanism of parallel debt in the Serbian financial law. While considering whether the mechanism of parallel debt exists under the Serbian law, the Anglo-Saxon mechanism of trust is represented. Hence it is explained why the mechanism of trust is not allowed under the Serbian law. Further on, the mechanism of parallel debt is introduced as well as a debate on permissibility of its cause in the Serbian law. Comparative legal arguments about this issue are also presented in this paper. In conclusion, the author suggests that on the basis of the conclusions drawn in this paper, the parallel debt mechanism is to be declared admissible if it is ever taken into consideration by the Serbian courts.

Tax avoidance, tax evasion, and tax flight: Do legal differences matter?

OpenAIRE

Schneider, Friedrich; Kirchler, Erich; Maciejovsky, Boris

2001-01-01

Although from an economic point of view, legal considerations apart, tax avoidance, tax evasion and tax flight have similar effects, namely a reduction of revenue yields, and are based on the same desire to reduce the tax burden, it is likely that individuals perceive them as different and as unequally fair. Overall, 252 fiscal officers, business students, business lawyers, and entrepreneurs produced spontaneous associations to a scenario either describing tax avoidance, tax evasion, or tax f...

Money, Debt, People and Planet

Directory of Open Access Journals (Sweden)

Jakob von Uexkull

2012-10-01

Full Text Available The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet profitable enough to do etc. Within the current global monetary framework, this is largely true. Therefore, any realistic plan to change course before we are overwhelmed by the inter-linked environmental, social and security threats facing us, is to change this framework to ensure that money becomes our servant again. The current debt crisis offers an opportunity to replace discredited debt-based money created by private banks in their interest with government-created debt-free money benefitting all, which can be used to fund a global emergency programme.“We know now that government by organised money is just as dangerous as government by organised mob.” — President F.D. Roosevelt, 31.10.36“The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending. Why is such privatisation of a public function right and proper, but action by the central bank to meet pressing public need, a road to catastrophe?” — Martin Wolf, ‘Financial Times’, 9.11.10“The obvious way to reduce our public and private debts is to stop having all our money created as debt.” — James Robertson, ‘Future Money’

Does student debt affect dental students' and dentists' stress levels?

Science.gov (United States)

Boyles, J D; Ahmed, B

2017-10-27

Introduction Many studies have shown financial worries and debt to induce stress in individuals, this combined with the existing stress of being a dentist raises the question of how student debt affects students' and dentists' stress levels.Objectives Determine whether student debt has had any noticeable effect on student stress levels; investigate whether student debt has any effect on dentists' career choice; investigate whether the increase in tuition fees has influenced the number of applicants to study dentistry at the University of Birmingham.Method Anonymous questionnaires were completed by 70 4th year and 38 5th year BDS and 22 Dental Core Trainees (DCTs). Participants circled the response which best fitted their situation regarding statements on their level of stress and future career path. Ethical approval granted. Application figures to study dentistry obtained from head of admissions.Results Forty-two percent of males and 63% of females strongly agreed with the statement that having no debt would reduce their stress levels. Of those with debt >£40,000, 11% strongly agreed and 42% agreed that their total amount of student debt causes them stress. Whereas, those whose debt is stress. Seventy-seven percent of participants who had parental or family financial support reported this reduced their stress levels. Student debt was found to deter females from undertaking further study more than it deters males (P stressed about their total student loan(s) (P stress (P stress; students reporting a higher level of debt also report more stress and concern about paying off their student debt. Having no student debt would reduce stress levels, although to what extent is undetermined. Applications to study dentistry have fallen since the increase in tuition fees.

Tax Compliance Inventory: TAX-I Voluntary tax compliance, enforced tax compliance, tax avoidance, and tax evasion

Science.gov (United States)

Kirchler, Erich; Wahl, Ingrid

2010-01-01

Surveys on tax compliance and non-compliance often rely on ad hoc formulated items which lack standardization and empirical validation. We present an inventory to assess tax compliance and distinguish between different forms of compliance and non-compliance: voluntary versus enforced compliance, tax avoidance, and tax evasion. First, items to measure voluntary and enforced compliance, avoidance, and evasion were drawn up (collected from past research and newly developed), and tested empirically with the aim of producing four validated scales with a clear factorial structure. Second, findings from the first analyses were replicated and extended to validation on the basis of motivational postures. A standardized inventory is provided which can be used in surveys in order to collect data which are comparable across research focusing on self-reports. The inventory can be used in either of two ways: either in its entirety, or by applying the single scales independently, allowing an economical and fast assessment of different facets of tax compliance. PMID:20502612

Tax Compliance Inventory: TAX-I Voluntary tax compliance, enforced tax compliance, tax avoidance, and tax evasion.

Science.gov (United States)

Kirchler, Erich; Wahl, Ingrid

2010-06-01

Surveys on tax compliance and non-compliance often rely on ad hoc formulated items which lack standardization and empirical validation. We present an inventory to assess tax compliance and distinguish between different forms of compliance and non-compliance: voluntary versus enforced compliance, tax avoidance, and tax evasion. First, items to measure voluntary and enforced compliance, avoidance, and evasion were drawn up (collected from past research and newly developed), and tested empirically with the aim of producing four validated scales with a clear factorial structure. Second, findings from the first analyses were replicated and extended to validation on the basis of motivational postures. A standardized inventory is provided which can be used in surveys in order to collect data which are comparable across research focusing on self-reports. The inventory can be used in either of two ways: either in its entirety, or by applying the single scales independently, allowing an economical and fast assessment of different facets of tax compliance.

Response of Foreign Private Investment to Public Debt in Nigeria

Directory of Open Access Journals (Sweden)

Emenike Kalu O.

2015-06-01

Full Text Available The study investigates the long-term relationship and dynamic short-term impact of public debt on foreign private investment for a developing country – Nigeria during the period 1962 to 2012. The paper deploys cointegration model to examine long-term relationship between the variables. The study also examines dynamic short-term impact and causality between public debt and foreign private investment using the VECM and Granger causality test. The study further examines the response paths of foreign private investment variable due to public debts shocks using variance decomposition. The results confirm absence of long-term relationship between public debt and foreign private investment in Nigeria. The results also show that external debt has negative impact on foreign private investment in the short-term. Finally, the results show that there is no causality between foreign private investment and public debt. The major economic implication of these findings is for debt management authorities to be conscious of growing external debts as it discourages foreign private investments into Nigeria.

External Debt and Economic Growth: Evidence from Nigeria

Directory of Open Access Journals (Sweden)

Lawal Isola Adedoyin

2016-12-01

Full Text Available The study examined the impact of external debt on economic growth in Nigeria for the period 1981-2014 based on annual data sourced from the Central Bank of Nigeria (CBN Statistical Bulletin (various issues and abstract of National Bureau of Statistics (NBS. The researcher examined the existence of Co-integration among the underlying variables using Auto-regressive Distributed Lag (ARDL model after conducting preliminary statistical test to ascertain the normality of the variables as well as stationary of the data set using descriptive and unit root tests. The result of the ARDL test shows that a significant relationship exists between external debt and economic growth both at the long and short run. The study also examined the causality among the variables using Granger causality test and observed that no causality exist among the variables. The study therefore recommends that government should ensure that loans obtained are used to finance profitable projects that would generate reasonable amount of revenue to service the debts and also adequate record of debt payment obligations should be kept and debt should not be allowed to exceed a maximum limit in order to prevent debt overhang.

Effects of debt mutualization in a monetary union with endogenous risk premia : Can Eurobonds contribute to debt stabilization?

NARCIS (Netherlands)

van Aarle, B.; Engwerda, Jacob; Weeren, A.J.T.M.

2017-01-01

This paper analyses debt stabilization in a monetary union that features endogenous risk premia. In particular, debt stabilization in two diametrically opposed regimes is compared. In the first regime, the “national fiscal discipline regime”, financial markets impose sovereign risk premia based on

Governance-Default Risk Relationship and the Demand for Intermediated and Non-Intermediated Debt

Directory of Open Access Journals (Sweden)

Husam Aldamen

2012-09-01

Full Text Available This paper explores the impact of corporate governance on the demand for intermediated debt (asset finance, bank debt, non-bank private debt and non-intermediated debt (public debt in the Australian debt market. Relative to other countries the Australian debt market is characterised by higher proportions of intermediated or private debt with a lower inherent level of information asymmetry in that private lenders have greater access to financial information (Gray, Koh & Tong 2009. Our firm level, cross-sectional evidence suggests that higher corporate governance impacts demand for debt via the mitigation of default risk. However, this relationship is not uniform across all debt types. Intermediated debt such as bank and asset finance debt are more responsive to changes in governance-default risk relationship than non-bank and non-intermediated debt. The implication is that a firm’s demand for different debt types will reflect its governance-default risk profile.

Yes, No, Maybe So: College Students' Attitudes Regarding Debt

Science.gov (United States)

Zerquera, Desiree D.; McGowan, Brian L.; Ferguson, Tomika L.

2016-01-01

We examined college student attitudes regarding debt. Based on focus group interviews with 31 students from 4 different institutions within a Midwestern university system, data analysis yielded a continuum that captures students' debt approaches while enrolled in college. Findings indicate that students avoided debt completely, made intentional…

Lower rates, better service, accelerated debt repayment: how best to sell a minority interest in Hydro One

International Nuclear Information System (INIS)

2002-01-01

The sale of a minority stake in the provincially-owned, integrated electricity transmission and distribution company Hydro One is being contemplated by the Ontario government. Several options are open to the government to complete this sale, such as an income trust, an Initial Public Offering (IPO), straight sale of 49.9 per cent or less, and the separation and sale of the distribution operations. Some issues must be considered before proceeding with the divestiture: service quality and the current structure of the distribution sector in Ontario, the distribution and transmission rates, fostering competition in distribution, regulatory costs, tax leakage/stranded debt repayment, maximization of value to the province, public/stakeholder acceptance, foreign versus domestic ownership, accountability to consumers, and the policies/requirements of interconnected markets. The aim in the divestiture is to ensure customers in Ontario benefit from lower distribution rates, higher quality services, enhanced local accountability, a more efficient electricity industry, and accelerated stranded debt payoff. As a result, the Electricity Distributors Association is proposing that the government separate Hydro One's transmission and distribution. The rationale for the proposal was discussed in the paper, stressing the importance of making the decision now

Debt Stabilization Games in the Presence of Risk Premia

NARCIS (Netherlands)

Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

2012-01-01

Abstract: As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization

Debt counselling services in Gauteng (South Africa: Consumers’ perspective

Directory of Open Access Journals (Sweden)

Kgomotso Hilda Masilo

2014-09-01

Full Text Available Debt counsellors are receiving a high number of applications from over-indebted consumers on a monthly basis. This paper investigates the effectiveness of debt counselling on consumer financial wellness. Three hundred consumers were surveyed and a response rate of 61% was achieved. Data was analysed using descriptive statistics. There was no evidence that consumers who received debt counselling improved in their financial standing. The article concluded that though debt counselling is important, it does not necessarily improve the financial prosperity of over-indebted consumers. The paper recommends that financial management education be part of the intervention methods that debt counsellors use when they counsel their clients. Consumers should be introduced to personal financial management education at an early age of their life.

DEBT AND AGENCY CONFLICT IN INDONESIAN MANUFACTURING FIRMS

Directory of Open Access Journals (Sweden)

Hendra Wijaya

2017-04-01

Full Text Available Companies in Indonesia have shareholders who are not dispersed or in other words the ownership is only held by one majority shareholder. This study examined the effects of investment decision on the firm value and the debt moderation on the effects of investment decisions on firm value. Debt moderation was used to test the agency conflict of debt use on investment decision. The company samples in this research were 90 companies.This research was conducted by using panel data regression with moderation. This study found that investment decision had a positive effect on firm value and the use of higher debt could lower the positive effect of investment decision on firm value.

Debt stabilization games in the presence of risk premia

NARCIS (Netherlands)

Engwerda, J.C.; van Aarle, B.; Plasmans, J.E.J.; Weeren, A.J.T.M.

2013-01-01

As a result of the recent financial crisis and the ensuing economic recession, fiscal deficits have soared in many OECD countries. As a consequence, government debt has been on the rise again after a period of stable or declining government debt. In this paper we analyze debt stabilization in a

IS THE VALUE ADDED TAX A SUPERIOR SALES TAX IN ALL SALES TAXES?

Directory of Open Access Journals (Sweden)

MUSTAFA ALİ SARILI

2013-05-01

Full Text Available Value Added Tax (VAT is a tax imposed on the value added to a product at each stage of the production and distribution process. Value added is never taxed twice under VAT and thus cascading (tax on tax effects do not occur. It is a single tax on goods and services but the tax is collected multiple stages. At each of these stages, the amount of tax payable is computed by subtracting the tax previously paid on purchases from the tax charged on sales by the traders for each taxation period. In last three decades, VAT, a relatively new and better commodity taxation, has been introduced in many countries. It has replaced different types of sales taxes in such countries. This article attempts to evaluate VAT by comparing with other sales taxes.

