Praha: Ekopress, pp [9] Marik, M. Praha : Ekopress, ch. This contribution describes the process of the tax inspection income in the Slovak Republic with a focus on the tax on personal income. It reveals the problems which the tax administrator meets in the performance of a tax audit and proposes the means to make it more effective.
The inspection is carried out to the extent necessary for the correct assessment of taxes and directly the Tax Administration Act imposes on the rights and obligations of taxpayers. Improvement of the system of international communication and exchange of information, together with a suitable system of education could contribute to the improvement of the effectiveness of fiscal supervision.
Tax inspection in the Slovak Republic should react flexibly to the current changes in legislation and also to deepen the specialization of tax inspectors in the framework of international cooperation in the global economy. JEL Classification: E63, H25 1 Introduction A tax inspection is one way of tax proceedings, which the state contributes to the determination of tax obligations of taxpayers. Basic principles of tax control are regulated by the law of tax administration.
The law of tax administration is a procedural rule and has basic object - tax are levied in the correct time and the correct amount according legal rules. Tax inspection is always carried out after the end of the tax year.
Kemmerling, Kaplow, Shavell, The range and the way of tax control determines the employee, who comes into contact with the taxpayers and separately evaluates the evidence and verifies the accuracy of the data declared by the taxpayers. As the world economy becomes progressively more mutually dependent with rapid globalization and corresponding need surfaces for world countries to modify their national tax system fitting to international competitive circumstances.
Boadway, , Chen, Hu, , Alm, , Cooper, 2 Rights and obligations of the tax inspection Tax gaze follows the admitting of tax, tax revenues, the proper application of the expenditure, tax-free part of tax base and tax exemptions. The burden of proof exists for each party for tax administrator and taxpayer.
National revenue bodies face a varied environment within which they administer their taxation system and jurisdictions differ in respect of their policy and legislative environment and their administrative practice and culture. OECD, Inspection in economic life can take place either at random when is controlled only part of the tax year or in the form of total control when is controlled all tax year. The inspection is carried 33 34 out in the necessary extent for a correct assessment of taxes.
The law of tax administration imposes the rights and the obligations of taxpayers. During the tax control is the primary responsibility of the taxpayer to prove that the referred tax in declaration is calculated correctly and completely. The tax administration is obliged to prove that the legal standards were observed, if the taxpayer in calculating tax liability was correct, instruct the taxpayer on legal procedure and acquaint with the consequences of the infringement.
Weber, Badertscher, et. Boadway, , Thoresen, Alstadsaeter, The competent local tax administrator always performs tax audit according to the residency of the taxpayer, but in the case if action should be carried out more efficiently, more quickly and easier, the tax administrator may request other tax authorities a carrying out tax audits - this process is known as a request. The request is widely used, because a result of tax inspection at one taxpayer may affect the transaction by another taxpayer whose tax administrator is another tax office.
Knowledge of rights and obligations of taxpayers is a prerequisite for their proper use in practice. Taxpayers should also know that the tax authority has the rights given by state and these rights assist tax authority to effective tax collection. Despite the best attempts at improving the effectiveness of internal controls and the quality of financial reporting, companies continue to suffer from restatements resulting from errors in income tax provisions.
Hemmelgarn, The rights of taxpayers in relation to an employee of the tax authorities: the right to present a service card and written authorizations to conduct tax inspection the right to attend meetings with their employees, the right to submit during the tax inspection evidence to establish claim, the right to inspect the memorandum of local surveys conducted among another taxable entity in regard to the control of the taxpayer, the right to examine questions to witnesses and experts at the hearing, the right to express their views on the facts established during tax inspection, the right to insight into the documents borrowed by the tax authority.
Obligations of taxpayers in relation to an employee of the tax authorities: enable the authorized employee of the tax authorities to carry out inspection, ensure appropriate place and conditions for carrying out tax audits, supply the information personally or by the determined person, submit accounting and other documents and give to these documents oral or written explanations, submit all evidences proving statement of taxpayer everything what is possible to clarify facts relevant for the correct assessment of tax liability if the evidences are acquired contrary to generally binding regulations , allow entry to the residence of the controlled taxpayer and to premises and allow negotiations with employees of taxpayer.
