H63 - National Debt; Debt Management; Sovereign DebtReturn

This paper deals with an ex post evaluation of the accuracy of state budget plans, in the case of the Czech Republic. We based our analysis on a two-step methodology consisting of plan-reality deviances and their significance tests. As such, it was found that although the deviances with some budget chapters are notable, only a limited number of them is statistically significant. These are connected to the adjusted budget plan, which exhibited not only two chapters with a systemic planning bias (operating costs, budget balance), but also lack of incremental improvement (increasing accuracy with shortening planning horizon). The paper further disseminates the influence of macroeconomic, political and institutional factors on the quality of budget planning. After statistical analysis, we come to the conclusion that only the unemployment rate shows significant effect, with all other factors being found, surprisingly, insignificant.

The article describes the importance and reasons of tax measures taken to fight the crisis. At the beginning it is the comparison of tax policy measures in the context of other measures. Attention is paid to the comparison of fiscal measures in the OECD. Next are presented the basic types of tax measures taken to fight the crisis (Corporate income tax rate reductions, Accelerated depreciation, Loss carryforward and carryback provisions, R&D credit enhancements, Indirect tax activity, Personal income tax measures). The article also presents two currently discussed tax theory concepts related to the prevention of potential crises in the future, namely, financial transaction tax and the concepts of tax neutrality due to the method of financing.