Tax penalties in SME tax compliance

Directory of Open Access Journals (Sweden)

Artur Swistak

2016-03-01

Full Text Available Small business tax compliance requires special attention. On the one hand small businesses are often incapable of rigorously fulfilling their tax obligations, more vulnerable to external risks and tempted to exploit opportunities to be non-compliant. On the other hand, unlike larger businesses, they are usually sole proprietors or owner-operated businesses, hence highly responsive to personal, social, cognitive and emotional factors. These attributes pave the way to a better use of measures designed to influence their behavior and choices. This paper discusses the role and effectiveness of tax penalties in enhancing tax compliance in small businesses. It argues that tax penalties, although indispensable for tax enforcement, may not be a first-choice tool in ensuring tax compliance. Too punitive a tax regime is an important barrier to business formalization and increasing severity of tax penalties does not produce the intended results. To be effective, tax penalties should deter and motivate taxpayers rather than exert repressive measures against them.

Central bank independence and public debt policy

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Bovenberg, A.L.

1997-01-01

The various proposals for the institutional design of the European Monetary Union have drawn fresh attention to the link between monetary and public debt policies. This paper explores the strategic interaction between fiscal authorities setting public debt and the central bank controlling monetary

BASIC CONCEPTS OF TAX SECURITY AS PART OF THE FINANCIAL SECURITY OF UKRAINE

Directory of Open Access Journals (Sweden)

Sergiy Golikov

2016-11-01

the population, the level of shadow economy and low tax culture. The threat of the state of public finances is sufficiently large threat, but not the most dangerous, but the increase in the budget deficit and debt can affect significantly negatively on the tax security of Ukraine. The institutional environment is another threat to the tax security. Its main danger are the low efficiency of the tax authorities and uncertainty and ambiguity of legislation. Practical implications. In order to prevent a drop in tax security it is necessary to conduct continuous monitoring aforementioned factors on the sources of threats. All mentioned sources of threats would help the state authorities to build an effective Concept of Tax Security of Ukraine.

Debt and growth: A non-parametric approach

Science.gov (United States)

Brida, Juan Gabriel; Gómez, David Matesanz; Seijas, Maria Nela

2017-11-01

In this study, we explore the dynamic relationship between public debt and economic growth by using a non-parametric approach based on data symbolization and clustering methods. The study uses annual data of general government consolidated gross debt-to-GDP ratio and gross domestic product for sixteen countries between 1977 and 2015. Using symbolic sequences, we introduce a notion of distance between the dynamical paths of different countries. Then, a Minimal Spanning Tree and a Hierarchical Tree are constructed from time series to help detecting the existence of groups of countries sharing similar economic performance. The main finding of the study appears for the period 2008-2016 when several countries surpassed the 90% debt-to-GDP threshold. During this period, three groups (clubs) of countries are obtained: high, mid and low indebted countries, suggesting that the employed debt-to-GDP threshold drives economic dynamics for the selected countries.

7 CFR 3.21 - Referrals of Debts to Justice.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Referrals of Debts to Justice. 3.21 Section 3.21... and Compromise of Claims § 3.21 Referrals of Debts to Justice. An agency shall promptly refer to Justice for litigation debts on which aggressive collection activity has been taken in accordance with...

7 CFR 1403.4 - Demand for payment of debts.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Demand for payment of debts. 1403.4 Section 1403.4 Agriculture Regulations of the Department of Agriculture (Continued) COMMODITY CREDIT CORPORATION, DEPARTMENT... Demand for payment of debts. (a) When a debt is due CCC, an initial written demand for payment of such...

Development and foreign debt: The stylized facts 1970-2006

DEFF Research Database (Denmark)

Paldam, Martin

they are in crisis, and the debt grows and generates low growth in the next couple of decades. The analysis concentrates on two relations: (R1) the relation between borrowing and growth, and (R2) the relation between initial debt and growth. Both relations are negative, so essentially the stylized story of debt...

Tax Efficiency vs. Tax Equity – Points of View regarding Tax Optimum

Directory of Open Access Journals (Sweden)

Stela Aurelia Toader

2011-10-01

Full Text Available Objectives. Starting from the idea that tax equity requirements, administration costs and the tendency towards tax evasion determine the design of tax systems, it is important to identify a satisfactory efficiency/equity deal in order to build a tax system as close to optimum requirements as possible. Prior Work Previous studies proved that an optimum tax system is that through which it will be collected a level of tax revenues which will satisfy budgetary demands, while losing only a minimum ‘amount’ of welfare. In what degree the Romanian tax system meets these requirements? Approach We envisage analyzing the possibilities of improving Romanian tax system as to come nearest to optimum requirements. Results We can conclude fiscal system can uphold important improvements in what assuring tax equity is concerned, resulting in raising the degree of free conformation in the field of tax payment and, implicitly, the degree of tax efficiency. Implications Knowing to what extent it can be acted upon in the direction of finding that satisfactory efficiency/equity deal may allow oneself to identify the blueprint of a tax system in which the loss of welfare is kept down to minimum. Value For the Romanian institutions empowered to impose taxes, the knowledge of the possibilities of making the tax system more efficient can be important while aiming at reducing the level of evasion phenomenon.

REAL INTEREST RATES AND GOVERNMENT DEBT DURING STABILIZATION

OpenAIRE

Velasco, Andres

1989-01-01

High real interest rates typically accompany successful disinflations. If government deficits are financed with domestic debt, this behavior of interest rates can be destabilizing. High interest rates increase debt service costs and contribute to the accumulation of debt, threatening the whole anti-inflation effort. The exchange rate regime matters in this context. Under perfectly flexible exchange rates, the real interest rate is invariant to changes in the rate of money creation. By contras...

Medical student debt at the Christchurch School of Medicine. The New Zealand Wellbeing, Intentions, Debt and Experiences (WIDE) survey of medical students pilot study. Results part I.

Science.gov (United States)

Gill, D; Palmer, C; Mulder, R; Wilkinson, T

2001-10-26

To determine the level and sources of medical student debt at the Christchurch School of Medicine. A questionnaire, The New Zealand Wellbeing, Intentions, Debt, and Experiences (WIDE) Survey of Medical Students, was developed and administered to all 204 medical students at the Christchurch School of Medicine and Health Sciences. Included were questions on student demographics, sources and levels of debt, parental financial support, and student perceptions of their debt. The response rate was 88%. International students, whose debt was with an overseas government, and students with mortgages were excluded from the data analysis. The combined total debt for the remaining 165 students was $7775000 with $6290000 (81%) owed to the Government Students Loans scheme. One quarter of 6th year medical students had a debt over $83250, 50% had a debt over $70000, and 75% had a debt over $50000. Student allowances were inaccessible to 64% of 4th and 5th year students and part-time employment during term-time was common. Lack of funds was reported to impair full participation in the medical course. The majority of medical students at the Christchurch School of Medicine accumulate high levels of debt, mainly dtrough the Government Student Loans scheme, during their medical training.

48 CFR 2131.205-3 - Bad debts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Bad debts. 2131.205-3 Section 2131.205-3 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT, FEDERAL... PRINCIPLES AND PROCEDURES Contracts With Commercial Organizations 2131.205-3 Bad debts. Erroneous benefit...

Public debt, secular stagnation and functional finance

DEFF Research Database (Denmark)

Skott, Peter

2016-01-01

Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ...

Enhanced Debt Management: solving the eurozone crisis by linking debt management with fiscal and monetary policy

OpenAIRE

Werner, Richard A.

2014-01-01

Unconventional approaches to suit unusual circumstances have become acceptable in monetary policy, a formerly highly conservative discipline. In this paper it is argued that unconventional approaches should also be considered in sovereign debt management, in order to contribute to resolving the eurozone sovereign debt crisis. First, the Troika crisis lending to indebted sovereign borrowers in the eurozone is reviewed and compared with standard IMF post-crisis lending. The main difference and ...

The effect of education debt on dentists' career decisions.

Science.gov (United States)

Nicholson, Sean; Vujicic, Marko; Wanchek, Tanya; Ziebert, Anthony; Menezes, Adriana

2015-11-01

The purpose of the study was to determine whether there is an association between the amount of education debt on completing dental school (initial debt) and certain career decisions. The authors surveyed 1,842 practicing dentists who completed dental school between 1996 and 2011 to ascertain their initial education debt, the balance on their debt in 2013, and a variety of specialization and practice decisions made during their careers. Data also included demographic characteristics and parental income and education levels. Dentists with higher initial debt were less likely to specialize and more likely to enter private practice, accept high-paying jobs on graduation, and work longer hours. Choice of employment setting, practice ownership, and whether to provide Medicaid and charity care were associated with dentists' sexes and races but not debt. High debt levels influenced some career decisions, but the magnitude of these effects was small compared with the effects of demographic characteristics, including race and sex, on career choices. Policy makers concerned about the influence of student debt on the professional decisions of dental school graduates should recognize that students' demographic characteristics may be more powerful in driving career choices. Copyright © 2015 American Dental Association. Published by Elsevier Inc. All rights reserved.

26 CFR 1.1275-4 - Contingent payment debt instruments.

Science.gov (United States)

2010-04-01

... provides for an option to convert the debt instrument into the stock of the issuer, into the stock or debt... property in an amount equal to the approximate value of such stock or debt. (5) Remote and incidental... price that reflects a spread above a benchmark rate, the comparable yield is the sum of the value of the...

Digital Debt Management: The Everyday Life of Austerity

OpenAIRE

Stanley, Liam; Deville, Joe; Montgomerie, Johnna

2016-01-01

The age of austerity has seen large swathes of society adversely affected by ever-harsher austerity measures and protracted economic stagnation. This is compounded by the increasing routinisation of debt default and the everyday management of problematic levels of debt. This paper explores the everyday politics of indebtedness – the multifaceted ways in which household debt is transforming debtors' lives – and the forms of resistance it can give rise to. In particular we focus on the role pla...

Executive Compensation and the Cost of Debt

NARCIS (Netherlands)

Kabir, Rezaul; Liu, Hao; Veld-Merkoulova, Yulia V.

2013-01-01

This study examines how different components of executive compensation affect the cost of debt. We find that debt-like and equity-like pay components have differing effects: an increase in defined benefit pensions is associated with lower bond yield spread, while higher share holdings lead to higher

Looking afield: debt collection tips hospitals can borrow from banks.

Science.gov (United States)

Klein, Larry; Shelton, Greg

2015-09-01

When developing strategies for collecting on patient debt, hospitals can benefit from following the example of the banking industry: Banks take a "do-it-yourself" approach, working delinquent accounts in-house for as long as practical. They embrace technology to give in-house debt collectors optimal opportunity to connect with customers to work out terms for resolving debt. They strategically leverage outside collections agencies based on the makeup of their debt portfolio.

Changes in the demand for private medical insurance following a shift in tax incentives.

Science.gov (United States)

Rodríguez, Marisol; Stoyanova, Alexandrina

2008-02-01

The 1998 Spanish reform of the Personal Income Tax eliminated the 15% deduction for private medical expenditures including payments on private health insurance (PHI) policies. To avoid an undesired increase in the demand for publicly funded health care, tax incentives to buy PHI were not completely removed but basically shifted from individual to group employer-paid policies. In a unique fiscal experiment, at the same time that the tax relief for individually purchased policies was abolished, the government provided for tax allowances on policies taken out through employment. Using a bivariate probit model on data from National Health Surveys, we estimate the impact of said reform on the demand for PHI and the changes occurred within it. Our findings indicate that the total probability of buying PHI was not significantly affected by the reform. Indeed, the fall in the demand for individual policies (by 10% between 1997 and 2001) was offset by an increase in the demand for group employer-paid ones. We also briefly discuss the welfare effects on the state budget, the industry and society at large.

Debt Dilemma

Science.gov (United States)

Stewart, Pearl

2012-01-01

Recent reports point to soaring student loan debt and high rates of default as impediments to financial security for millions of Americans. A number of colleges and universities have addressed the issue with initiatives ranging from financial fixes to bold new models of higher education. The Institute for College Access and Success (TICAS)…

The dynamics and economic impact of foreign debt in South Africa

OpenAIRE

2010-01-01

D.Comm. Foreign debt affects the economy through three main channels, namely: the debt overhang effect, the liquidity constraint effect and the uncertainty effect. The main aim of this study is to derive an optimal level of foreign debt relative to Gross Domestic Product (GDP) for South Africa by investigating these channels. Incurring foreign debt is like a double edge sword. On the one side the foreign debt is needed for economic development (from a demand perspective) and on the other s...

Testing for a Debt-Threshold Effect on Output Growth.