The law of tax administration requires the parties keep silent during the execution of tax inspection. For breach of tax secrecy shall be deemed disclosure of information to the entity that has no right to acquaint with tax secrecy. The expiry of right to charging tax or tax 34 35 difference and carrying out tax inspection passes within five years from the end of the year in which the taxpayer had to fill the declaration.
Five years period can extend to ten years period in case, if the act was made to charging tax or tax difference. The tax administrator delivers to the taxpayer written notice of the performance of the tax inspection, which includes a place, an opening day of the tax inspection, a kind of controlled tax and tax period. In certain cases stipulated by law the tax authority may start tax inspection without written notification depreciation, destruction, change of document, at the request of law authority.
The taxpayer may be in the performance of tax inspection represented on the basis of mandate notarized. If the taxpayer does not agree with the opening day of tax inspection, the taxpayer can settle with the tax authorities another opening day, but that day may not be later than 40 days from the date of receipt of the performance notification of a tax inspection, however, if they do not make a deal this day is deemed.
When the tax inspection is opened, the tax administrator writes up with the taxpayer memorandum of oral hearing in which tax administrator acquaints the taxpayer with the essential facts relating to tax inspection. The tax authority may impose with decision of precaution to the taxpayer during the tax inspection to endure something, to do something or keep from something - when the reason for precaution ends, the tax administrator cancels it.
The tax administrator reviews the documents and the accounting records of the taxpayer - if the tax administrator discovers facts justifying the execution of tax inspection other tax year or other tax, administrator has the right to extend the performance of tax inspection other tax years and another tax, this fact must immediately notify to the taxpayer. The tax authorities may not conduct tax inspection longer than six months, in justified cases this period may be extended by next six months and in particularly complicated cases ministry decides on the extension of period of tax inspection.
Discussing irregularities and uncertainties and possibility for taxpayer to add other documents and facts. Making of the protocol of tax inspection including the results and findings of tax inspection and an invitation to taxpayer to comment to the protocol of tax inspection. About negotiation of the protocol is made memorandum of oral hearing. Negotiation the protocol of tax inspection and subsequently signing the protocol by tax administrator and by taxpayer. Tax inspection is completed on the day of the consultation protocol with controlled entity or other representative of taxpayer.
The next day after the day of negotiation of the protocol begins for the taxpayer charging proceedings and making decision on the amount of tax liability charging tax by tax administrator or confirm the calculation of tax obligations by taxpayer. Taxpayer has the right to object to the process of tax authority. As device tax administrator may use all means, that are available or all means taken without the help of the taxpayer self-knowledge, documents, writings of the other taxpayers, tax return answers to the calls of the tax authority, witness statements, expert reports, and public documents.
Alm, 35 36 The tax administrator uses cooperation with third parties the information of the courts, banking entities, post offices, insurance companies and information get from other tax authorities. The tax administrator may carry out also repeated tax inspection to the taxpayer.
It can be the inspection of the same tax or the same tax period in cases specified by law of tax administration. Repeated tax inspection follows the same provisions as the proper tax inspection. The local survey ranks among the evidence on which the tax administrator ascertains and compares the facts that finds on the spot with previously acquired knowledge. It is a tool for tax inspection and fulfills a preventive function in the area of reducing tax evasion.
Employees of the tax authority usually conduct local surveys in the local operation of taxpayers, their workplaces and in the public places. Unlike tax inspection is not made protocol of the result, but the memorandum of local survey, which is delivered to the taxpayer or representative employees of taxpayer who participated in local surveys.
The parts of memorandum are the actions and the adopted conclusions. Against decisions of the tax authority can the taxpayer defend to requiring some redress and to appeal. The most commonly applied tool to ensure the legal procedures in the process of decision making of the tax authority after inspection is the appeal. Field, , Blumenthal, Slemrod, A taxpayer may give in writing or verbally appeal only against the unwarranted decision within 15 days of delivery to the memorandum of the tax authority that made the decision.
