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The Czech National Bank and the national plan of adopting euro in the Czech Republic
Tabačák, Anton ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
- - 157 - - RESUMÉ or SUMMARY Keywords: Czech National Bank, National Changeover Plan, relationship, commercial banks, banking sector, financial market, europe structure of the banking sector, communication, responsibility of the CNB, non-financial sector, consumer protection, legislation - responsibility of the Ministry of Justice My dissertation thesis starts from the analysis of czech central banking, its history and role in modern europe economy. It refers to old famous,, historiae magistra vitae", because only problems, which had central banking in history, created central banking today. Special chapter is devoted to the Czech National Bank. The Czech National Bank is the central bank of the Czech Republic and the supervisor of the Czech financial market. It is established under the Constitution of the Czech Republic and carries out its activities in compliance with Act No. 6/1993 Coll., on the Czech National Bank and other regulations. It manages the assets entrusted to it by the state independently and with due diligence. Interventions in its activities are only permissible on the basis of a law. The supreme governing body of the CNB is the Bank Board, consisting of the CNB Governor, two Vice- Governors and four Chief Executive Directors. All Bank Board members are appointed by the President of the...
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Regulation and legal rules for financial stability of Member State of the EU and Eurozone
Benáček, Ondřej ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
Regulations and legal instruments of financial stability of members of the EU and Eurozone This thesis aims to find and analyze the main sources of economical and legal tools that caused the world financial crisis and further on analyze the following legal actions of governments, central banks and well as of the private sector. Both the declared and hidden deficits are followed with caution. For understanding of the current situation the historical development within the field of monetary integration in Europe is both described and analyzed. A special attention is dedicated to reactions following the financial instability of both EU and the Eurozone. The result is as follows, most of the adopted financial regulations like for example European Financial Stability Facility reacts only on the results but not on the sources of the financial crisis and most of the proposed regulations aims just to postpone the root of the problem. The key institutional causes of the crises, among others moral hazard, information asymmetry caused by complex financial derivatives, failure of corporate governance and connection between politics and private interests of the top business remains unfortunately unsolved.
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Legal aspects of currency and money circulation
Švábová, Petra ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 The legal aspects of currency and payment system Resume: The monetary law as a part of the financial law is concentrating mainly on institutions of currency, its emissions, payment systems and its security. Currency is a concrete monetary system in a concrete state, which is settled by legal acts of this state. The state authority specifies not only the nominal value of banknotes and coins, but also rules of their reproduction, rules of the exchange of damages banknotes for new ones, rules of their acceptance as a payment instruments, rules o payment systems etc. The monetary system in Czech Republic is compounded of banknotes in denomination of 50, 100, 200, 500, 1000, 2000, 5000 and coins in denomination of 1, 2, 5, 10, 20, 50. The currency named Czech koruna and it is divided into 100 hellers. The sole institution, which has a legal right to emit banknotes and coins, is the Czech National Bank by the Act no. 6/1993 Co. The CNB through its ordinances specifies the emission of a concrete banknote or coin, its size, design, weight... and beginning of validity (for example the Ordinance CNB no. 78/2009 Co. or Ordinance CNB no. 111/1993 Co.). To protect banknotes against a counterfeiting they are provided by security features as watermark, security threads, perforation, see-through mark, hologram, raised...
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Issues of direct taxes
Čerňanský, Michal ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee)
The thesis is focused on issues of direct taxes mainly on the most discussed problems in the direct taxation area. The introductory section is devoted to basic financial law categories, such as the very definition of tax, the notion of direct taxes, tax functions, tax systems and tax schemes. The history of taxes from the very beginning to the present legislation is outlined in the thesis. The main central theme of the diploma work is mentioned in the chapters that deal with the issues of direct taxes. These chapters are devoted to the characteristics of direct taxes in a broader sense. According to a significant extent of the chosen theme, the thesis deals with income taxes within "de ferenda" legislation. The intention of the thesis was not the complex processing of all relevant aspects of income taxes, but especially expresses the most discussed problems such as direct tax issues, tax progression and relation to social aspects. In this thesis, tax issues are identified at EU level and compared to the level of taxation in other EU countries. In conclusion the tax system of our nearest EU neighbour Germany is also briefly mentioned.
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The Stock Exchange
Schicková, Pavla ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
1 ABSTRACT Stock Exchange The contents of the notion "stock exchange" change in time. Factors inducing these changes are intertwined and influence each other. The introduction of modern telecommunication technologies in 1980s brought about a process of change in the notion of "stock exchange". This factor mainly influenced the territorial aspect of said notion. Modern communication technologies allowed for integration of capital markets within Europe. This integration required unification of legislation in EU Member States. The crucial piece of Czech legislation implementing European norms in the area of stock exchange markets is the Act No. 256/2004 Coll. on Business on Capital Market. The greatest influence on the notion of "stock exchange" has had the transposition of the EU MiFID directive into that act in 2008. The changes introduced by this directive have led to vacating tne notion of "stock exchange" in legal terms with the term itself being replaced by "operator of the regulated market". Over the past decade the supervision and regulation on both European and national levels have undergone substantial changes. The changes and innovation in the investment instruments market have called for changes in institutional setting of supervision and regulation. These changes in supervision and regulation have...
