The principle of financial independence is particularly linked to one of the budgetary principles, i.e. the principle of material unity. The article aims to describe the principles of financial independence and the principle of material unity in the financing of municipalities. To obtain this objectives, we focus on explaining the essence and goals of the principles of financial independence and the principles of material unity, as well as on exceptions to the principles of unity. The article bases on the dogmatic and legal method. The presented considerations lead to the conclusion that the introduction of many sources of exceptions to the principles of material unity results from additional regulatory arbitrariness, limiting decentralization and management independence.
Dynamiczny rozwój technologii rozproszonych rejestrów (DLT – Distributed Ledger Technology) oraz rosnące oczekiwania społeczne w zakresie transparentności finansów publicznych skłaniają do analizy możliwości wdrożenia technologii blockchain w systemie zarządzania wydatkami jednostek samorządu terytorialnego (JST). W artykule poddano ocenie potencjał blockchain jako narzędzia eliminującego asymetrię informacyjną i zwiększającego społeczną kontrolę nad finansami JST. Technologia ta, dzięki niezmienności rejestrów oraz kryptograficznemu potwierdzaniu transakcji, może przyczynić się do redukcji ryzyka korupcji i nadużyć budżetowych. Szczególną uwagę poświęcono aspektom prawnym implementacji blockchain w sektorze publicznym, w tym jego zgodności z ustawą o finansach publicznych, przepisami dotyczącymi zamówień publicznych oraz regulacjami RODO. W artykule przeprowadzono także analizę porównawczą międzynarodowych wdrożeń blockchain w administracji publicznej oraz zaproponowano model implementacji tej technologii w kontekście polskich JST.
Prizadevanje za vzpostavitev evropskega okvira za digitalno identiteto je leta 2024 doprineslo do pomembnega koraka naprej, saj je 20. maja 2024 začela veljati novela EU uredbe št. 910/2014 za e-identifikacijo in storitve zaupanja, ki jo poznamo tudi kot Uredba eIDAS 2.0. Ta vzpostavlja pravno podlago za uvedbo evropske denarnice za digitalno identiteto po vsej EU. Z denarnico bodo uporabniki lahko tudi varno pridobili, shranili in delili svoje pomembne dokumente, npr. o izobrazbi in licencah, pooblastila za zastopanje pravnih oseb, finančne podatke in podatke o družbah, ter elektronsko podpisovali oz. v primeru denarnic za podjetja elektronsko žigosali dokumente. Da bi dosegli interoperabilnost med denarnicami, izdanimi s strani držav članic, so v izvedbenih aktih k Uredbi eIDAS 2.0 določeni standardi za evropsko denarnico, ki jih morajo upoštevati vse implementacije denarnic po državah, pravila za certificiranje denarnic in sporočanje Evropski komisiji. Skupne zahteve za denarnico se pripravljajo v okviru Arhitekturnega in referenčnega okvirja (ARF), poleg tega pa Evropska komisija pripravlja tudi referenčno implementacijo denarnice. V prispevku so podrobneje predstavljene nekatere visokonivojske zahteve ARF, ki se nanašajo na področje zasebnosti, še posebej uporaba metod ničelno spoznalnih dokazov (angl. Zero knowledge Proof) za zagotavljanje zasebnosti v ekosistemu denarnic.
Sections 5.1–5.4 feature detailed considerations of capital market law, payment service law, anti-money laundering law, tax law and budget law. These are necessary, because public law is less flexible than private law, and creates the most significant legal risks for the financing of long-term and capital-intensive investments using distributed ledger technology. This analysis is completed in Sections 5.5 and 5.6 by in-depth reflections on important legal issues for the modern world, especially in a global context, i.e., the legal aspects of the implementation of the sustainable development goals and analysis of the legal aspects of personal data protection (including the EU digital identity).