The appeal have to have the statutory prescribed requirements and the appellant has the right to supplement or to change the information within 15 days from the date of filing an appeal or take back the appeal. If the tax administrator for assessment of the evidence cannot fully allow the appeal on the taxpayer, the appeal is transferred with cover report to superior authority and this authority cancels or certifies decision, in certain cases can return to the first instance authority for new proceedings and making decision.
The decision of the appellate authority cannot be appealed. Each appealed authority is required to examine the contested decision in the range corresponding to the requirements of the appellant. The appeal has suspensive effect - influences of the feasibility and the legality of decisions.
It means the suspension of the obligation set by decision of the tax authorities until appeal is decided. The appeal is dismissed if it is directed against the decision against which the appeal is inadmissible and if it is delivered after the prescribed time limit or it is filed by an inappropriate person. Example: The tax administrator carried out by the taxpayer proper tax inspection of tax personal income.
The tax administrator made a protocol of the tax inspection and issued an additional tax assessment, because the stated tax in declaration of taxpayer differed from the tax established by the tax administrator. Taxpayer filed in 15 days of the receipt of the additional tax assessment appeal in which attacked levied tax difference. The appeal does not contain the particulars prescribed by law, the tax administrator called the taxpayer to complete them.
The taxpayer gave in the prescribed time everything, what was missing. An appeal has suspensive effect, so that the periods of enforceability, maturity and force of the additional assessment for decision-making on appeal were not running. The tax administrator as a first instance authority was not able to make decision on the appeal himself, so the appeal was transferring with complete case file and cover report to the next higher authority - Tax directorate.
The taxpayer was informed in writing about this act. Appellate authority examined the appeal and confirmed the decision of the first instance authority. Based on the decision of appeal became the additional assessment maturity, enforceability and validity.
Before the tax administrator starts exacting of tax debts, administrator supplies chance to the taxpayer to pay tax arrear in the replacement period that is 36 37 specified in the call. After the expiry of the period for payment tax administrator starts execution procedure to the taxpayer.
During the tax execution procedure is often used institute of lien to secure of payment of tax arrear. The focus on large taxpayers throughout the country that are economically and personnel linked could help to detection of great tax evasion. Improvement of the system of international communication and mutual exchange of information with an appropriate system of education of employees could also contribute to improving the efficiency of tax control.
References [1] Alm, J. Measuring, explaining, and controlling tax evasion: lessons from theory, experiments, and field. International tax and public finance, vol. The separation of ownership and control and corporate tax avoidance. National Tax Journal, vol. Income tax reform for a globalized world: the case for a dual income tax.
Journal of Asian Economics, vol. European Commission. Internal control versus external manipulation: a model of corporate income tax evasion. Rand Journal of Economics, vol. The taming of the shrewd identifying and controlling income-tax avoidance. Columbia Law Review, vol. Harvard Journal on Legislation, vol. Edition: Luxemburg, European Union. Ensuring economical and financial sustainability: state fiscal control a way to prevent and reduce tax avoidance.
Environmental engineering and management journal, vol. Why the legal-system is less efficient than the incometax in redistributing income. Journal of legal studies, vol. Who is in control of fiscal policy? Income tax reform between international competition and national distribution conflicts. Politische Vierteljahresschrift, vol. Bratislava, p.
Praha, p. Shifts in organizational form under a dual income tax system. Finanzarchiv, vol. An empirical analysis of the corporate tax reform in Germany: Effects on ownership and control in listed companies. International review of law and economics, vol. The paper deals with non-formal education in the Czech Republic and Slovakia. In the paper non-formal education is conceived as one of the consequences of globalization efforts in today's society, which puts the emphasis on flexibility in life and on the labour market, what is referred to as flexicurity.
