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.
In recent years, there has been an explosion of interest in blockchain technology, with NFTs (non-fungible tokens) being one of the most discussed phenomena. These unique digital tokens offer a whole new way to own, share and trade digital content. As one of the most prominent blockchain platforms, Ethereum stands at the very heart of this revolution. For both ETH and NFT, the year 2021 marked a huge boom, the period of the COVID-19 pandemic, when attention was directed more to the digital world. The aim of this research is to evaluate mutual relationship between NFT and Ethereum cryptocurrency. The results of the research showed that there is a negative correlation between the development of ETH-EUR values and the representative NFT which may be caused by the relatively high level of market speculation and the uncertainty of the expected income of potential investors.
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.
Tax aspects of tokenization from the Perspective of Czech and foreign legislation Abstract in English The aim of this thesis is to provide a comprehensive overview of tax obligations related to the tokenization process using Distributed Ledger Technology from the perspective of Czech law, analyze problematic areas of applicable tax legislation and suggest potential changes of current tax law. This diploma thesis also aims to provide a comparative view of the taxation of the tokenization process in selected countries of the world and thus evaluate the different tax obligations from the perspective of the tax subject. The first part of the thesis first briefly introduces cryptoactive assets and then describes their legal nature. Furthermore, this section discusses the definition of cryptoassets in relation to cryptocurrencies and the definition of the term token. The second part is focused on a closer analysis of the tokenization process and the tokens resulting from it. The focus is mainly on the classification of tokens and the comparison of different approaches to classification by different jurisdictions. Depending on the purpose of tokenization, tokens of different legal nature with different tax obligations are issued, therefore it is crucial to define the types of issued tokens and determine their...
This work focuses on the calculation and comparison of the burden of personal income tax on cryptocurrencies and their mining in the Czech Republic, to obtain the necessary information and a better view of their taxation. The research part of this thesis describes the history, technology of cryptocurrencies, their use and the legislative frameworks needed to calculate the personal income tax on cryptocurrencies. In the practical part, calculations of personal income tax and comparison of the burden of various situations that a taxpayer in the Czech Republic may encounter when trading or mining cryptocurrencies are made.
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.
Fiscal decentralization has strengthened the capacity of governments to finance and provide public goods and services. Fulfillment of local government functions helps to balance the consumers’ individual preferences according to their needs. In Ukraine, each local authority should be entrusted with the management of the lands of relevant community in compliance with the principle of ubiquity as well as with the right to collect land tax. Local taxes on real estate and transport, typical for countries with capable local self-government, have also been introduced. Global challenges, international obligations, insufficient effectiveness of modern budgetary instruments of anti-crisis regulation make the improvement of property taxation necessary. Given new economic realities and the best world practice, it is necessary to reconsider the use of tools to support and stimulate regional development. The diversity of sources of payment and objects of taxation is one of essential problems in the collection of property tax. Its solution is the differentiated application of benefits, rates, deferrals, installments or to objects of taxation (according to the degree of participation of a property in the production process), or to entities (depending on their investment, social, environmental activity in the context of sustainable development). Such approaches are extremely important given the current trends of urbanization - their application will give the property tax an opportunity to perform the function of stimulating better use of funds and distribution of net income of enterprises and households in favor of budget revenues. Property taxes are progressive for those who have low incomes and can receive discounts when paying them. The spread of this approach during the post-crisis recovery of the national economy should be facilitated by the best practices of local authorities focused on the tax potential of SMBs. The main advantage of property taxes is a high degree of stability of the tax base. Further improvement of real estate taxation in Ukraine should focus on the prospects of its use in order to form stable sources of budget revenues and de-shadowing of property relations through the establishment of property owners. However, the risks of a low level of production incentives, as well as the understatement of the tax base through the transfer of property rights, still needs considering coordinated tax regimes for legal entities and individuals.
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.
Cryptocurrencies are a modern phenomenon not only in terms of technological progress, but also as a means of payment or investment. The aim of the diploma thesis is to evaluate the impact of dealing with cryptocurrencies in terms of the tax burden for a particular entity. Personal and corporate income tax and value added tax are collected to assess the tax burden. The analysis is supplemented by recommendations for optimizing the tax liability and a list of consequences for non-declaration of income from cryptocurrencies. The conclusion summarizes the results of the work, including legislatively unresolved issues of further taxation.
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.
The focus on graduates who could operate new technologies and knowledge that will meet the needs of the information society, and optimization of the network of institutions in accordance with the needs of the regional labor market are important priorities in reforming the vocational education system. Under the influence of the decentralization reform, the powers of vocational education management are transferred to the regional level, and the cooperation of educational institutions with local authorities and employers is strengthened. The aim of the article is to identify the main trends and generalize the problems of the development of vocational education under the influence of decentralization reform (on the example of Lviv region). In the study of trends and problems in the development of vocational education in the context of decentralization reform, such general scientific methods as analysis, synthesis, induction, abstraction, generalization, as well as statistical research methods are used. The article analyzes the main trends and problems of vocational education development in Lviv region. The peculiarities of financing and property management of vocational education institutions in the context of decentralization reform are clarified. The most important problems in the development of vocational education include: the inconsistency of the network of institutions with the demographic situation in society; reduction of the prestige of vocational education and low level of financial, logistical, and personnel support of institutions; the discrepancy between the demand for workers and the supply of personnel trained by vocational education institutions; lack of legislative provision of vocational education that would meet modern realities and developed professional standards for assessing the quality of graduate training.
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