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The Czech National Bank - legal status and activities
Konečný, Jiří ; Bakeš, Milan (advisor) ; Karfík, Zdeněk (referee)
CZECH NATIONAL BANK - LEGAL STATUS AND CONTENT OF ATIVITIES Diploma paper First chapter is called The Introduction. This chapter describes the filling of my diploma paper. There is also short outline of tranformation from statism to free economy in our history. This transformation affects our banking system significantly. Second chapter defines what the banking system is. It consists of banking institutions and relations between these institutions. That`s why the banking system has two components - institutional component and functional component. Institutional component of banking system implies every single bank. Functional component of banking system comprises arrangement of all relations between banking institutions. It is proper to make differences among single stage, two stage and three stage banking systems. Central bank has different position and legal powers in each of these systems. There is short mention about czech banking system too. Third chapter is called The Beginning and Development of Central banks. This chapter describes main reasons, that causes establishing Central banks in market oriented economies. Central banks were established later than trading banks and in some states they were even transformed from trading banks. Part of this chapter is also the development of Central bank in our...
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The tax system and agreements on double taxation avoidance
Žiačik, Jan ; Bakeš, Milan (advisor) ; Karfík, Zdeněk (referee)
The subject of the thesis is analysis of tax systems. The author is writ ing about the subject from general point of view as wel l as focusing on the tax system in the Czech Republic as in 2008 whi le indicat ing the possible future development in terms of the EC tax harmonization process and existing double taxation t reaties. The first part explains the general characteristics of the tax system. It defines some related key terms: tax, tax system, subject and object of the tax immunity, tax base, tarrif rate, period of taxation and the main functions of taxation: allocation, redest ribution, stabilization and the fiscal function. Author also mentions some of the requi red characteristics of the tax system - fairness, effectiveness, stimulation, legal perfection and transparency and some of the possible tax divisions, the most commonly used division between assessed and excise taxes in particular. The author describes the process of the tax harmonization within the EC. The fi rst chapter finishes with the key part of the thesis - the analysis of the current tax system in the Czech Republic in the 2008 and some suggestions for its improvement. The second part focuses on the double taxation t reaties. These are important in the international point of view. Firstly, the author names the double taxation causat...
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Operation with securities and financial derivatives
Peroutková, Marie ; Bakeš, Milan (advisor) ; Karfík, Zdeněk (referee)
Resumé 94 Název: Operace s cennými papíry a finančními deriváty Title: Securities and financial derivatives operations Klíčová slova: deriváty, cenné papíry Key words: derivatives, securities Resume: This thesis describes securities and financial derivatives in context of investments instruments. First chapter is dedicated to securities and deals mostly with the term of securities and its sorting. Czech legal system doesn't contain any clear definition of securities and enumerate only demonstrative list of securities. Definition of this term can be found only in legal theory and says that securities are connection of subject right and carrier instrument, which can be for example paper or record in evidence. According to the Czech law of capital market are most of the securities investments instruments. Second part characterizes financial derivatives, describes legal base of derivatives and divides them into categories. These instruments are derived from other basic ones and their value is changeable depending on price or value of underlying instrument. Basic instrument can be stock, bond, interest rate, index and etc. These instruments are characteristic by derived feature, big leverage effect, risk managing possibility and speculative function for investors. These instruments are classified as investments...
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Income tax in the context of hamonization of direct taxes in the European Union
Zajíčková, Miroslava ; Bakeš, Milan (advisor) ; Novotný, Petr (referee) ; Karfík, Zdeněk (referee)
- 1 - Abstract The issue of income tax is a topic that is current, whatever the political organization of the country, because it is a fact significantly affecting the political, economic and social conditions, from many different aspects. Individual load, as well as corporate income taxes is one of the key elements that most impact on people and affect their economic behavior, social and political decision-making standard. Income tax in the tax systems is one of the most important taxes, because it is burdening the income of individuals and legal entities, tax payers. Through a greater or lower tax burden on personal and corporate income it is possible to use the legislation in the area of income tax and its setting, in the period of economic stagnation, as an instrument for economic recovery. In the area of tax systems and tax systems of specific countries in the last decade we recorded a relatively significant development. The shift, consisting mainly in the approximation of national tax laws, is in our legal system particularly evident after the enter of Czech Republic to the European Union in 2004. In connection with the gradual expansion of the European Economic Community, of the customs union, common market between Member States and European Union development into as we know it today, with 27 Member...