In the introduction, the issue of non-formal education is put within lifelong learning and social contexts in connection with the labour market. Then it is followed by a clarification of the terminology of the concepts of lifelong learning and non-formal education. The aim of the paper is a comparison of the total participation in non-formal education in the Czech Republic and Slovakia with the status of non-formal education in the EU28 countries. After determining the hypotheses for the studied issues, the analysis and synthesis of data obtained from Eurostat are carried out.
The urgency regarding the sustainability of education in the conditions of the changing European reality, in particular with reference to the labour market is one of the most important issues of the contemporary world, as it contributes to the success of a man and the whole society. The need for the sustainability of education is in direct connection with the consequences of globalization efforts in today's society, which puts the emphasis on flexibility in life and on the labour market, known as flexicurity.
For this reason, lifelong learning becomes a subject of education policy and research, further education Georges and Hollmann Therefore, the education is a prerequisite for the applicability on the labour market. The knowledge society is in the spirit of this decision, "the key to higher growth and higher employability" REP.
Given the objectives of the EU what is apparent is the understanding of lifelong learning as a continuous process of acquiring knowledge, skills and competences throughout the life of the individual. At the same time it is a clear effort to make individuals responsible for the acquisition of these competencies.
We start from the concept of non-formal education as education, which is aimed at the acquisition of knowledge, skills and competences through which individuals can improve their social and working status Lifelong Learning Strategy Derecik Non-formal education is provided in various facilities private companies, private educational institutions, non-governmental non-profit organizations, educational facilities, etc.
At this point we should distinguish informal education that takes place non-systematically, non-institutionally and also in an uncoordinated way, for instance in the family, at work and in free time. An important milestone for the development of lifelong learning is the Lifelong Learning Memorandum, which declares the following: Lifelong learning is an essential element of the European Higher Education Area.
What is the status of non-formal education in the Czech Republic and Slovakia? Is non-formal education in the Czech Republic comparable with non-formal education in Slovakia? How different is non-formal education in the EU 28 countries from non-formal education in the Czech Republic and Slovakia? These basic areas of examination were subject to the analysis in the following three contexts: Participation in non-formal education, The average number of hours spent on non-formal education, Participation in non-formal education according to the economic situation of the population, which is divided into working people, the unemployed and the economically inactive population.
The aim of the research was to map the status of non-formal education in both of the above mentioned countries. Consequently, we focused on a few selected aspects, and i. H3: The participation in non-formal education in the Czech Republic, the Slovak Republic and in the EU28 countries, according to the economic situation of the population aged is differentiated according to the economic status of the population and is the highest for working people and the lowest for the economically inactive population.
In the paper we analyzed the Eurostat data from the area of non-formal education. The attention was paid to non-formal education in the Czech Republic, Slovakia and in the EU 28 countries. Analysis methods, synthesis and comparison were used for processing the data. The results are listed in the following table.
The research showed that the population of the Czech Republic devoted 50 hours on average to non-formal education, the population in Slovakia 40 hours, which is about 6 hours less than in the Czech Republic. In comparison with the EU28 countries, in both countries it is less than in the EU28 countries, which amounts to 65 hours. The following table shows achieved values. This was the situation before the pension reform.
The 2nd pillar is the new possibility of investing. It entered into force January 1 and allows carrying on the part of compulsory contributions in the 1st pillar to private accounts. All participants must add other 2 percent of their gross monthly salary.
The entry to this pillar is voluntary but when you decide to join the 2nd pillar you are not allowed to get out. Participants can invest in the dynamic, balanced or conservative fund or into the government bonds fund. There were radical changes of the existing 3rd pillar, too. Nowadays 2 types of funds are registered: the old transformed funds and the new participation funds. The most important is that from the January 1 you can enter only the new registered type of pension fund. Your advantage is you can choose a more dynamic investment strategy, on the contrary the yield from this fund depends on this strategy and it is not guaranteed as it is in the old transformed funds.
Another important change in this pension scheme is a change of the state contribution. Till this change you could receive the state subsidy even you save only CZK monthly, now you must save at least CZK monthly. On the other hand the value of the state contribution can be higher than before — in case you save CZK monthly, the state contribution is CZK.