Science.gov (United States)

Lee, Sokbae; Park, Hyunmin; Seo, Myung Hwan; Shin, Youngki

2017-12-01

Using the Reinhart-Rogoff dataset, we find a debt threshold not around 90 per cent but around 30 per cent, above which the median real gross domestic product (GDP) growth falls abruptly. Our work is the first to formally test for threshold effects in the relationship between public debt and median real GDP growth. The null hypothesis of no threshold effect is rejected at the 5 per cent significance level for most cases. While we find no evidence of a threshold around 90 per cent, our findings from the post-war sample suggest that the debt threshold for economic growth may exist around a relatively small debt-to-GDP ratio of 30 per cent. Furthermore, countries with debt-to-GDP ratios above 30 per cent have GDP growth that is 1 percentage point lower at the median.

Analysis of the debt burden in Russian economy sectors

Directory of Open Access Journals (Sweden)

Svetlana Popova

2017-12-01

Full Text Available This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy.

7 CFR 792.18 - Referral of debts to Department of Justice.

Science.gov (United States)

2010-01-01

... 7 Agriculture 7 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 792.18... § 792.18 Referral of debts to Department of Justice. (a) Debts that exceed $100,000.00 exclusive of... referred to the Department of Justice before they can be discharged. (b) Debts which cannot be compromised...

About the debt to the Pension Fund

CERN Multimedia

Association du personnel

2006-01-01

At the Finance Committee meeting on 15 March 2006, the Management tabled a document for the Delegations' attention concerning CERN's debt to the Pension Fund. In view of the interest rates currently on the market, the Management proposes to reimburse this debt by taking out a bank loan.

Book Review: IOU: The debt threat and why we must diffuse it | Iyayi ...

African Journals Online (AJOL)

Noreena Hertz's book - I.O.U.: The Debt Threat And Why We Must Defuse It - dedicates itself to the analysis of the huge foreign debt that is owed by. Third World countries. The analysis traces the history of the debt, the processes by which the debt is maintained, the forces that maintain the debt, the consequences of the debt ...

A Discussion on the European Debt Crisis by Fiscal Sociology

Directory of Open Access Journals (Sweden)

Chia-Jen Chang

2013-10-01

Full Text Available The purpose of this article is that discuss thereasons of European debt crisis. Every European country adopts austeritypolicy, which cannot solve government debt problems and further lead toeconomic exacerbation and continuous recession, based on the neoclassicaleconomic theory. In order to realize the root of European debt crisis, thisarticle adopts the reaseach method of fiscal sociology. In this study, wethink that the government debt problem is the result of economic profitsconflict based on the Fiscal Sociology. The economic profits conflict ofinvestment, consumption, international business and labor market will haveinfluence on the government’s revenue and expenditure. Furthermore, the root ofthe European debt crisis is the uneven income distribution by financializationand neoliberalism.

Tax Havens: International Tax Avoidance and Evasion

OpenAIRE

Gravelle, Jane G.

2009-01-01

The federal government loses both individual and corporate income tax revenue from the shifting of profits and income into low-tax countries, often referred to as tax havens. Tax havens are located around the world with concentrations in the Caribbean and Europe. Corporate profit shifting may cost up to $60 billion in revenue and remedies are likely to involve tax law changes. Individual income tax losses more often arise from tax evasion, and are facilitated by the lack of information report...

Government debt management in the euro area - recent theoretical developments and changes in practices

OpenAIRE

Guido Wolswijk; Jakob de Haan

2005-01-01

This paper reviews recent developments in the management of government debt in the euro area, covering both theoretical and practical aspects. It focuses on key aspects of debt management; the objectives of debt management, its organisation, the maturity of debt, inflation-indexation, currency-denomination, the ownership of debt, and debt issuing and trading practices. Main adjustments include an increase in autonomy of debt management agencies, and a convergence in debt maturities and in deb...

2017 Tax Competitiveness Report: The Calm Before the Storm

Directory of Open Access Journals (Sweden)

Philip Bazel

2018-02-01

in 2012 on the backs of provincial corporate tax hikes. Reforms in the U.S. are going to make that country a much more attractive place for investment than Canada because of the new tax advantages. However, Canada doesn’t have to accept this diminished status. Federal and provincial governments can do a number of things to offset the U.S. reforms. Corporate tax rates should be reduced so as to achieve a more neutral corporate tax structure. By doing things like scaling back the small business deduction and accelerated depreciation, Canada can reduce its corporate tax rate to 23 per cent, which would be just a bit below the U.S.’s combined federal-state figure without losing revenue. Sales taxes on capital purchases could be eliminated in some provinces, reforms could be made to the taxation of international income and incentives for debt financing reduced. Carbon revenues could be used to provide an offset for higher energy taxes businesses face in Canada. The U.S.’s tax reforms are going to affect the economies of all 92 countries studied in this report. Global policy-makers will likely respond with lower corporate rates putting even more pressure on Canada to respond if it wishes to continue to attract investment and remain competitive.

TAX RESEARCH Financial Accounting versus Tax Accounting - Tax Rules’ Impact on Investment Decisions

OpenAIRE

Dr.Sc. Skender Ahmeti; Dr.Sc. Muhamet Aliu; MSc. Alban Elshani; Yllka Ahmeti

2014-01-01

This paper provides guidance for all those interested in research related to tax. In the study are included three main areas dealing with taxes and about taxes: (1) the role of information in corporation tax expenditures under the rules and laws of the country against financial statements according to international accounting standards, (2) case study PTK; how much effective tax and tax on extra profit has it paid (3) the impact of tax rules on investment decisions - the reasons and profits o...

Concept of Tax Advising Within Tax Optimization

OpenAIRE

Svitlana Bychkova; Makarova Nadiya

2013-01-01

Tax advising is strictly individual service requiring knowledge in the fields of law, tax and accounting. Tax advising includes not only advising on taxation models depending on the economic entity type of activity, but it also deals with issues of tax optimization. In the article the authors have offered their views on the concept of tax consulting in the area of tax optimization (tax planning). The subject matter has been a set of the most rational and important settings that allow you to u...

The three hurdles of tax planning: How business context, aims of tax planning, and tax manager power affect tax

OpenAIRE

Feller, Anna; Schanz, Deborah

2014-01-01

The question of why some companies pay more taxes than others is a widely investigated topic of interest. One of the famous suspect explanations is a phenomenon called tax avoidance. We develop a holistic theoretical concept of influences on corporate tax planning through a series of 19 in-depth German tax expert interviews. Our findings show that three distinct hurdles in the tax planning process can explain different levels of tax expense across companies. Those three hurdles are which tax ...

7 CFR 1710.126 - Federal debt delinquency.

Science.gov (United States)

2010-01-01

... 7 Agriculture 11 2010-01-01 2010-01-01 false Federal debt delinquency. 1710.126 Section 1710.126... and Basic Policies § 1710.126 Federal debt delinquency. (a) Prior to approval of a loan or advance of... reasons for the delinquency must be explained, and RUS will take such explanation into consideration in...

Government Debt Reduction in the USA and Greece: A Comparative VECM Analysis

Directory of Open Access Journals (Sweden)

Gisele MAH

2016-11-01

Full Text Available The purpose of this paper is to estimate comparative debt reduction models for the USA and Greece using Vector Error Correction Model analysis and Granger causality test. The study provides an empirical framework that could assist in policy formulation for countries with high debt rates as well as those experiencing debt crises. The US model revealed a negative and significant relationship between general government debt and inflation as well as negative significance with primary balance. In Greece, the relationship between general government debts with primary balance is found to be positive and significant while negative and significant with net transfer from abroad. Granger causality is from general government debts to inflation in the USA and from primary balance to general government debts in Greece.

The biodiversity-dependent ecosystem service debt.

Science.gov (United States)

Isbell, Forest; Tilman, David; Polasky, Stephen; Loreau, Michel

2015-02-01

Habitat destruction is driving biodiversity loss in remaining ecosystems, and ecosystem functioning and services often directly depend on biodiversity. Thus, biodiversity loss is likely creating an ecosystem service debt: a gradual loss of biodiversity-dependent benefits that people obtain from remaining fragments of natural ecosystems. Here, we develop an approach for quantifying ecosystem service debts, and illustrate its use to estimate how one anthropogenic driver, habitat destruction, could indirectly diminish one ecosystem service, carbon storage, by creating an extinction debt. We estimate that c. 2-21 Pg C could be gradually emitted globally in remaining ecosystem fragments because of plant species loss caused by nearby habitat destruction. The wide range for this estimate reflects substantial uncertainties in how many plant species will be lost, how much species loss will impact ecosystem functioning and whether plant species loss will decrease soil carbon. Our exploratory analysis suggests that biodiversity-dependent ecosystem service debts can be globally substantial, even when locally small, if they occur diffusely across vast areas of remaining ecosystems. There is substantial value in conserving not only the quantity (area), but also the quality (biodiversity) of natural ecosystems for the sustainable provision of ecosystem services. © 2014 John Wiley & Sons Ltd/CNRS.

Analysis of debt leveraging in private power projects

International Nuclear Information System (INIS)

Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

1992-08-01

As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

Analysis of debt leveraging in private power projects

Energy Technology Data Exchange (ETDEWEB)

Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

1992-08-01

As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.

Carbon debt - Lost in the forest?

DEFF Research Database (Denmark)

Bentsen, Niclas Scott

2014-01-01

The concept of ‘carbon debt’ and carbon payback time with reference to bioenergy and biofuels was probably launched by anarticle in Science in 2008. The concept is increasingly seen as an indicator of the sustainability of bioenergy supply chains.Particularly for forest bioenergy supply chains...... the time lapse between harvest and regrowth may be a signifi cant factor for themodeled carbon debt. A meta-analysis of more than 250 model scenarios was conducted to evaluate the factors and assumptionsdetermining carbon debts and payback time of forest bioenergy supply chains. Factors such as spatial...... and temporal scale, biome,origin of the wood resource, which fossil fuels are displaced, forest history, baseline scenario, accounting principle, and databackground were included in the analysis. This paper discusses the evolution of the carbon debt concept, how different factorsand assumptions infl uence...

Foreign Debt: Causes and Measures Taken

Directory of Open Access Journals (Sweden)

Ion Botescu

2016-01-01

Full Text Available In an increasingly globalized world, any crisis, including the ones caused by the foreign debtdefault of a country, may have a negative impact which can be contagious both at regional and atglobal level. Taking into account all the risks to which international creditors were subjectedover time, thestock of foreign debt worldwide has experienced a significant increase in the current millennium,actually demonstrating that international lending is profitable. The causes of default, the measures taken by the concerned countries to get out of this situationand the specific examples were the elements which I have tried to capture in this paper. Last butnot least, I have performed an analysis of the evolution of the foreign debt stock and the repaymentcapacity of small and medium-income countries, respectively the most vulnerable countries interms of debt repayment.

Does More Progressive Tax Make Tax Discipline Weaker?

OpenAIRE

Tatiana Damjanovic

2005-01-01

This paper investigates the relationship between the disparity in tax base and tax collection. I address the tax collection problem with traditional industrial organization approach. Thus, I model the "tax minimization" industry where the supplier helps taxpayers to avoid their tax liability. I find that lower income inequality as well as a less progressive tax code may result in a smaller number of tax payers committing to their tax duties. Finally, I question the reduction in the highest ta...

Survey of emergency medicine resident debt status and financial planning preparedness.

Science.gov (United States)

Glaspy, Jeffrey N; Ma, O John; Steele, Mark T; Hall, Jacqueline

2005-01-01

Most resident physicians accrue significant financial debt throughout their medical and graduate medical education. The objective of this study was to analyze emergency medicine resident debt status, financial planning actions, and educational experiences for financial planning and debt management. A 22-item questionnaire was sent to all 123 Accreditation Council on Graduate Medical Education-accredited emergency medicine residency programs in July 2001. Two follow-up mailings were made to increase the response rate. The survey addressed four areas of resident debt and financial planning: 1) accrued debt, 2) moonlighting activity, 3) financial planning/debt management education, and 4) financial planning actions. Descriptive statistics were used to analyze the data. Survey responses were obtained from 67.4% (1,707/2,532) of emergency medicine residents in 89 of 123 (72.4%) residency programs. Nearly one half (768/1,707) of respondents have accrued more than 100,000 dollars of debt. Fifty-eight percent (990/1,707) of all residents reported that moonlighting would be necessary to meet their financial needs, and more than 33% (640/1,707) presently moonlight to supplement their income. Nearly one half (832/1,707) of residents actively invested money, of which online trading was the most common method (23.3%). Most residents reported that they received no debt management education during residency (82.1%) or medical school (63.7%). Furthermore, 79.1% (1,351/1,707) of residents reported that they received no financial planning lectures during residency, although 84.2% (1,438/1,707) reported that debt management and financial planning education should be available during residency. Most emergency medicine residency programs do not provide their residents with financial planning education. Most residents have accrued significant debt and believe that more financial planning and debt management education is needed during residency.

Brief history of US debt limits before 1939.

Science.gov (United States)

Hall, George J; Sargent, Thomas J

2018-03-20

Between 1776 and 1920, the US Congress designed more than 200 distinct securities and stated the maximum amount of each that the Treasury could sell. Between 1917 and 1939, Congress gradually delegated all decisions about designing US debt instruments to the Treasury. In 1939, Congress began imposing a limit on the par value of total federal debt outstanding. By summing Congressional borrowing authorizations outstanding each year for each bond, we construct a time series of implied federal debt limits before 1939. Copyright © 2018 the Author(s). Published by PNAS.