The financing system of local government is a fundamental component of a stable and efficient governance framework, playing a crucial role in implementing the principle of fiscal decentralization. This system guarantees that local authorities receive sufficient financial resources, enabling them to carry out their legally assigned duties in an effective and efficient manner. A stable and predictable financing system not only contributes to the autonomy of local authorities but also enhances the quality of public services provided to citizens at the local level. Property tax stands out as a key revenue stream for local governments, having demonstrated its effectiveness as one of the most appropriate taxation methods at this administrative level. Its primary function is to secure a stable income for local budgets, facilitating the funding of various infrastructure, social, and development projects of importance to local communities. In the Republic of Serbia, the process of fiscal decentralization was significantly improved with the adoption of the Law on Local Government Financing in 2006, which transferred property taxation to the exclusive jurisdiction of local governments. This reform encompassed key aspects of local tax policy, including determining the tax base, collection, and control of property tax, as well as granting local governments the authority to set tax rates within the limits prescribed by law. A further step toward increasing the efficiency of this system was achieved through amendments to the Property Tax Law in 2010, aimed at eliminating certain administrative obstacles and inefficiencies within the tax system. These amendments contributed to improved tax collection, strengthened the capacities of local tax administrations, and enhanced transparency in managing local revenues. Overall, the continuous improvement of the local government financing system through tax policy reforms represents a crucial prerequisite for strengthening the fiscal autonomy of local authorities, improving public services, and achieving the principles of sustainable local development.
Today's article talks about the economic relations arising from the creation, accumulation, distribution and redistribution or use of centralized and decentralized monetary funds. Finance occurs in the monetary sector of the economy and is noted to occur on the basis of income
In an era of changing financial landscapes, the position of cryptocurrencies like Bitcoin as possible national currencies is worth investigating. This study investigates Bitcoin's adherence to currency criteria and its consequences for GDP development in a certain country. The mining industry plays a significant role in the GDP of many countries. The extraction of raw materials such as metals, minerals, and fossil fuels is essential for producing a wide range of goods and services. This generates jobs and tax revenues and supports economic growth. Understanding these processes is critical, given the ongoing debate about Bitcoin's place in modern economies. This research looks into Bitcoin's usefulness as a currency and its possible influence on a certain country's GDP. The results show that Bitcoin fits the requirements for money, acting as a means of exchange and a store of value, with features including mobility, divisibility, commensurability, and fungibility. When examining its influence on GDP, empirical data indicate that, while currency appreciation may provide the illusion of stronger GDP growth when denominated in foreign currency, it damages growth domestically. According to a neural network study, Bitcoin's large impact on GDP renders it unsuitable for use as a national currency in the Czech Republic. Despite matching currency criteria, Bitcoin's adoption confronts problems such as volatility, a lack of central authority, and its worldwide nature, which limit its usefulness in promoting national economic growth. This analysis emphasizes country selection and length restrictions, finding that Bitcoin's existing position as an investment instrument restricts its viability as a national currency.
The system of financial support of the social process of the country must constantly adapt to the influences of the external environment both in the conditions of the hybrid war with Russia and in the conditions of the post-war period. This requires systemic transformational changes in the socio-economic environment, reform of the financial system, further improvement of the decentralization of the management of state financial resources, since expenditures from the state budget to cover the costs of armaments and ensuring the independence of Ukraine will have a large specific weight annually. Under such conditions, local budgets will rely more and more every day on the tasks of financing a significant part of the social needs of the local population. Accordingly, the effectiveness of regional systems of taxation of individual territories with local taxes and fees is primarily confirmed by volumes sufficient to form the revenue part of local budgets for the purposes of ensuring the successful functioning of territories of local importance and their development. Therefore, the role of local taxes and fees is growing daily and contributes to the accumulation of the amount of financial resources necessary for the development of both territorial communities and the state as a whole, which will significantly reduce the burden on the state budget of the country. The article examines problematic aspects of the formation of revenues and expenditures of local budgets in difficult economic conditions arising under the influence of a hybrid war with Russia. Emphasis is placed on the necessity of restructuring the national budget policy in the context of the formation of guarantees for the financial support of the social needs of the population of Ukraine, its comprehensive protection and the creation of decent working and living conditions. The important role of local taxes in the formation of revenues of local budgets of territorial communities is substantiated based on the systematization of the approaches of scientists and the conducted expert assessment of the state and changes of local budgets in 2021-2022. Problematic aspects in the payment of local taxes are identified and the ways to solve them are outlined. The need for further improvement of the tax legislation, capable of ensuring the formation of a new tax model for the purposes of optimizing the tax regulation of payment of local taxes and increasing revenues to the local budget, has been proved.