Table 1: State contribution before and after the pension reform Monthly Payment State Contribution before January 1 50 90 Source: The Association of Pension Funds of the Czech Republic State Contribution after January 1 0 0 90 3. Beginning of the Pension Reform in the Czech Republic Officially the pension reform started January 1 ; the laws were accepted one year earlier at the end of This time should have been given to preparations and explanations of the necessity of the pension reform but the situation was different.
It is necessary to say that neither the pension reform was prepared nor the potential participants and funds. The prevailing mood in society was against the pension reform because of the bad position of that time government. It is clear that the political risk connected to this reform had become the most important issue. We could see it during the whole half of the year when the pension reform was criticized and questioned by the opposition parties.
This was shown by the proclamation of the chairman of the strongest opposition political party The Social Democrats Bohuslav Sobotka - he advised the participants and funds not to enter the 2nd pillar. He proclaimed that after elections that time the regular in his party would cancel the 2nd pillar. After this proclamation many potential participants thought they might lose their money in this case and that their money might be confiscated although this had never been said.
Government officials were not able to find an adequate respond to this situation. This means that the government was no longer able to explain the indispensability of the pension reform because of the demographic and economic situation.
The result was that the majority of Czech citizens were not persuaded about the necessity of the pension reform. Contemporary Situation The beginning of the pension reform was very slow and complicated. The implementing regulations were accepted at the end of after a nontransparent vote in the Chamber of Deputies of the Czech Parliament. Because of this confused situation it was not totally clear even in January how many funds would take part in the reform and which types of funds would be offered.
In spite of this lack of information it was estimated that the 2nd pillar would have at least participants. The reality was different because till June 30 the 2nd pillar had only 48 participants. Now at the end of September there is only over 80 participants in the funds — ten times less than was anticipated.
This was a great disillusion for all supporters of the pension reform. On the other hand the pension reform problem has become less interesting and from the political point of view less important. Therefore although the elections in the Czech Republic will be held next month almost 1 year earlier than regular , the pension reform theme is not the main theme of this elections now.
There is only one new company - the Raiffeisen Pension Company owners are Raiffeisen Bank and Tatra Asset Management which was created especially for the 2nd pillar. The second new company in the field is the Conseq Pension Company owner is Conseq Investment Management created for the 3rd pillar new participation funds. Pension Fund Portfolios After studying the statistics it is clear that those who entered the 2nd pillar are mostly the participants who would have probably entered it in any case without any advertisement campaign.
These facts can be derived from the portfolios of the chosen funds. That time opposition parties were successful because of this lack of the financial literacy in the Czech Republic. In this situation they were able to persuade the majority of Czechs that pension reform is very disadvantageous for them also from the economic point of view. It is clear that the future of the pension reform in the Czech Republic is very uncertain.
The political situation is unclear, the result of the elections in October may bring the partial solution of this situation — it is estimated that the Social Democrats win. On the other hand the number of participants in the 2nd pillar is very low and therefore it does not represent a threat for the state budget.
The other possibility is to wait for the Central Bank action because this institution can influence the functioning of the pension funds in the 2nd pillar due to the demanded number of participants in one fund at least 50 But the most important thing is the fact that this conception of the reform is really very unfortunate because of the one-sided reliance on the 1st pillar and the pay—as—you— go system. In this case the state budget will not be able to pay the same value pensions to the future pensioners because of the lack of the retirement funds.
Therefore the question of the pension system and the pension reform must be opened again. After correctly defining the terms trademark, brand, trade name and brand equity the article focuses on modifications of the VIM model and the process for valuing brands having a negative impact on buying behaviour of consumers. Then the article presents an illustrative case study showing the basic application and principles of using the VIM model. At the end the main downsides of valuing brands of the above mentioned characteristics are summarized.