The Distinctive Role of Foreign Debt in Foreign Exchange Risk Management

DEFF Research Database (Denmark)

Aabo, Tom; Hansen, Marianna Andryeyeva; Muradoglu, Yaz Gulnur

Finance theory suggests that a positive (long) foreign exchange exposure can be offset by debt denominated in foreign currency (“foreign debt”) and empirical studies confirm that foreign debt is used for hedging purposes. We use detailed exposure information on a sample of medium-sized nonfinancial...... firms and show that in its practical hedging application, foreign debt is used distinctively different from derivatives (e.g. forward contracts). While the use of derivatives is associated with flow measures (foreign sales revenue), the use of foreign debt is solely associated with stock measures...... level which makes it possible to go deeper than previous studies in detecting the drivers behind foreign debt usage. The empirical results are important in order to understand the factors driving the use of foreign debt in non-financial firms....

Prefrontal system dysfunction and credit card debt.

Science.gov (United States)

Spinella, Marcello; Yang, Bijou; Lester, David

2004-10-01

Credit card use often involves a disadvantageous allocation of finances because they allow for spending beyond means and buying on impulse. Accordingly they are associated with increased bankruptcy, anxiety, stress, and health problems. Mounting evidence from functional neuroimaging and clinical studies implicates prefrontal-subcortical systems in processing financial information. This study examined the relationship of credit card debt and executive functions using the Frontal System Behavior Scale (FRSBE). After removing the influences of demographic variables (age, sex, education, and income), credit card debt was associated with the Executive Dysfunction scale, but not the Apathy or Disinhibition scales. This suggests that processes of conceptualizing and organizing finances are most relevant to credit card debt, and implicates dorsolateral prefrontal dysfunction.

Extinction debt: a challenge for biodiversity conservation.

Science.gov (United States)

Kuussaari, Mikko; Bommarco, Riccardo; Heikkinen, Risto K; Helm, Aveliina; Krauss, Jochen; Lindborg, Regina; Ockinger, Erik; Pärtel, Meelis; Pino, Joan; Rodà, Ferran; Stefanescu, Constantí; Teder, Tiit; Zobel, Martin; Steffan-Dewenter, Ingolf

2009-10-01

Local extinction of species can occur with a substantial delay following habitat loss or degradation. Accumulating evidence suggests that such extinction debts pose a significant but often unrecognized challenge for biodiversity conservation across a wide range of taxa and ecosystems. Species with long generation times and populations near their extinction threshold are most likely to have an extinction debt. However, as long as a species that is predicted to become extinct still persists, there is time for conservation measures such as habitat restoration and landscape management. Standardized long-term monitoring, more high-quality empirical studies on different taxa and ecosystems and further development of analytical methods will help to better quantify extinction debt and protect biodiversity.

Medical student debt and major life choices other than specialty

Directory of Open Access Journals (Sweden)

James Rohlfing

2014-11-01

Full Text Available Background: Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Methods: Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students. No incentives were offered for survey completion. Results: Responses were recorded from 102 US Allopathic medical schools (n=3,032, with 22 institutions (11 public, 11 private meeting inclusion criteria of 10% student body response proportion (n=1,846. Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Conclusions: Medical student debt and particularly debt

Medical student debt and major life choices other than specialty.

Science.gov (United States)

Rohlfing, James; Navarro, Ryan; Maniya, Omar Z; Hughes, Byron D; Rogalsky, Derek K

2014-01-01

Median indebtedness at graduation is now more than $170,000 for graduates of US Medical Schools. Debate still exists as to whether higher debt levels influence students to choose high paying non-primary care specialties. Notably, no previous research on the topic has taken into account cost of attendance when constructing a debt model, nor has any research examined the non-career major life decisions that medical students face. Medical students were surveyed using an anonymous electronic instrument developed for this study. The survey was delivered through a link included in a study email and students were recruited from school wide listservs and through snowball sampling (students were encouraged to share a link to the survey with other medical students). No incentives were offered for survey completion. Responses were recorded from 102 US Allopathic medical schools (n=3,032), with 22 institutions (11 public, 11 private) meeting inclusion criteria of 10% student body response proportion (n=1,846). Students with higher debt relative to their peers at their home institution reported higher frequencies of feeling callous towards others, were more likely to choose a specialty with a higher average annual income, were less likely to plan to practice in underserved locations, and were less likely to choose primary care specialties. Students with higher aggregate amounts of medical student loan debt were more likely to report high levels of stress from their educational debt, to delay getting married and to report disagreement that they would choose to become a physician again, if given the opportunity to revisit that choice. Increases in both aggregate and relative debt were associated with delaying having children, delaying buying a house, concerns about managing and paying back educational debt, and worrying that educational debt will influence one's specialty choice. Medical student debt and particularly debt relative to peers at the same institution appears to

Cascades in multiplex financial networks with debts of different seniority

Science.gov (United States)

Brummitt, Charles D.; Kobayashi, Teruyoshi

2015-06-01

The seniority of debt, which determines the order in which a bankrupt institution repays its debts, is an important and sometimes contentious feature of financial crises, yet its impact on systemwide stability is not well understood. We capture seniority of debt in a multiplex network, a graph of nodes connected by multiple types of edges. Here an edge between banks denotes a debt contract of a certain level of seniority. Next we study cascading default. There exist multiple kinds of bankruptcy, indexed by the highest level of seniority at which a bank cannot repay all its debts. Self-interested banks would prefer that all their loans be made at the most senior level. However, mixing debts of different seniority levels makes the system more stable in that it shrinks the set of network densities for which bankruptcies spread widely. We compute the optimal ratio of senior to junior debts, which we call the optimal seniority ratio, for two uncorrelated Erdős-Rényi networks. If institutions erode their buffer against insolvency, then this optimal seniority ratio rises; in other words, if default thresholds fall, then more loans should be senior. We generalize the analytical results to arbitrarily many levels of seniority and to heavy-tailed degree distributions.

42 CFR 413.89 - Bad debts, charity, and courtesy allowances.

Science.gov (United States)

2010-10-01

... 42 Public Health 2 2010-10-01 2010-10-01 false Bad debts, charity, and courtesy allowances. 413.89... Categories of Costs § 413.89 Bad debts, charity, and courtesy allowances. Link to an amendment published at 75 FR 49198, Aug. 12, 2010. (a) Principle. Bad debts, charity, and courtesy allowances are deductions...

To Sequestrate or not to Sequestrate in View of the National Credit ...

African Journals Online (AJOL)

Keywords: Advantage of creditors; civil suit; compulsory sequestration; concursus creditorum; credit agreements; debt counsellor; debt enforcement; debt relief measures; debt restructuring; debt review; discretion of court; National Credit Act; NCA; reckless credit; Section 129 notice; sequestration; sequestration applications; ...

DEPENDENCE OF COUNTRY RISK COMPARED TO THE FOREIGN DEBT LEVEL

Directory of Open Access Journals (Sweden)

Angelica BĂCESCU-CĂRBUNARU

2012-11-01

Full Text Available The article presents some of the fundamental aspects of country risk’dependence compared to foreign debt level. Starting from external debt burden we analyze the usage of foreign loans, foreign debt bearing capacity as well as the availability of data regarding the external debt. Country risk represents the exposure to losses which may occur in a business with a foreign partner, caused by specific events that are, at least partially, controlled by the partner country’ government. Macroeconomic analysis of economic and financial component of country risk involves how this risk is influenced by government policy, by the economic role of government, bypricing strategies, investment priorities, financial structures, macroeconomic policy, by the ability to obtain foreign funds, the level of external debt as well as the liquidity and cash flows in that country.

The Effect of Household Debt on Consumption in Thailand

OpenAIRE

Thitima Chucherd

2006-01-01

This paper describes the quantitative influence of household debt and wealth on total consumption in Thailand during the recession and recovery periods after the 1997 financial crisis. The analysis of the consumption function was based on the Life-Cycle and Permanent Income Hypotheses and used household survey data in Thailand. This empirical study found that debt positively influences consumption similar to wealth effect with greater impact of the latter. Moreover, positive debt effect can b...

26 CFR 1.271-1 - Debts owed by political parties.

Science.gov (United States)

2010-04-01

... has been active in the party no bad debt deduction will be allowed with respect to the loan. (b...), no deduction shall be allowed under section 166 (relating to bad debts) or section 165(g) (relating... appears that the bad debt was incurred to or purchased by, or the worthless security was acquired by, the...

THE DETERMINANTS OF HOUSEHOLD DEBT DEFAULT

OpenAIRE

ALFARO, RODRIGO; GALLARDO, NATALIA

2012-01-01

In this paper, we study household debt default behavior in Chile using survey data. Previous research in this area suggests financial and personal variables help estimate individual and group probabilities of default. We study mortgage and consumer default separately, as the default decisions and overall borrower behavior are different for each type of debt. Our study finds that income and income-related variables are the only significant and robust variables that explain default for both typ...

Deferred Tax Assets and Deferred Tax Expense Against Tax Planning Profit Management

Directory of Open Access Journals (Sweden)

Warsono

2017-09-01

Full Text Available The purpose of this study is to examine the probability of earnings management performed by Property and Real Estate companies listed in Indonesia Stock Exchange (BEI in the period 2011-2015. How to do the management to influence the accounting numbers can be either profit management through deferred tax assets, deferred tax expense and tax planning in the financial statements. This paper examines the effect of deferred tax assets deferred tax burden, and tax planning to earnings management conducted by the company. Data of the research is to use secondary data from company financial statements that were downloaded from the official website of Indonesia Stock Exchange. Using sampling technique is performed by purposive sampling. The study population is the Property and Real Estate companies listed in Indonesia Stock Exchange in the period 2011-2015. The study take sample as many as 34 companies Property and Real Estate in the Stock Exchange in 2011-2015. Hypothesis testing uses multiple regressions with SPSS software version 22. The result shows that the Deferred Tax Assets positive and significant effect on earnings management; while deferred tax expense and tax planning significant negative effect on earnings management.

TAX OPTIMIZATION, TAX AVOIDANCE OR TAX EVASION? CONTRIBUTIONS TO THE OFFSHORE COMPANIES’ LEGAL BACKGROUND

OpenAIRE

Eva ERDÕS

2010-01-01

Is it a legal or illegal activity to give money to establish offshore firms? What is the offshore practice is it a method of tax optimization, tax minimization or is it a harmful activity, which means tax avoidance or tax evasion. This question is very important in the European Union’s tax law system, because the EU tax law is against the harmful tax competition. Some member states’ legal system is permitted to use offshore companies’ rules, but in the European Union it is prohibited to estab...

Transparency in State Debt Disclosure. Working Papers. No. 17-10

Science.gov (United States)

Zhao, Bo; Wang, Wen

2017-01-01

We develop a new measure of relative debt transparency by comparing the amount of state debt reported in the annual Census survey and the amount reported in the statistical section of the state Comprehensive Annual Financial Report (CAFR). GASB 44 requires states to start reporting their total debt in the CAFR statistical section in FY 2006.…

The Domestic Origins of Sudan's External Debt Crisis

Directory of Open Access Journals (Sweden)

Abdel Rahman Ahmed Abdel Rahman

1995-12-01

Full Text Available Domestic factors played a significant role in Sudan's external debt crisis which emerged in the early 1980's. Personal rule and related political survival considerations undermined on-going economic adjustment programmes and prompted heavy external borrowing. Borrowing from abroad went unchecked because of the absence of an effective debt management system. It was also fuelled by economic corruption and the decline of cotton, Sudan's principal export crop. The absence of an effective debt management mechanism and economic corruption were a product of the lack of political and fiscal accountability in the context of personal rule.

TOP TAX SYSTEM - A common tax system for all nations

OpenAIRE

VIJAYA KRUSHNA VARMA

2011-01-01

TOP Tax system is a new tax system which can be used as a common tax system for all nations. This new tax system will be without present tax system’s all Direct and Indirect taxes accompanied by tax laws, tax exemptions, multiple tax collection departments to relieve 7 billion people of the world from the cobweb of ambiguous and complex tax structures, plethora of tax laws, mandatory and cumbersome accounting, auditing, tax returns and consequent quagmire of all tax related cases. Taxation, t...

China’s Debt Woes: Not Yet a “Lehman Moment”

Directory of Open Access Journals (Sweden)

Shalendra D. Sharma

2015-03-01

Full Text Available What explains the sharp increase in the Chinese economy's indebtedness, in particular the China's onshore corporate debt? Has the overall debt burden reached a threshold where it poses a systemic risk, thereby making the economy vulnerable to a "Lehman Moment" - with disorderly unwinding of the private sector and sovereign debt? What are the short and longer term implications of China's growing debt problems on domestic economic growth and the broader global political economy? What has Beijing done to ameliorate the problem, how effective were its efforts, and what must it do to deal with this problem?

