Czech Financial and Accounting Journal, 2017 (vol. 2017), issue 1

Articles

Impact of financial crisis on ROA differences among industries of the Czech economy

Ladislav Šiška

Český finanční a účetní časopis 2017(1):5-16 | DOI: 10.18267/j.cfuc.489  

The article presents answers to the basic question, whether American financial crisis hit Czech non-financial firms uniformly, and the subsequent question, whether there were significant differences in profitability among industries during pre- and post-crisis years. The answers were found by means of Spearman's rank correlation coefficient and k-means clustering method. The analysis drew from aggregated data published by the Czech Ministry of Industry and Trade covering years 2007 to 2015. The results show that the financial crisis lowered temporarily the ROA indicator in the more than half of industries forming the Czech economy. The reaction was...

External Equilibrium from the Point of View of International Investment Position

Jana Marková

Český finanční a účetní časopis 2017(1):17-40 | DOI: 10.18267/j.cfuc.490  

Our paper is a reaction to changes made in the structure and construction of balance of payments introduced by the sixth edition of International Monetary Fund´s (IMF) Balance of Payments and International Investment Position Manual (BMP6). The first part of our paper provides a brief historical account of the methodological development of individual IMF´s manuals. The main changes are analysed and compared with the preceding manual, the BPM5, which was released in 1993. The new manual emphasises both the stock as well as the flow variables. For this reason, a detailed analysis of evolution of the international investment position that records, at...

Arrears on the tax on immovable property

Jana Janoušková, Šárka Sobotovičová

Český finanční a účetní časopis 2017(1):41-52 | DOI: 10.18267/j.cfuc.491  

Immovable property tax is not a significant tax in terms of public finances in the Czech Republic. However, it completes tax system and ensures stable tax revenues which are income of municipalities on whose territory the property is located. In the context of theoretical approaches and empirical studies the importance of this tax is often discussed topic. The aim of this paper is to evaluate the development of immovable property tax arrears in the context of tax imposed in the Czech Republics and identification tax arrears impact on municipality budgets. Cumulative immovable property tax arrears are decreasing in the last years and amount less than...

The impacts of reintroducing the concept of gross wages as a tax base of personal income tax in the Czech Republic

Alena Vančurová, Stanislav Klazar

Český finanční a účetní časopis 2017(1):53-69 | DOI: 10.18267/j.cfuc.492  

Using analytical tool "safely untaxed tax base" we estimate redistributive impact of proposed changes in personal income taxation based on the plans of the Czech Social Democratic Party. We also compare impacts of other potential variants of changes in the basic elements of tax technique (reintroduction of the concept of gross wages, changes in the structure of nominal rates, adjustments in the basic personal tax credit). According to the legislation in 2017, 25 % of employees do not pay income tax due to the generous tax credit (and 72 % of all self-employed persons). Returning to the tax system of 2007 (which was based on the concept of "gross wage",...

Cross-border mergers on the rise - are they?

Iveta Plucarová, Jana Skálová

Český finanční a účetní časopis 2017(1):71-87 | DOI: 10.18267/j.cfuc.493  

The Transformation Act came into effect in 2008 as a consequence of transposition of the Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies. The directive aims to secure conditions for cross-border mergers within the European Union. This paper focuses on presentation of results of a study whose aim was to identify the development of characteristics of the cross-border mergers with the participation of a Czech company within eight years after the effective date of the Transformation Act. The analysis is based on real life data of mergers. The research focuses on...