Cryptocurrency taxation is a set of taxes on cryptocurrencies in a particular jurisdiction that are levied on various transactions conducted by legal entities and individuals with cryptocurrencies. Questions about the legal nature of digital currency and transactions are handled differently in each country. Various jurisdictions treat digital currency as a means of payment or, more broadly, as a medium of exchange. The lack of formal certainty in this area regarding the general legal status of cryptocurrencies entails extensive discussions on more specific issues regarding the need for licensing the activities of exchanges, taxation of cryptocurrencies, and so on. The situation is constantly changing. Ordinary users often fear that if they encounter problems when working with cryptocurrency exchanges or ICOs, they may not receive help from the state and support from the law. Miners and traders also remain at risk, worried about the uncertainty of the cryptocurrency tax on income generation. It should be remembered here that mining, as a type of activity, requires an initial investment and the regular purchase of new computer components, and is currently not protected by law. Trading crypto assets is similar in nature to trading stocks and securities. The approach to be taken in determining whether a transaction is taking place or not is also similar, and guidance can be drawn from existing jurisprudence in stock and securities trading. The capital gains tax for cryptocurrencies works the same as for other assets: if a loss is incurred in transactions, you can declare a loss and save on fiscal deductions. There are two different types of capital gains taxes: long term and short term. Long term means you held the currency for more than a year before selling or trading it, short term applies to less than a year. Rates vary by country and taxpayer category.
DeFi in the insurance market. The acceleration and intensification of digitization processes, i.e. the growing use of digital technologies and the reliance of a large part of the economy on the Internet, has begun to change the emphasis on the role and importance of traditional architecture in the financial market, including the financial intermediation market. DeFi, or “decentralized finance”, is a part of the main trend of these changes and they have also found their place on the insurance market. On the one hand, their presence may significantly change the shape of the insurance market due to the fact that the idea of DeFi indirectly means building services and products separate from the traditional financial system. DeFi insurance and alternative risk coverage have the potential to successfully fill the insurance coverage gap for crypto-assets and limit the risk exposure that accompanies entities active in a decentralized economy.
Lately, there have been many questions from specialists regarding the accountability of cryptocurrency. The lack of a legislation has allowed them to be interpreted as either intangible assets or stocks, even though Romania owns the biggest transaction platform in Eastern Europe (Bitcoin Romania). National Bank of Romania (NBR) acknowledges the lack of regulations and supervisions regarding cryptocurrency, regarding them as “speculative assets, extremely volatile and risky”. Simultaneously, this brings to attention the fact that these are not national coins nor currencies, and accepting them as a payment method isn’t, legally speaking, mandatory.
Błyskawiczny rozwój systemów wirtualnych walut o zasięgu globalnym powoduje, że problematyka ich prawnego uregulowania staje się koniecznością. Systemu bitcoin – i jemu podobnych – nie da się zamknąć ani zabronić, dlatego coraz więcej krajów koncentruje się na „wymuszonej” akceptacji traktowania tego typu walut jako środka płatności w transakcjach handlowych. Jednak ich podejście do problematyki alternatywnej waluty jest zróżnicowane. W zależności od stopnia zaangażowania poszczególnych państw dostosowanie przepisów do potrzeb współczesnego systemu walutowego wydaje się wielkim wyzwaniem. W artykule przedstawiono podejście wybranych krajów do rynku wirtualnych walut na przykładzie bitcoina oraz potrzebę wprowadzenia regulacji prawno-podatkowych niezbędnych do legalnego ich użytkowania. W dalszej części skoncentrowano się na interpretacjach podatkowych polskich izb skarbowych. Liczba składanych zapytań interpretacyjnych wskazuje, że problem ich legalnego użytkowania musi być jednoznacznie rozwiązany.