V kapitole 2. Kdyby podnik ABC, a. Financial Management Mason: Thomson South-Western. Better Measurement and Management of Brand Value. Journal of Advertising Research, 32 4 , pp. Scientia et Societas, IX 2 , pp. Frankfurt am Main: Peter Lang. London, IVSC. London: IVSC. Praha: Grada, Praha, Grada. Praha: Ekopress.
Markenbewertung auf Basis der hedonischen Theorie. Markenartikel, 2, pp. Trademark Valuation. New York: John Willey and sons. York Praha, Ekopress. Negative brand beliefs and brand usage. International Journal of Market Research, 50 3 , pp. Banks in an effort to retain significant clients create new sophisticated banking products that safeguard the bank even at the cost of lower profits - if these clients remain with it, it will make a profit through the economies of scale and creating competition to other banks.
Cash Management and Cash Pooling are considered innovative banking products. There are two opposing tendencies within the relations of banks to Cash Management. On the other hand, they are aware that these offers reduce the profit made from these clients. These are also marketing strategies aimed at gaining and keeping a client — especially a client who is strategically significant.
Banks perceive these costs as costs of keeping clients in the environment of growing competition and with the purpose of achieving economies of scale. Methodology In this paper we draw mainly of the following methods. Positivist research methodology, followed by the methodology of pragmatism. On the methodology of critical rationalism, followed by economic and statistical methods to evaluate lessons learned.
Current situation The determining factors for further development of banking services, especially Cash Management, are: - Development of information technologies. Their development and new opportunities they have brought in the last 30 years since the mids have enabled banks to use them fully within their offers to clients. The development of information technologies enabled the creation and development of sophisticated banking services as well as the possibility to offer banking services to a higher number of clients, mainly the development of banking for a wider range of small clients.
Retail banking is directly related to a growing capacity of bank computers that are able to process a huge amount of data. This is then reflected in an increase in profits of the banking sector. This indicates the need to offer these clients services that are attractive for them. There are two opposing tendencies in the relations of banks to Cash Management. These strategies are applied to gaining and keeping clients that are significantly interesting for banks.
This all increases the significance of Cash Management as a highly innovative product of modern banking in the conditions of growing competition at the banking market.
PANDUAN FOREX TRADING BAGI PEMULA
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Cookie Settings Privacy settings allow you to enable or disable cookies. As simple as trade little, lose only a little. The Forex market is not riddled with gaps like the stock market. Yes, it is! A purported amount quoted in trillions is traded every day. The advantage of this is that you can enter and exit trades as many times as you care, with no damage to your positions. This is unlike stock trading where brokers charge fees for any transaction.
This of course includes weekends too. However, it is divided into different trading sessions. We have the North-American, European, and Asian trading sessions. They are also popularly called the New York, London, and Tokyo sessions respectively, representing the biggest financial centers in these regions. The European session begins immediately with the closure of the Asian session. London takes the lead among other potential financial markets in the region, even to date.
Business hours in London starts from 7 am to pm. To accommodate other capital markets in the region, it has been adjusted to 7 am to 4 pm. You can trade at any time. This is because your trades can remain valid for several weeks or days. On the other hand, an intraday trader would best trade at certain hours of the day. This is during the London session. Because during this period, trade moves faster, and for an intraday trader that gives you several avenues to trade.
Truth is it is not taxed in the UK. Under the tax law in the UK, Forex Trading is categorized as spread betting. It is seen that since Forex Trading involves taking positions on whether the market will rise or fall, it is gambling. Therefore, it is a fleeting environment and should be left tax-free. The best day to trade on Forex is typically the day the market moves the most.
This is because the faster it moves, the more trading chances you get. So far, the best days to trade are Tuesday, Wednesday, and Thursday ass you can see from the picture below. There are two ways to begin this journey. Learn Forex Trading online. The internet is free Starting as an amateur who is keen on learning, it is best you use a medium where your resources are endless. Learning Forex Trading online also helps you taste the waters without investing anything in this venture.
Forex Trading is generally a risky adventure. But should your risk-taking skills be tested from simply learning? I think not.
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