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An analysis of decision-making of the Supreme Administrative Court regarding corporate income tax
Andrášová, Hana ; Kohajda, Michael (advisor) ; Boháč, Radim (referee)
Analysis of the decision-making of the Supreme Administrative Court in the matters of corporate income tax The aim of this thesis is a comprehensive analysis of the decision-making of the Supreme Administrative Court in the matters of corporate income tax. This tax is applied to every legal entity and its correct calculation has a significant impact on the future of such entities. Because the tax legislation in the Czech Republic is quite complicated, there are often mistakes in its interpretation. If these mistakes are not corrected during the proceedings before an administrative body, there is no other option than to turn to an administrative court. The Supreme Administrative Court is the last instance to which one can apply within the administrative justice system. It is therefore important that the Supreme Administrative Court ruled predictably, and without any unnecessary delay. The thesis consists of an introduction, three chapters, conclusion, appendices and bibliography. In the introduction, the author briefly introduces the reader to the issue of the decision-making of the Supreme Administrative Court in the matters of corporate income tax and outlines the reasons why she chose the topic and the goals that should be achieved in this thesis. The first chapter deals with a general introduction to the...
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Personal income taxation in the United States of America on federal and state level
Spáčilová, Ivana ; Boháč, Radim (advisor) ; Kohajda, Michael (referee)
Personal Income Taxation in the United States of America on Federal and State Level The main aim of this thesis is to show the complexity of personal income taxation in the United States of America, by explaining the system of taxation and the main changes of the personal income taxation for the last ten years, under the influence of Economic Growth and Tax Relief Reconciliation Act, which was passed in year 2001. The system of this work is divided into four main parts. The role of the first part is to show the history of the taxation which led to the today's personal income taxation system, followed by second part with the explanation of system of the personal income tax of individuals, shown in details with the differentiated statuses of subjects, deductions, progressive tax brackets and tax credit for the taxpayers. The third part shortly describes personal income taxation system in the state of Maryland to show a different layer of the taxation system with its rules. The fourth part reflects the changes of the tax system in the last decade, which were brought by EGTRRA, with its affects on various groups of taxpayers and the effect on the economy of the country. These four parts together should create a picture of the system and its functioning of the personal income taxation in the United States of America.
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Taxation of income resulting from employment and emoluments
Zaslavský, Timur ; Boháč, Radim (advisor) ; Kohajda, Michael (referee)
This diploma thesis is dealing with income from dependent activities and perquisites. We might often see disputes in terms of delimitation of dependent activities. Accordingly, the aim of this thesis is, in the first stage, to delineate dependent activities based on analysis of valid legislation, relevant judicial decisions and approach of particular state institutions. Fringe benefits are subject to analysis of the second chapter from the personal income tax perspective. Taxation of the most common incentive plans, which is not explicitly stipulated in the income taxes act, is deeply analyzed in this chapter. Moreover, taxation of particular fringe benefits, which are stipulated in the income taxes act and could be exempted from taxation under certain circumstances, is subject to my analysis in the second chapter.
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Tax, charges and other similar tools for the protection of the environment
Hlúbiková, Helena ; Boháč, Radim (advisor) ; Kohajda, Michael (referee)
1 Taxes, charges and other similar instruments for the environmental protection The reason why I chose this theme is that the environmental protection from the perspective of financial law is a very topical issue in all EU countries, including the Czech Republic. The purpose of my thesis is to analyse instruments that are utilized for environmental protection. The thesis deals with direct and indirect regulatory instruments and the increased attention is paid to the energy taxes. The thesis is composed of five basic chapters, each of them dealing with different aspects of the environmental protection from the perspective of financial law. Chapter One and Two is introductory and defines basic terminology used in the thesis such as the environment and environmental protection or environmental policy. Chapter Three deals with the basic structure of instruments for environmental protection, which are instruments of direct regulation (normative) and indirect regulatory instruments (economic). This chapter also describes the characteristics of these instruments and their advantages and disadvantages. Chapter Four concentrates on economic instruments - environmentally related charges and especially environmentally related taxes. This chapter deals with the term of environmental taxes, their characteristics and...
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Legal Aspects of Derivatives
Krupová, Tereza ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
Legal Aspects of Derivatives This thesis deals with derivatives and their legal aspects. The purpose of the thesis is to focus on the main characteristics of derivative contracts and try to find their legal nature. The main reason for choosing the topic was the lack of information about legal problems regarding derivatives. It seems to be an interesting paradox. Billions of derivatives contracts are traded every day but not much has been written about them from the law point of view. Although there are many books dealing with their economic characteristics their accounting and tax aspects, it is hardly possible to find a monograph dealing with their legal base. This thesis is divided into five main parts. The first one describes derivatives in general, offers a definition and divides them into basic categories. The second part encompasses history of derivatives and their regulation. This part is mainly connected to common law rules since derivatives have developed mostly within Anglo-American law systems. The third part concentrates on problems arising from the fact that although derivatives are traded all over the world their legal basis remains unclear. The question arising is whether to treat derivatives as wagers, insurance policies or as some different type of contract. In this part I offer my...
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