Local governments in the Slovak Republic are important in public administration and form an important part of the public sector, as they provide various public services. Until 1990, all public services were provided only by the state. The reform of public administration began in 1990 with the decentralization of competencies. Several competencies were transferred to local governments from the state, and thus municipalities began to provide public services that the state previously provided. Registry offices were the first to be acquired by local governments from the state. This study aimed to characterize the transfer of competencies and their financing from state administration to local government using the example of registry offices in the Slovak Republic. In the paper, we evaluated the financing of this competency from 2007 to 2018 at the level of individual regions of the Slovak Republic. The results of the analysis and testing of hypotheses indicated that a higher number of inhabitants in individual regions did not affect the number of actions at these offices, despite the fact that the main role of the registry office is to keep registry books, in which events, such as births, weddings, and deaths, are registered.
Проблематика роботи відповідає завданням адміністративної реформи, найважливішим результатом якої повинні бути докорінні зміни в управлінні територіальними громадами, пов’язані з отриманням нових можливостей розвитку й задоволенням потреб місцевих спільнот. Оскільки місцевий бюджет серед інститутів місцевих фінансів відіграє основну роль у забезпеченні виконання функцій і завдань місцевими органами, то упродовж останніх років було приділено багато уваги посиленню його впливу на економіку і соціальну сферу як інструменту фіскальної діяльності, забезпечення громадських послуг і економічного зростання. Ґрунтовнішого наукового осмислення та практичного вирішення потребують питання власних доходів місцевих бюджетів з позицій організаційно-структурних аспектів з метою забезпечення повноважень органів місцевого самоврядування вагомими джерелами фінансування. Питання фінансового забезпечення виконання органами місцевого самоврядування видаткових повноважень є особливо актуальним.
Abstract This article discusses a number of conceptual and practical issues regarding the taxation of the income coming out from the transfer of virtual currency. The individuals who earn constant money from cryptocurrencies (over 600 lei per year) have the obligation to report their income yearly and to pay the income tax and the health insurance contributions in certain situations. According to the provisions of the Tax Code, the gains from cryptocurrency transfers will fall into the category of the taxable income from other sources. For individuals, this income will be declared through the Single Taxation Statement during the year following the year of its realization. Specifically, the earnings from cryptocurrencies in 2019 will be declared in 2020. As long as an individual keeps his income from cryptocurrencies in the form of cryptocurrencies, without actually using them, he is not obliged to declare them and pay the income tax and the Social health insurance contribution for them.
Introduction. Decentralization is characterized by the transfer of a large amount of powers and budgetary resources to local governments. At the same time, the financial and organizational capacity of local self-government bodies and the enterprises created by them is increasing. Budget decentralization creates new opportunities for borrowing through the placement of local government bonds by city councils. A utility loan is one of the instruments of local governments. Municipal credit, as one of the main financial institutions in the local finance system, is important in the financial support of local needs
Розглянуто вплив децентралізаці влади на управління системою фінансів місцевого самоврядування в Україні. Узагальнено та проаналізовано законодавчі акти в контексті децентралізації та визначено їх вплив фінансову систему країни. Проведено аналіз структури джерел надходжень місцевих бюджетів, їх динаміку. Встановлено збільшення державної підтримки місцевого та регіонального розвитку, зокрема значне зростання ресурсів Фонду регіонального розвитку, субвенцій на інфраструктуру та соціально-економічний розвиток об'єднаних територіальних громад (ОТГ). Запропоновано заходи для розв'язання комплексу проблем функціонування місцевих фінансів в умовах реформи децентралізації в найближчій перспективі, серед яких запровадження і розвиток на рівні центральної влади ефективного механізму моніторингу та ідентифікації проблем планування та виконання бюджету, підвищення рівня освіти керівництва громад, а також залучення громадськості до бюджетного процесу.