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Time limits in tax administration
Alexa, Karel ; Marková, Hana (advisor) ; Novotný, Petr (referee) ; Karfík, Zdeněk (referee)
Time limits in tax administration Time limits have an irreplaceable role in law. They are of a crucial importance especially in situations where a certain act (exercise of a right or a fulfillment of obligation) is limited by time so that after a certain time expiration it is possible to state that such an act was not performed and thus to draw legal consequences hereof. The main purpose of a time limit is the demarcation of the state of uncertainty as to whether the act will be performed or not and thus to determine either the legal consequence of the performance of the act or the consequences of the default of time. It is clear that the tax proceedings legislation also needs its time limits. Quite frequently it is necessary to set a certain time period for the performance of an act. This time period is set by a time limit. Otherwise it would be only possible to state that an act has already been performed or not yet been performed. It would however not be possible to state that the act was supposed to be performed, i.e. if a person who could have acted or was supposed to act, in fact did not act, the whole process of administration of taxes would come to a deadlock. The aim of this thesis is, firstly, to generally analyze the concept of time limits. The legal sciences deal with the general...
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Czech national bank, legal status and content of activity
Semecký, Petr ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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Income tax in the context of hamonization of direct taxes in the European Union
Zajíčková, Miroslava ; Bakeš, Milan (advisor) ; Novotný, Petr (referee) ; Karfík, Zdeněk (referee)
- 1 - Abstract The issue of income tax is a topic that is current, whatever the political organization of the country, because it is a fact significantly affecting the political, economic and social conditions, from many different aspects. Individual load, as well as corporate income taxes is one of the key elements that most impact on people and affect their economic behavior, social and political decision-making standard. Income tax in the tax systems is one of the most important taxes, because it is burdening the income of individuals and legal entities, tax payers. Through a greater or lower tax burden on personal and corporate income it is possible to use the legislation in the area of income tax and its setting, in the period of economic stagnation, as an instrument for economic recovery. In the area of tax systems and tax systems of specific countries in the last decade we recorded a relatively significant development. The shift, consisting mainly in the approximation of national tax laws, is in our legal system particularly evident after the enter of Czech Republic to the European Union in 2004. In connection with the gradual expansion of the European Economic Community, of the customs union, common market between Member States and European Union development into as we know it today, with 27 Member...
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Uncertificated securities in financial law
Matyášová, Eva ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
This thesis deals with the phenomenon of the uncertificated securities in the context of financial law. Proper and prudential legal regulation of the securities is considered to be key element of efficient financial markets of which the importance for the economics is systematically growing in past few decades. From the beginning, financial markets were dominated by certificated securities represented by legal fiction incorporating rights arising from the security into a certificate and considering this certificate as a tangible movable asset. In the consequence of the development of financial markets and securities trading uncertificated securities were developed to make transfers of the securities and asset management feasible. Uncertificated securities can be defined as substitutable physical securities incorporating private rights which are prerequisite for the exercise and transfer of those rights and which are replaced by a record entered in the central register of securities, mainly central securities depositories. The form of the uncertificated securities determines the necessity of their special legal regulation taking into account their legal nature and connected legal aspects of record keeping. The purpose of my thesis is to analyse relevant Czech legislation and highlight both...
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Changes of Land Ownership Rights in Bohemia after 1918
Karfík, Zdeněk ; Adamová, Karolina (advisor) ; Soukup, Ladislav (referee)
99 R E S U M E Due to numerous interventions into ownership right to immovable property in general and land in particular, namely from the part of the state, which have occurred in remote and recent past since the creation of independent Czechoslovakia in 1918, it is impossible to speak about long-term continuity of legal status. This applies, in particular, to the two land reforms which occurred as a result of two revolutionary changes of social relations - the first one (the "first land reform") after 1918 and the second one (the "second land reform") after 1948. As regards the first land reform, I have focused on key relevant legislation: Act No. 32/1918 Coll. on attachment of large land estates, Act No. 215/1919 Coll. on the appropriation of large land property (the Appropriation Act), Act No. 329/1920 Coll. (the Compensation Act) and Act No. 81/1920 Coll., the Allotment Act. Under the Appropriation Act, agricultural property with the area in excess of 150 hectares of arable land or of 250 hectares of total land area was appropriated, meaning that the original owner could no longer dispose of it. Under the Allotment Act, the state then regulated the process of allotment of agricultural land and forests to allottees, mostly individuals, but also to various associations, cooperatives, etc. In this...
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