Government guarantees and public debt in Croatia

Directory of Open Access Journals (Sweden)

Anto Bajo

2011-09-01

Full Text Available Government fi nancial and performance guarantees have been issued in Croatia since 1996, to support funding and ensure favourable borrowing conditions in the fi nancial market for companies in majority state ownership. However, government guarantees have rarely been part of defi ned strategies and goals of public debt and risk management. Despite their steady growth, the structure of active guarantees and their infl uence on Croatian public debt are still unknown. This paper analyses the amount and structure of state guarantees, their maturities and the authority and accountability for their management, and it compares the structure of guarantees in terms of economic sectors. The main objective of the paper is to determine the infl uence of government guarantees on the public debt growth.

Democracy, Political Competition and Public Debt

Directory of Open Access Journals (Sweden)

Lucian CROITORU

2015-06-01

Full Text Available There are two major preferences shaping political choices: one, regarding who should play the leading role in running the economy (mar-kets or politicians and the other, concerning social spending. According to reputation, leftist parties assign the leading role to politicians (i.e. the state, whereas rightist parties entrust mar-kets with the central role in running the econo-my. Right-wing parties’ reputation of not favoring social spending is not backed by facts. Since both the left and the right display similar behav-iors vis-à-vis social spending, it is preferable that markets play the central role in running the econ-omy. Flexible markets help economic growth and employment, reducing the need for high social spending. The freedom of property and freedom from corruption indexes show that, in Romania, the market has never played the central role in running the economy. People’s prevailing con-cern over their wellbeing ‘now’ rather than ‘to-morrow’ generates competition among political right and left for higher social spending, leading to high public debt. Neither left, nor right can guarantee sustainable limits for social benef ts and public debt. Capping the share of public debt in GDP by means of the Constitution provides no guarantee for public debt sustainability, but is worth a try.

A note on the neutrality of profit taxes with tax evasion and tax avoidance

OpenAIRE

Che-chiang Huang; Horn-in Kuo

2014-01-01

Traditional literature exploring the relationship between production and tax evasion ignores the impact of other activities on these two decisions. This paper incorporates firms' tax avoidance activities into the model of tax evasion. In contrast to conventional results, we find that profit tax is not necessarily neutral. In addition, the independency or separability of tax evasion and production decisions may not hold either whenever tax avoidance is present.

GOVERNMENT DEBT, INTEREST RATES AND INTERNATIONAL CAPITAL FLOWS: EVIDENCE FROM COINTEGRATION

OpenAIRE

Pene Kalulumia

2000-01-01

This paper examines the impact of government debt on interest rates in the United States, Germany, the United Kingdom and Canada. It builds on the general portfolio balance framework which allows for both direct and indirect tests of the link between public debt and interest rates, and uses the Johansen-Juselius multivariate cointegration techniques to perform these tests. Indirect tests in this model consist of investigating the debt impact on interest rates through the effects of debt on th...

Public Debt, Public Investment and Economic Growth in Mexico

Directory of Open Access Journals (Sweden)

Isaac Sánchez-Juárez

2016-03-01

Full Text Available The primary objective of this article is to answer the following two research questions: has the growing public debt of state governments promoted increased public investment? If the answer is yes, then does any increase in public investment lead to more growth in the Mexican states? Dynamic Models of panel data and the Generalized Method of Moments, with information for 32 states from 1993 to 2012, were used for this purpose. The econometric results confirmed that public debt is positively correlated with public investment and that this in turn generates economic growth. This does not mean that a good economic policy strategy has been followed, since the marginal positive impact of public investment, and therefore the public debt on the production per person, is reduced (1% increase in the interaction between public investment and public debt variable causes a 0.0005% increase in economic growth. This suggests deviations from the debt contracted for purposes other than production, which could lead to a situation of unsustainability of state public finances in the medium term.

DEBTS (PUBLIC AND EXTERNAL AND GROWTH – LINK OR NO LINK?

Directory of Open Access Journals (Sweden)

Vladimir Šimić

2012-12-01

Full Text Available Throughout history the world has been faced by high debts, with the recent global financial crisis intensifying the issue of increasing indebtedness (with respect to both public and external debts, especially in the light of sovereign debt crisis that some countries have been subject to recently. This paper explores the debt levels in Central, East and Southeast Europe and investigates their relation with growth. We use annual data on debts and growth from the WIIW database (The Vienna Institute for International Economic Studies and World Development Indicators (World Bank on 18 countries. By employing econometric analysis in the form of dynamic panel data analysis our investigation contributes to the literature by covering the recently very hot issue of the dangers of high indebtedness in the region of Central, East and Southeast Europe. Our findings send a strong warning about the need to keep the debts under control.

The Behavioral Bias of Foreign Debt Usage in Foreign Exchange Risk Management

DEFF Research Database (Denmark)

Aabo, Tom

We investigate the behavioral bias in the use of debt denominated in foreign currency (foreign debt) in managing foreign exchange risks. From a strictly financial (rational) point of view foreign debt and derivates are close substitutes. Whether e.g. a European firm sells forward US dollars against...... foreign exchange risk management in medium-sized, non-financial firms in Denmark and find a behavioral bias in the use of foreign debt. Among the firms that are internationally involved (operating revenues, costs and/or assets in foreign currency), on average a quarter of the financial debt is denominated...... in foreign currency. The use / non-use of foreign debt is positively related to a number of internationality measures but most significantly to the existence of subsidiaries abroad whereas the degree of usage is particularly related to the magnitude of foreign operating assets. The use of foreign debt...

48 CFR 1631.205-71 - FEHBP bad debts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true FEHBP bad debts. 1631.205-71 Section 1631.205-71 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL... AND PROCEDURES Contracts With Commercial Organizations 1631.205-71 FEHBP bad debts. Erroneous benefit...

Costs and benefits with public and investor-owned electric systems

International Nuclear Information System (INIS)

Bronner, K.M.

1990-01-01

This article discusses the analysis of the costs and benefits associated with public ownership of major utility projects and systems as opposed to private ownership. The topics discussed include the alleged benefits of public power systems, principles of cost benefit analysis, tax-exempt debt, state and local taxes and federal income taxes, benefit of 100 percent debt financing

THE TAX CONTROL AS A COMPONENT OF TAX ADMINISTRATION

Directory of Open Access Journals (Sweden)

Olga Zhuk

2017-03-01

Full Text Available In the article the features of tax control in the system of taxes administration were investigated. The basic approaches to the determination of tax control were defined. Principles of tax control that must be kept were defined and it will ensure efficiency and effectiveness of tax control. Basic forms of tax control were characterized. An advantages of horizontal monitoring that is one of the form of tax controls were directed. Key words: tax control, tax control forms, horizontal monitoring, documentaries, desk and actual checks.

Determinants of debt rescheduling in Eastern European countries

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Laušev Jelena

2011-01-01

Full Text Available This study utilizes Panel Logit Models applied to a set of macroeconomic, financial, and political variables to estimate the debt rescheduling probabilities of 15 Eastern European countries during the transition period from 1990-2005. These transition economies became a very attractive region for foreign investment. Specifically, the region became the largest recipient of net non-FDI flows among all emerging market regions in 2005. Therefore, it is relevant for policy makers and institutional and private foreign investors to investigate factors that influence debt rescheduling probabilities, as these may directly affect the size of and return on investments in these countries. Our findings suggest that policy efforts focused on reducing government expenditure, attracting foreign direct investment, increasing export revenues, and keeping a good repayment record result in low debt rescheduling probabilities and, in turn, decrease the cost of debt for these countries. This is a common finding for all countries in the sample, including those that have become EU members.

Maximizing federal Medicaid dollars: nursing home provider tax adoption, 2000-2004.

Science.gov (United States)

Miller, Edward Alan; Wang, Lili

2009-12-01

Since Medicaid is jointly financed by the federal and state governments, state officials have sought to offset state expenditures by maximizing federal contributions. One such strategy is to adopt a provider tax, which enables states to collect revenues from providers; those revenues are then used to pay for services rendered to Medicaid recipients, thereby leveraging federal matching dollars without concomitant increases in state expenditures. The number of states adopting a nursing home tax increased from thirteen to thirty-one between 2000 and 2004. This study seeks to identify the factors that spurred the rapid increase in nursing home provider taxes following implementation of the Balanced Budget Act of 1997. Results indicate that states with more powerful nursing home lobbies, lower proportions of private pay nursing home residents, worse fiscal health, weaker fiscal capacity, broader Medicaid eligibility, and nursing home supply restrictions were more likely to adopt. This implies that state officials react rationally to prevailing fiscal and programmatic circumstances when formulating policy under Medicaid and that providers seek relief, in part, from the adverse fiscal consequences of federal policy changes by promoting policy change at the state level.

Bureaucratic Tax-Seeking: The Danish Waste Tax

OpenAIRE

Christoffersen, Henrik; Svendsen, Gert Tinggaard

2000-01-01

Two main results in traditional tax theory states the following. First, general taxes minimize the welfare loss from changed relative prices. Second, because the total public budget tends to exceed the optimal size, a leader (here named 'troop leader') is needed in the budget process to prevent over-taxation. Nevertheless, differentiated taxes initiated by individual ministries generate a still larger proportion of total tax revenue, in particular under cover of taxing externalities such as e...

Is the quantity of government debt a constraint for monetary policy?

OpenAIRE

Mitra, Srobona

2015-01-01

This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level. A debt-constrained interest rate rule and the threshold level of debt are jointly estimated for Canada during the first decade of its inflation targeting regime of the 1990s. There are three main findings of this paper. First, a high government debt could constrain monetary policy...

Strategic debt in vertical relations : Evidence from Franchising

NARCIS (Netherlands)

de Jong, Abe; Jiang, Tao; Verwijmeren, Patrick

In this paper, we examine the strategic use of debt in franchise organizations. We focus on both the franchisee's and the franchisor's capital structures. The primary goal of this study is to examine whether franchisors impose limits on franchisees' debt levels to be able to increase their own

Integrating ICT Skills and Tax Software in Tax Education: A Survey of Malaysian Tax Practitioners' Perspectives

Science.gov (United States)

Ling, Lai Ming; Nawawi, Nurul Hidayah Ahamad

2010-01-01

Purpose: This study aims to examine the ICT skills needed by a fresh accounting graduate when first joining a tax firm; to find out usage of electronic tax (e-tax) applications in tax practice; to assess the rating of senior tax practitioners on fresh graduates' ICT and e-tax applications skills; and to solicit tax practitioners' opinion regarding…

Bureaucratic Tax-Seeking: The Danish Waste Tax

DEFF Research Database (Denmark)

Christoffersen, Henrik; Svendsen, Gert Tinggaard

2000-01-01

Two main results in traditional tax theory states the following. First, general taxes minimize the welfare loss from changed relative prices. Second, because the total public budget tends to exceed the optimal size, a leader (here named 'troop leader') is needed in the budget process to prevent...... over-taxation. Nevertheless, differentiated taxes initiated by individual ministries generate a still larger proportion of total tax revenue, in particular under cover of taxing externalities such as environmental pollution. We suggest that this situation leads to over-taxation for two reasons. First......, the absence of a strong and fully informed troop leader prevents rational coordination of collective action. Second, budget maximization leads to overwhelming fiscal pressure because bureaucracies are competing about resources just like fishermen or hunters (here named 'bureaucratic tax-seeking'). Taxing...

Subordinate debt, deposit insurance and market oriented monitoring of banks

Directory of Open Access Journals (Sweden)

Gaurav S. Chauhan

2016-09-01

Full Text Available We present a model of a bank with endogenous risk choices, where delegated monitoring by an active market in subordinate debt helps in containing the bank's risk shifting in the presence of deposit insurance. In comparison to static ex ante contracting, an active market enables continuous monitoring by subordinate debt to penalise the bank's risk shifting. The model is instrumental in deriving optimal level of subordinate debt required to achieve equilibrium where banks choose risk levels consistent with the first best as envisaged by a social planner. The optimal quantity of subordinate debt further eliminates any risk shifting associated even with risk insensitive premiums.

Globalization, Tax Competition and Tax Burden İn Turkey

Directory of Open Access Journals (Sweden)

Veli KARGI

2016-07-01

Full Text Available 1990’s world was quite different from the world of 1950’s. Especially in the last twenty years, the increasing involvement of Japan in the world economy since the 1990s, in addition to the dominance of globalization and market economy throughout the world, the rapid spread of information resulting from the developments in IT-technology and the international competition emerging in the field of technology have all led to some significant developments in the world economy. Reduction of high mobility income and corporate tax rates due to tax competition may cause an unjust distribution of the tax burden. The fact that indirect taxation constitutes about 70% of the tax revenues obtained in Turkey can be taken as an indication of the unfairness in the distribution of tax burden in Turkey. In this study, following a definition of globalization and tax competition, classification of tax competition, reasons for increasing tax competition, benefits and losses of tax competition are explained, and changes introduced by various countries in their tax systems due to tax competition, the distribution of tax burden resulting from tax competition in Turkey and the effectiveness of the new income tax law in Turkey in terms of tax competition are analyzed.