The budget revenues of cities in the last few years have not been constant and are largely dependent on a number of factors such as: uncertain trends in the local and world economy, uneven criteria for urban development and numerous perennial legislative changes. A lot of legal changes have been made in the Republic of Croatia relating to budget planning and defining the sources of financing of cities, moreover, the Personal Income Tax Act has been amended six times in the period from 2014 to 2019, and the Act on the Financing of Local and Regional Self-Government Units has been amended several times, with a new law on local taxes being introduced in 2018. The reasons for numerous legal changes are twofold and partially stem from the adjustment to the relief of the Croatian economy, and partially from the state's efforts to further relieve the tax burden on labour and income taxation. These changes reflected on, and significantly affected, the fiscal capacity of the revenues of large cities. Recommendations are aimed at greater fiscal autonomy of large cities and are aimed at further implementation of fiscal decentralization, especially in the area related to tax revenues.
Legal qualification of bitcoin, cryptocurrencies and "private money" in general raises doubts. Although, economically speaking, these goods perform some of the functions of money, they are not considered as such under the Polish civil code. This led some authors to argue that the rules on performance (and breach) of monetary obligations would not be applicable to cryptocurrencies. However, such a conclusion could cause unacceptable results, e.g. allowing for circumvention of the mandatory rules on maximum interest for late payment. The author proposes a solution to this dilemma. Firstly, it is accepted that cryptocurrencies are not "money" in the meaning of the Polish Civil Code. Therefore, the rules governing performance of monetary obligations do not automatically apply to cryptocurrencies. Secondly, cryptocurrencies cannot also be subject to all rules governing non-monetary performance, as this would lead to results inconsistent with the legislative purpose underlying various provisions of law. To ensure effectiveness of such provisions, a hybrid approach should be adopted. In particular, where justified by its ratio legis, the respective provisions governing monetary obligations should be applied to cryptocurrencies mutatis mutandi.
The economic and civic development of local communities is based, first of all, on the local public finance system, which must meet certain conditions so that the management of the territorial administrative units and the functioning of the local authorities meet the standards of a quasi-society. This paper is topical as the issue of local public finances is at the center of the current political debate as all the member states of the Council of Europe are confronted with the issue of harmonizing two diverging trends, namely: controlling and reducing spending and giving as much as possible large autonomies of local communities. The main objective of the paper is to identify solutions to ensure a more balanced allocation of financial resources between different levels of administrative organization, taking into account the budgetary regulation that is imposed at all levels of public administration. The data processing provided by the Ministry of Public Finance and the Court of Accounts highlighted the degree of dependence of local budgets of communes, cities, municipalities and counties on the consolidated general budget in the context of a decentralized process that is desirable to be as efficient as possible.
Artykuł otwiera dyskusję nad wykorzystaniem sieci blockchain w systemie finansowym oraz nad jego współczesną ewolucją. Systematyzuje informacje związane z tematyką rejestrów rozproszonych w finansach. Celem artykułu jest zwrócenie uwagi na możliwą zmianę kierunku w rozliczeniach między instytucjami finansowymi. Autor wykorzystał do analizy dostępną literaturę, artykuły naukowe, źródła internetowe dotyczące zastosowania technologii blockchain w finansach. Autor ma nadzieję, że dyskusja nad tym tematem rozpocznie cykl artykułów i analiz dotyczących sieci blockchain w systemie finansowym, a z czasem możliwa będzie implementacja tej technologii na skalę międzynarodową.
The aim of this study is to focus on fiscal decentralization and regional financial autonomy in Slovakia. The public administration reform and fiscal decentralization process in Slovakia ought to increase the autonomy of the multi-level governance and to decrease its dependency on state budgeting and other transfers. We argue that regional territorial governance is greatly dependent on financial incentives from central state financing, which limits the expected effect of decentralization and regional fiscal autonomy. By collecting quantitative data on state transfers and revenues to regional governments we demonstrate the limits of spatial, financial and decision-making autonomy within particular regions. The selected time frame 2005-2016 reflects all stages, reforms and changes in the fiscal decentralization of the second level governance in Slovakia.