Alternative medicine - pain relief

Science.gov (United States)

Acupuncture - pain relief; Hypnosis - pain relief; Guided imagery - pain relief ... neck, shoulder, knee, or elbow) Osteoarthritis Rheumatoid arthritis Hypnosis is a focused state of concentration. With self- ...

TAX RESEARCH Financial Accounting versus Tax Accounting - Tax Rules’ Impact on Investment Decisions

Directory of Open Access Journals (Sweden)

Dr.Sc. Skender Ahmeti

2014-02-01

Full Text Available This paper provides guidance for all those interested in research related to tax. In the study are included three main areas dealing with taxes and about taxes: (1 the role of information in corporation tax expenditures under the rules and laws of the country against financial statements according to international accounting standards, (2 case study PTK; how much effective tax and tax on extra profit has it paid (3 the impact of tax rules on investment decisions - the reasons and profits of the company and the host country. We will try to summarize here the three areas of study and come to some conclusions on how to deal with fiscal policy in Kosovo. In addition, we will offer our opinion on some interesting and important questions for future research.

Government bond yields and foreign ownership of debt

NARCIS (Netherlands)

Broos, Menno; de Haan, Jakob

2012-01-01

We analyse the government bond yield spread vis-a-vis Germany for 10 countries in the euro area for the period 1991 to 2009. Our results suggest a positive relationship between the marginal impact of government debt on the spread and foreign ownership of the government debt of the country concerned

77 FR 65248 - Senior Executive Service; Public Debt Performance Review Board

Science.gov (United States)

2012-10-25

... Performance Review Board AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice. SUMMARY: This notice announces the appointment of the members of the Public Debt Performance Review Board (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career senior executives who are...

New England's Disadvantaged Populations Struggle the Most with Student Debt Repayment

Science.gov (United States)

Saas, Darcy Rollins

2016-01-01

Regularly reported statistics about high and growing student-loan debt levels, combined with increased rates of delinquency and default, have prompted calls to address the student-debt "crisis." For New England, with its highly educated population and large higher education industry, student-loan debt is an important economic policy…

State Debt of the Republic of Moldova as Essential Factor of the Country Risk

Directory of Open Access Journals (Sweden)

Rodica HINCU

2010-12-01

Full Text Available State Debt of the Republic of Moldova as Essential Factor of the Country Risk Abstract: This paper discusses issues concerning of the state debt risk related to the Republic of Moldova and the determinants of the state debt in the context of the country risk. Special attention is devoted to analyzing the dynamics and structure of Moldova's foreign debt by currency and sector, in terms of the components parts of the foreign debt risk of Moldova - refinancing risk, currency risk and interest rate risk. It is analyzed the external state debt, publicly guaranteed, and non-guaranteed private external debt.

Capital Income Tax Coordination and the Income Tax Mix

DEFF Research Database (Denmark)

Huizinga, Harry; Nielsen, Søren Bo

2005-01-01

in the mix of capital and labor taxes brought on by capital income tax coordination can potentially be welfare reducing. This reflects that in a non-cooperative equilibrium capital income taxes may be more distorting from an international perspective than are labor income taxes. Simulations with a simple...... model calibrated to EU public finance data suggest that countries indeed lower their labor taxes in response to higher coordinated capital income taxes. The overall welfare effects of capital income tax coordination, however, are estimated to remain positive.JEL Classification: F20, H87......Europe has seen several proposals for tax coordination only in the area of capital income taxation, leaving countries free to adjust their labor taxes. The expectation is that highercapital income tax revenues would cause countries to reduce their labor taxes. This paper shows that such changes...

The Greek Public Debt Path: From Zero to Infinity

OpenAIRE

Sardelis, Dimitris

2012-01-01

The aim of the present article is to treat the Greek public debt issue strictly as a curve fitting problem. Thus, based on Eurostat data and using the Mathematica technical computing software, an exponential function that best fits the data is determined modelling how the Greek public debt expands with time. Exploring the main features of this best fit model, it is concluded that the Greek public debt cannot possibly be serviced in the long run unless a radical growth is implemented and/or pa...

Educational Debt in the Context of Career Planning: A Qualitative Exploration of Medical Student Perceptions.

Science.gov (United States)

Phillips, Julie P; Wilbanks, Deana M; Salinas, Diana F; Doberneck, Diane M

2016-01-01

Phenomenon: Medical students in the United States face increasing educational debt because medical education costs have risen while public investment in higher education has declined. Contemporary students borrow more money and accumulate debt far surpassing that of previous generations of physicians, and both interest rates and terms of loan repayment have changed significantly in the last decade. As a result, the experiences of medical students differ from the experiences of physician educators. Little is known about how contemporary medical students view their debt in the context of career planning. Understanding contemporary U.S. medical students' lived experiences of educational debt is important, because high debt levels may affect medical students' well-being and professional development. The study's purpose was to explore contemporary students' views of their debt in the context of career planning. In 2012, 2nd-year medical students enrolled in a health policy course at one medical school were invited to write an essay about how debt influences their career choices. The authors analyzed 132 essays using immersion and crystallization and iterative, team-based coding. Code-recode strategies, member checking, and reflexivity ensured validity and rigor. Three themes emerged about the meaning of debt: debt symbolizes lack of social investment, debt reinforces a sense of entitlement, and debt is a collective experience. Four approaches to debt management emerged: anticipation, avoidance, acceptance, and disempowerment. Insights: Medical students' views of debt are more complex than previously reported. Medical educators should recognize that many students experience debt as a stressor, acknowledge students' emotions about debt, and invite discussion about the culture of entitlement in medical education and how this culture affects students' professionalism. At the same time, educators should emphasize that students have many repayment options and that regardless

THE USE OF COMPUTER APPLICATIONS IN THE STUDY OF ROMANIA'S PUBLIC DEBT

Directory of Open Access Journals (Sweden)

Popeanga Vasile

2011-07-01

Full Text Available Total public debt represents all monetary obligations of the state (government, public institutions, financial, administrative-territorial units at a time, resulting from internal and external loans (in lei and foreign currencies contracted on short, medium and long term, and the state treasury and its own obligations for the amounts advanced temporarily to cover the budget deficit. Loans may be contracted by the state through the Ministry of Finance, in his own name or guaranteed by it. Public debt is expressed in local currency or foreign currency, depending on where the contracts and loan conditions. In order to evaluate Romania's public debt, obligations denominated in another currency than the national currency is calculated using the exchange rate of National Bank of Romania. Also, total public debt of a country can be expressed in absolute values (to know the load on that country's economy which is subject to its creditors, the relative values as a percentage of GDP (to allow comparison over time and between countries and the average size per capita (to allow comparisons and analysis in time and space. Total public debt is calculated and separately manages its two forms, namely domestic public debt and external public debt. Ministry of Finance shall prepare and submit annually to the Government for approval and to Parliament for information, report on public debt, which contains information on government debt portfolio, debt service, public indebtedness indicators and information about primary and secondary market securities state and how to implement the medium-term strategy in managing government debt for the previous year. In order to make comparisons quick and effective on public debt dynamics in Romania, Excel 2010 has new features such as charts and sparkline slicers features which can help discover trends and statistics in accordance with existing data. The aim of this article is accurate assessment of Romania's public debt and its

A Study of Japanese Consumption Tax System : Mainly on Multiple Tax Rates and Input Tax Credit Methods

OpenAIRE

栗原, 克文

2007-01-01

One of the most important discussions on Japanese tax system reform includes how consumption tax (Value-added tax) system ought to be. Facing issues like depopulation, aging society and large budget deficit, consumption tax can be an effective source of revenue to secure social security. This article mainly focuses on multiple tax rates and input tax credit methods of Japanese consumption tax system. Because of regressive nature of consumption tax, tax rate reduction, exemption on foodstuffs ...

7 CFR 1403.17 - Referral of debts to Department of Justice.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Referral of debts to Department of Justice. 1403.17... PROCEDURES § 1403.17 Referral of debts to Department of Justice. Debts which cannot be collected in accordance with these regulations may be referred to the Department of Justice for collection action. ...

Government Debt and Long-Term Interest Rates

OpenAIRE

Noriaki Kinoshita

2006-01-01

This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of governme...

Different Tax Systems among Nations and International Tax Avoidance

OpenAIRE

栗原, 克文

2008-01-01

As economic globalization proceeds, tax policies of one nation influence others more and greater pressures are imposed on tax systems and tax administrations．The possibility of tax avoidance will expand if cross-border transactions are abused．Specifically, tax system differentials among countries increase the opportunity for tax avoidance．Under some tax avoidance schemes, foreign entities which have no or little economic substance are used to create artificial losses, so that they can minimiz...

Effect of Educational Debt on Emergency Medicine Residents: A Qualitative Study Using Individual Interviews.

Science.gov (United States)

Young, Timothy P; Brown, Madison M; Reibling, Ellen T; Ghassemzadeh, Sassan; Gordon, Dawn M; Phan, Tammy H; Thomas, Tamara L; Brown, Lance

2016-10-01

In 2001, less than 20% of emergency medicine residents had more than $150,000 of educational debt. Our emergency medicine residents anecdotally reported much larger debt loads. Surveys have reported that debt affects career and life choices. Qualitative approaches are well suited to explore how and why such complex phenomena occur. We aim to gain a better understanding of how our emergency medicine residents experience debt. We conducted individual semistructured interviews with emergency medicine residents. We collected self-reported data related to educational debt and asked open-ended questions about debt influence on career choices, personal life, future plans, and financial decisions. We undertook a structured thematic analysis using a qualitative approach based in the grounded theory method. Median educational debt was $212,000. Six themes emerged from our analysis: (1) debt influenced career and life decisions by altering priorities; (2) residents experienced debt as a persistent source of background stress and felt powerless to change it; (3) residents made use of various techniques to negotiate debt in order to focus on day-to-day work; (4) personal debt philosophy, based on individual values and obtained from family, shaped how debt affected each individual; (5) debt had a normative effect and was acculturated in residency; and (6) residents reported a wide range of financial knowledge, but recognized its importance to career success. Our emergency medicine residents' debt experience is complex and involves multiple dimensions. Given our current understanding, simple solutions are unlikely to be effective in adequately addressing this issue. Copyright © 2016 American College of Emergency Physicians. Published by Elsevier Inc. All rights reserved.

Risk of Debt-Based Financing in Indonesian Islamic Banking

Directory of Open Access Journals (Sweden)

Kharisya Ayu Effendi

2017-05-01

Full Text Available The purpose of this study is to know the risk of debt-based financing in Islamic banking in Indonesia by using an accounting based calculation, those are NPF analysis, Credit risk Z-score and Altman Z-score. This study is telling about the risk of debt-based finacing on Indonesian Islamic banking using an accounting based measurement, those are NPF analysis, Credit Risk Z-score analysis and Altman Z-score analysis. The data was obtained from 2011 to 2015 from the website of each bank. The result is a risk on debt-based financing on Indonesian Islamic banking is low. The measurement using 3 accounting based measurement tool gives a consistent result, that is Indonesian Islamic banking use a debt-based financing have a high financial stability and a low risk.DOI: 10.15408/aiq.v9i2.4821

Sovereign public debt crisis in Europe. A network analysis

Science.gov (United States)

Matesanz, David; Ortega, Guillermo J.

2015-10-01

In this paper we analyse the evolving network structure of the quarterly public debt-to-GDP ratio from 2000 to 2014. By applying tools and concepts coming from complex systems we study the effects of the global financial crisis over public debt network connections and communities. Two main results arise from this analysis: firstly, countries public debts tend to synchronize their evolution, increasing global connectivity in the network and dramatically decreasing the number of communities. Secondly, a disruption in previous structure is observed at the time of the shock, emerging a more centralized and less diversify network topological organization which might be more prone to suffer contagion effects. This last fact is evidenced by an increasing tendency in countries of similar level of public debt to be connected between them, which we have quantified by the network assortativity.

New tax law hobbles tax-exempt hospitals.

Science.gov (United States)

Goldblatt, S J

1982-03-01

The Economic Recovery Tax Act of 1981 left tax-exempt hospitals at a significant disadvantage in the competition for capital. Although the new law's accelerated depreciation schedules and liberalized investment tax credits contain some marginal benefits for tax-exempt hospitals, these benefits are probably more than offset by the impact of the law on charitable giving.

Debt and its aftermath : The Near Eastern background to Solon's seisachtheia

NARCIS (Netherlands)

Blok, J.H.; Krul, Julia

2017-01-01

Debts were a structural factor in the lives of small peasants in the entire ancient world. In Archaic Greece, Solon of Athens took the unique measure to cancel all debts, to abolish debt-slavery and to bring back those who had been sold abroad. For this innovation, he drew on the tradition of

SE debt restructuring plan

International Nuclear Information System (INIS)

Janoska, J.

2003-01-01

Slovenske elektrarne, a.s. (SE) plans to restructure one's own debts in 2003-2005. Debt restructuring plan is following: 2003: Collection of pre-payment on electricity - 60 million Euro (2.5 billion Slovak crowns), consumer unknown. Own promissory notes in total value of 100 million US$ (3.5 billion Slovak crowns) - in process. Sale of claims worth 2.4 billion Slovak crowns (57.21 million Euro) - negotiations in process. 2003/2004: Restructuring of loans payable IV. quarter 2003 and at the beginning of 2004 in value of 200 million Euro (8.3 billion Slovak crowns). Aim of SE is a new credit payable within 7 years, with instalments payable in the last two to three without any state subsidies. 2005: Loans worth 460 million Euro (189 billion Slovak crowns) will still remain. SE want to negotiate them with banks without state support

From tax evasion to tax planning

OpenAIRE

Bourgain, Arnaud; Pieretti, Patrice; Zanaj, Skerdilajda

2013-01-01

The aim of this paper is to analyze within a simple model how a re- moval of bank secrecy can impact tax revenues and banks' profitability assuming that offshore centers are able to offer sophisticated but legal or not easily detectable tax planning. Two alternative regimes are considered. A first in which there is strict bank secrecy and a second where there is international information exchange for tax purposes. We show in particular that sharing tax information with onshore coun- tries can...

Tax Law

NARCIS (Netherlands)

Schaper, Marcel; Hage, Jaap; Waltermann, Antonia; Akkermans, Bram

2017-01-01

Taxes are compulsory, unrequited payments to government. This chapter discusses the goals of taxation and provides an introduction to the most important taxes: taxes on income, taxes on goods and services, and taxes on property. Furthermore, the chapter offers insights to procedural issues of

The Effect of External Debt on Economic Growth in Sub-Saharan Africa

Directory of Open Access Journals (Sweden)

Bernardin Senadza

2018-01-01

Full Text Available Purpose: This paper examines the effect of external debt on economic growth in Sub-Saharan Africa (SSA in view of an upsurge in the level of external debt in many countries on the continent. Design/methodology/approach: The paper uses annual data for 39 SSA countries from 1990 to 2013 and employs the System Generalised Methods of Moments (GMM estimation technique. Findings: The paper finds that external debt negatively affects economic growth in SSA. Categorization of countries based on per capita income however does not affect the external debt-growth nexus, neither does there exist a non-linear relationship between external debt and economic growth. Research limitations/implications: The finding of a negative relationship between external debt and growth does not necessarily imply that SSA countries should cut back on foreign borrowing in other to boost growth. Rather, given the huge savings gaps in some of the countries, what governments in SSA must do is to ensure that the foreign loans are invested in projects that would eventually generate enough returns to amortize the debt. Originality/value: Not only does the present paper extend to more recent data but we also apply one of the frontier econometric techniques - the system GMM approach - to unravel the external debt-economic growth dynamics in SSA.

A model of the demand for Islamic banks debt-based financing instrument

Science.gov (United States)

Jusoh, Mansor; Khalid, Norlin

2013-04-01

This paper presents a theoretical analysis of the demand for debt-based financing instruments of the Islamic banks. Debt-based financing, such as through baibithamanajil and al-murabahah, is by far the most prominent of the Islamic bank financing and yet it has been largely ignored in Islamic economics literature. Most studies instead have been focusing on equity-based financing of al-mudharabah and al-musyarakah. Islamic bank offers debt-based financing through various instruments derived under the principle of exchange (ukud al-mu'awadhat) or more specifically, the contract of deferred sale. Under such arrangement, Islamic debt is created when goods are purchased and the payments are deferred. Thus, unlike debt of the conventional bank which is a form of financial loan contract to facilitate demand for liquid assets, this Islamic debt is created in response to the demand to purchase goods by deferred payment. In this paper we set an analytical framework that is based on an infinitely lived representative agent model (ILRA model) to analyze the demand for goods to be purchased by deferred payment. The resulting demand will then be used to derive the demand for Islamic debt. We also investigate theoretically, factors that may have an impact on the demand for Islamic debt.

MOTIVASI BONUS, PAJAK, DAN UTANG DALAM TINDAKAN MANAJEMEN LABA (STUDI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013-2015

Directory of Open Access Journals (Sweden)

Novia Fitri Kusumawardani

2017-10-01

Full Text Available The objective of the empirical study is to examine and analyze the influence of Bonus Motivation, Tax Motivation, and Debt Motivation in Earning Management. The variables studied are bonus, tax, debt, firm size, and earning management. The sample of this study is the manufacture company that listed in Indonesia Stock Exchange in 2013 until 2015. The sample used in this study were 165 samples. The classical assumption used is normality test, multicollinearity, autocorrelation, and heteroscedasticity test. Hypothesis test used is the coefficient of determination (R ², simultant test (F-test and invidual test(t-test. The results of this study indicate that (1 Bonus Motivation has positive significant influence in earning management. (2 Tax Motivation has positive significant influence in earning management (3 Debt Motivation has positive significant influence in earning management. Keywords: Earning Management, Bonus, Income Tax, Debt to Assets Ratio, Firm Size.

Redistributive Effects of Income Tax Rates and Tax Base 1984-2009: Evidence from Japanese Tax Reforms

OpenAIRE

Miyazaki, Takeshi; Kitamura, Yukinobu

2014-01-01

The primary objective of this paper is to examine how and to what extent changes in income tax rates and income tax deductions affect income inequality from longitudinal perspectives, by using microdata from Japanese individuals and households. The findings of this paper could shed light on the effects of tax rates and tax deduction on tax progressivity. First, redistributive effects of the Japanese income tax are likely to decline for the period 1984-2009. Second, the income tax reforms, i.e...

Interactions between Corporate Governance, Bankruptcy Law and Firms Debt Financing: the Brazilian Case

Directory of Open Access Journals (Sweden)

Bruno Funchal

2008-07-01

Full Text Available This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms’ cost of debt and amount (and variation of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.

Excise Tax Avoidance: The Case of State Cigarette Taxes

Science.gov (United States)

DeCicca, Philip; Kenkel, Donald; Liu, Feng

2013-01-01

We conduct an applied welfare economics analysis of cigarette tax avoidance. We develop an extension of the standard formula for the optimal Pigouvian corrective tax to incorporate the possibility that consumers avoid the tax by making purchases in nearby lower-tax jurisdictions. To provide a key parameter for our formula, we estimate a structural endogenous switching regression model of border-crossing and cigarette prices. In illustrative calculations, we find that for many states, after taking into account tax avoidance the optimal tax is at least 20 percent smaller than the standard Pigouvian tax that simply internalizes external costs. Our empirical estimate that tax avoidance strongly responds to the price differential is the main reason for this result. We also use our results to examine the benefits of replacing avoidable state excise taxes with a harder-to-avoid federal excise tax on cigarettes. PMID:24140760

Excise tax avoidance: the case of state cigarette taxes.

Science.gov (United States)

DeCicca, Philip; Kenkel, Donald; Liu, Feng

2013-12-01

We conduct an applied welfare economics analysis of cigarette tax avoidance. We develop an extension of the standard formula for the optimal Pigouvian corrective tax to incorporate the possibility that consumers avoid the tax by making purchases in nearby lower tax jurisdictions. To provide a key parameter for our formula, we estimate a structural endogenous switching regression model of border-crossing and cigarette prices. In illustrative calculations, we find that for many states, after taking into account tax avoidance the optimal tax is at least 20% smaller than the standard Pigouvian tax that simply internalizes external costs. Our empirical estimate that tax avoidance strongly responds to the price differential is the main reason for this result. We also use our results to examine the benefits of replacing avoidable state excise taxes with a harder-to-avoid federal excise tax on cigarettes. Copyright © 2013 Elsevier B.V. All rights reserved.

Risk, opportunities and reasons of the household debt changes: The case of an emerging economy

Directory of Open Access Journals (Sweden)

Sisimogang Tracy Seane

2016-11-01

Full Text Available In the past decades, household debt in both developed and developing countries have been increasing. With an increase in the standard of living, household debt is also bound to increase. This paper examines the cointergation and causal link among household disposable income, household savings, debt service ratio, lending interest rate, consumer price index and household debt in South Africa. An Autoregressive Distributed Lag and Granger causality techniques was used to analyse data collected from the South African Reserve Bank and Quantec from 1984 to 2014. The results of Autoregressive Distributed Lag test revealed cointegrating relationships between household debt and debt service ratio as well as household debt and lending interest rate. However, there is no long run cointegrating relationship between household disposable income, household savings and consumer price index with household debt. The Granger causality results revealed that household disposable income, household savings, debt service ratio, lending interest rate, consumer price index do Granger cause household debt in South Africa. Policy makers should thus target these variables in order to reduce household debt in South Africa

Does an Uncertain Tax System Encourage "Aggressive Tax Planning"?

OpenAIRE

James Alm

2014-01-01

"Aggressive tax planning" (ATP) is typically characterized as a tax scheme that reduces the effective tax rate of a particular type of income to a level below the one sought by fiscal policy for this income. One motivation often suggested for its use is the uncertainty in tax liabilities introduced by a complicated and ever changing tax system. In this paper, I examine the impact of an uncertainty on the use of such tax schemes; by implication, I also examine how a simpler and more stable tax...

26 CFR 1.593-5 - Addition to reserves for bad debts.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Addition to reserves for bad debts. 1.593-5... bad debts. (a) Amount of addition. As an alternative to a deduction from gross income under section... a deduction under section 166(c) for a reasonable addition to a reserve for bad debts. In the case...

26 CFR 1.593-7 - Establishment and treatment of reserves for bad debts.

Science.gov (United States)

2010-04-01

....593-10. (2) Bad debt losses. Any bad debt in respect of a nonqualifying loan shall be charged against the reserve for losses on nonqualifying loans, and any bad debt in respect of a qualifying real... option of the taxpayer, however, any bad debt in respect of either class of loans may be charged in whole...

Dividends and Taxes: Evidence on Tax-Reduction Strategies.

OpenAIRE

Chaplinsky, Susan; Seyhun, H Nejat

1990-01-01

This article investigates two aspects of dividend tax avoidance not addressed by prior research. First, it examines the aggregate dividend tax savings provided to individuals through tax-exempt and tax-deferred accumulators. Using the Internal Revenue Service Individual Income Tax Model, it then proceeds to determine whether specific provisions of the Internal Revenue Code, such as the preferential treatment of capital gains, the investment-interest limitation, and the $100 dividend exclusion...

New Leverage for Increasing Tax Revenues in Turkey: Traditional Tax Applications Supported by Electronic Tax Audits

Directory of Open Access Journals (Sweden)

Ozge Onkan

2016-07-01

Full Text Available In this study, it is examined for the period 2000- 2015 in Turkey that increasing the electronic applications regarding tax audits had the effects on the required amount of tax levied as a result of tax audits. Tax Inspectors reach strategic information without uneasiness by means of electronic applications developed by some institutions such as Electronic Risk Analysis that Tax Inspection Board founded in 2011 and Revenue Administration as institutions designated by law for auditing tax in Turkey. Thus, this leads to an increase the tax revenues obtained in the course of tax audits compared to the times when there is not electronic applications.

26 CFR 1.6049-7T - Market discount fraction reported with other financial information with respect to REMICs and...

Science.gov (United States)

2010-04-01

... financial information with respect to REMICs and collateralized debt obligations (temporary). 1.6049-7T... TAX (CONTINUED) INCOME TAXES Information Returns § 1.6049-7T Market discount fraction reported with other financial information with respect to REMICs and collateralized debt obligations (temporary). For...

Money circulation and debt circulation: A restatement of quantity theory of money

OpenAIRE

Xing, Xiaoyun; Xiong, Wanting; Chen, Liujun; Chen, Jiawei; Wang, Yougui; Stanley, H. Eugene

2018-01-01

Both money and debt are products of credit creation of banks. Money is always circulating among traders by facilitating commodity transactions. In contrast, debt is created by borrowing and annihilated by repayment as it is matured. However, when this creation- annihilation process is mediated by banks which are constrained by a credit capacity, there exists continuous transfer of debt among debtors, which can be defined as debt circulation. This paper presents a multi-agent model in which in...

Sul rientro dal debito pubblico. (On the Reduction of Public Debt

Directory of Open Access Journals (Sweden)

Francesco Carlucci

2012-08-01

Full Text Available A theoretical model is developed for the ratio primary-surplus/GDP that a Country has to attain over a given number of years, to lower its public debt from the present value to one a-priori fixed. Such a ratio depends on the average interest rate paid on the outstanding stock of debt as well as inflation and real growth rates. The ratio primary-surplus/GDP is then determined for Germany, Greece and Italy, supposing that 20 years are necessary for lowering the debt to 60% of GDP, as indicated in the Budget Pact approved by 25 EU member States. Results are reported in graphs and show how the German debt can be easily diminished, whilst debts in Greece and Italy can be reduced with a greater difficulty.  JEL: E63, H62, C65 

Еffect of debt on financial flows of dairy plants

Directory of Open Access Journals (Sweden)

N.L. Vylchynska

2017-03-01

Full Text Available The article examines the need in analytical support and management of accounts payable as forming factors of liquidity. It deals with the state and tendencies in formation of types of debt by the example of milk processing enterprises. The comparative analysis of the debt ratios at the company is carried out. It includes the settlements with debtors and creditors related to incoming and outgoing financial flows. The status of such calculations significantly affect the financial results of the company and its development. Therefore, the research of types of debt as the important factor in increasing the efficiency of the enterprise is of particular relevance. Economic relations between economic entities create the conditions where they can act both as sellers and buyers causing the objective of various types of debt. The presence of debt types is caused by various reasons, for instance, the incompliance of finished goods shipment, performance of works or services, receipt of commodity-material values, accrual payments to the moment of payment. Accounts receivable have a significant share in the composition of current assets. Therefore, the important place is given to the analysis of receivables when the company analyzes the turnover of its working capital. The source of the analysis is an enterprise balance sheet, the data of analytical accounting are used for the internal analysis. The detailed analysis of accounts receivable is carried out in order to take current management decisions on their reduction, and use timely actions for recovering doubtful receivables. In managing receivables and payables one should regularly monitor their ratio level, turnover rates and the period of maturity. In addition to these quantitative indicators one should also calculate quality indicators, in particular, to identify the groups of products, which account for the largest share in debt. The imbalance between the types of debt leads to uncontrolled growth in

CEO Power, Corporate Tax Avoidance and Tax Aggressiveness

OpenAIRE

GATOT SOEPRIYANTO

2017-01-01

My thesis investigates the association between CEO power, corporate tax avoidance and tax aggressiveness, using two organizational theory perspectives: self-interest and stewardship. I find that a powerful CEO engages in less corporate tax avoidance activities, which lends credence to the risk minimization motive of the stewardship perspective. My findings on the association between CEO power and tax aggressiveness show that powerful CEOs avoid risky tax avoidance strategies that expose a fir...

Principles of subsidiarity and proporcionality in tax law enforcement

Directory of Open Access Journals (Sweden)

Karina Ponomareva

2017-01-01

Full Text Available Subject. The principles of subsidiarity proportionality, which serve as the basic principles fordetermining the competence of integration associations, are considered in the article.Aim. The aim of this paper is to analyse the place and the importance of Member States’ obligationsderiving from the EU legal order in order to address the relationships between EU lawand national tax law, as well as to analyse the practice of using of principles of subsidiarity andproportionality by the highest courts of the Russian Federation as a federal state.Methodology. The author uses methods of theoretical analysis, particularly the theory ofintegrative legal consciousness, as well as legal methods, including formal legal method andcomparative law.Results, scope. The exercise of power by the European Union in the areas of shared competencemust respect the principle of subsidiarity. The founding Treaties make clear thatsubsidiarity is a legal enforceable legal principle. However. the case law of the EuropeanCourt of Justice reveals that the enforcement of subsidiarity as a judicial principle has beenineffective.The article examines cross-border loss relief for group companies in the context of EuropeanUnion law and considers how this has affected Member States such as the UK. Thecase law of the Court of Justice is then analysed in an attempt to assess whether some ofthe principles set out in these legislative initiatives found their way to Member State lawsthrough the Court's jurisprudence. Following this, the judicial and legislative response tothe Marks & Spencer judgment in the UK are critically assessed.The practical suggestions are looking at developing EU compatible tax principles to be appliedto cross-border taxation within the EU.Having considered the principles of subsidiarity and proportionality in the context of interactionbetween integration and national tax law, the author suggests directions for improvingthe practice of integration tax law. The

Estimating the optimal growth-maximising public debt threshold for ...

African Journals Online (AJOL)

kirstam

Dr N. Mupunga is at the Reserve Bank of Zimbabwe, and Prof. P. le Roux is .... The debt overhang has also led to a huge credit risk premium for both ..... includes gross government debt-to-GDP and economic growth ratios, including almost all ...

Tax Planning Implementation on Income Tax, Article 23 as A Legal Effort To Minimize Tax Expense Payable

Directory of Open Access Journals (Sweden)

Achmad Daengs GS

2017-03-01

Full Text Available An effort to minimize tax burden can be done in various ways start from inside the scope of taxation regulation to violate the taxation regulation. This research focuses on related Laws with the efforts to minimize Income tax. In general tax planning referred to engineered the business process and tax payer transaction. The aim is tax payable in minimal number but under taxation regulation scope. The outline of this study focus on planning effort of Tax Income Article 23 to minimize tax expense payable run in PT. TRIPERKASA AMININDAH Surabaya. Tax planning that done in this company refer to provision  in accordance with  Directorate General of Tax Decision Number : Kep-305/PJ/2001 on the estimates of nett income. Tax planning had done by this company in addition to refer the regulation also based on the condition of this company which experiencing poor performance. Then the aim that will be reached from that tax planning to reach minimal expense over the Income Tax Article 23 it can be done with gross up method. From the analysis result on the alternative it can draw a conclusion that PT. TRIPERKASA AMININDAH  Surabaya  has made adjustments on the regulation above, calculation of Income Tax Article 23 with gross up method in fact be able to saving the tax then suitable with the tax planning aim that is effort to minimize tax expense payable.

76 FR 64429 - Senior Executive Service; Public Debt Performance Review Board (PRB)

Science.gov (United States)

2011-10-18

... DEPARTMENT OF THE TREASURY Bureau of the Public Debt Senior Executive Service; Public Debt Performance Review Board (PRB) AGENCY: Bureau of the Public Debt, Treasury. ACTION: Notice of Members of... reviews the performance appraisals of career senior executives who are below the level of Assistant...

MODALITIES OF LOCAL DEBT ANALYSIS IN THE NORTH-WEST REGION OF ROMANIA

Directory of Open Access Journals (Sweden)

Ioan BĂTRÂNCEA

2016-12-01

Full Text Available Public debt is a topic of great interest, problem tracked over the years and has worsened with the outbreak of the second wave of financial crisis around the world, namely the sovereign debt crisis . Among the countries affected by this phenomenon are, along with countries like Greece, Italy, Spain and Portugal, our country whose public debt has doubled in the past four years and will affect future regional development in Romania. In late 2010, the Romanian government debt (according to ESA 95 methodology reached 31.02 % of GDP. Although this indicator falls comfortably within the 60 % of GDP Maastricht Treaty, its growth rate remains worrying. In 2012 there was a level of government debt ( EU methodology - ESC 95 37.8 % of GDP, and for 2013 the estimated level of government debt is below 36.4 % of GDP ( 51 billion euro ranging is below the Maastricht Treaty provided for 60% of GDP, an advantage for Romania , given the new rules on public debt and budget deficit introduced by the new rules of economic governance at the European level , the concept of prudent fiscal policy becomes central . This is a reason for adopting a pro- active stance by continuing fiscal consolidation measures. That is why in this paper the authors present an analysis of public debt based on a correlated system of indicators.

The Virtual Debt Factory: Towards an Analysis of Debt and Abstraction in the American Credit Crisis

Directory of Open Access Journals (Sweden)

Vincent R. Manzerolle

2010-08-01

Full Text Available Emanating from the United States, the ongoing global credit crisis has provided important insights into a shady new area of capitalist exploitation: the consumer debt factory. In an effort to speed up and quantifiably increase the circulation of consumer credit to match the consumption needs of post-Fordist accumulation, this industry—comprising financial institutions, consumer database companies, and credit rating agencies—has created a highly detailed body of information to stand-in for the corporeal self. This paper therefore examines this industry’s conceptualization of the self as a disembodied mechanism for mass-producing debt, creating a highly volatile informational commodity divorced from all material constraints. In using the credit crisis as a focal point, this paper considers how the far-reaching credit apparatus at the heart of the debt factory gives rise to the fatal abstractions that support, and ultimately undermine, contemporary capitalist economies. By substituting data for flesh, the credit industry has created an antagonism between the material and informational forms of the self, resulting in the construction of a virtual debtors prison. The ensuing analysis will highlight both the exploitative nature of this bifurcation as well as its profound contradictions.

Principles of land debt as a kind of real collateral

Directory of Open Access Journals (Sweden)

Pavićević Aleksandra

2014-01-01

Full Text Available The issue of the work is an analysis of characteristics of land debt, known as non-accessory real right securing claims in German and Swiss law. Using the method of comparative analysis of the characteristics of this property right, author determines the similarities and differences of land debt in relation to similar types of rights, in particular in relation to a mortgage, as most similar security right, from the group of liens. Since the Draft Code of ownership and other property real rights in Serbia in 2006. proposed the introduction of real debt in Serbian law, the author of the paper examines the advantages and disadvantages of this concept in order to evaluate this assessment.. As an essential difference to the lien, the author defines the non-accessory character of land debt and multifunctional purpose. The author advocates the introduction of institute of land debt in future Serbian law, as the original non-accessory real security right (sui generis that represents functional addittion to accessory mortgage.

The relationship between alcohol taxes and binge drinking: evaluating new tax measures incorporating multiple tax and beverage types.

Science.gov (United States)

Xuan, Ziming; Chaloupka, Frank J; Blanchette, Jason G; Nguyen, Thien H; Heeren, Timothy C; Nelson, Toben F; Naimi, Timothy S

2015-03-01

U.S. studies contribute heavily to the literature about the tax elasticity of demand for alcohol, and most U.S. studies have relied upon specific excise (volume-based) taxes for beer as a proxy for alcohol taxes. The purpose of this paper was to compare this conventional alcohol tax measure with more comprehensive tax measures (incorporating multiple tax and beverage types) in analyses of the relationship between alcohol taxes and adult binge drinking prevalence in U.S. states. Data on U.S. state excise, ad valorem and sales taxes from 2001 to 2010 were obtained from the Alcohol Policy Information System and other sources. For 510 state-year strata, we developed a series of weighted tax-per-drink measures that incorporated various combinations of tax and beverage types, and related these measures to state-level adult binge drinking prevalence data from the Behavioral Risk Factor Surveillance System surveys. In analyses pooled across all years, models using the combined tax measure explained approximately 20% of state binge drinking prevalence, and documented more negative tax elasticity (-0.09, P = 0.02 versus -0.005, P = 0.63) and price elasticity (-1.40, P tax. In analyses stratified by year, the R-squares for models using the beer combined tax measure were stable across the study period (P = 0.11), while the R-squares for models rely only on volume-based tax declined (P tax measures, combined tax measures (i.e. those incorporating volume-based tax and value-based taxes) yield substantial improvement in model fit and find more negative tax elasticity and price elasticity predicting adult binge drinking prevalence in U.S. states. © 2014 Society for the Study of Addiction.

75 FR 68956 - Debt Collection

Science.gov (United States)

2010-11-10

... and procedure, Debt collection. Authority and Issuance 0 Accordingly, for the reasons stated in the..., divorce, death, or disability. (2) The request for special review must include an alternative proposed...

A choice experiment on tax: Are income and consumption taxes equivalent?

OpenAIRE

Kurokawa, Hirofumi; Mori, Tomoharu; Ohtake, Fumio

2016-01-01

We test the equivalence of income and consumption taxes through a choice experiment. Under a given set of income and consumption parameters, subjects were asked to choose among an income tax of 20%, a consumption tax of 25% (which is an equivalent tax burden), a consumption tax of 22%, and a consumption tax of 20%. Our results showed that subjects prefer income tax to consumption tax when the nominal consumption tax rate is higher than the nominal income tax rate. However, subjects tend to pr...

Using Machine Learning in Environmental Tax Reform Assessment for Sustainable Development: A Case Study of Hubei Province, China

Directory of Open Access Journals (Sweden)

Yinger Zheng

2016-11-01

Full Text Available During the past 30 year of economic growth, China has also accumulated a huge environmental pollution debt. China’s government attempts to use a variety of means, including tax instruments to control environmental pollution. After nine years of repeated debates, the State Council Legislative Affairs Office released the Environmental Protection Tax Law (Draft in June 2015. As China’s first environmental tax law, whether this conservative “Environmental Fee to Tax (EFT” reform could improve the environment has generated controversy. In this paper, we seek insights to this controversial issue using the machine learning approach, a powerful tool for environmental policy assessment. We take Hubei Province, the first pilot area as a case of EFT, and analyze the institutional incentive, behavior transformation and emission intensity reduction performance. Twelve pilot cities located in Hubei Province were selected to estimate the effect of the reform by using synthetic control and a rapid developing machine learning method for policy evaluation. We find that the EFT reform can promote emission intensity reduction. Especially, relative to comparable synthetic cities in the absence of the reform, the average annual emission intensity of Sulfur Dioxide (SO2 in the pilot cities dropped by 0.13 ton/million Yuan with a reduction rate of 10%–32%. Our findings also show that the impact of environmental tax reform varies across cities due to the administrative level and economic development. The results of our study are also supported by enterprise interviews. The EFT improves the overall environmental costs, and encourages enterprises to reduce emissions pollution. These results provide valuable experience and policy implications for the implementation of China’s Environmental Protection Tax Law.