Czech Financial and Accounting Journal, 2013 (vol. 2013), issue 2
Introduction
Quo Vadis? Quo Vadimus?
Petr Marek
Český finanční a účetní časopis 2013(2):4-6 | DOI: 10.18267/j.cfuc.335 
Vážení čtenáři, současná situace v našem vysokém školství přináší celou řadu otázek. Nové zákony a nové předpisy nás zatěžují často zbytečnými administrativními starostmi. A tak si čas od času není na škodu položit otázku, kam vlastně směřujeme a jaký smysl má naše počínání. Quo Vadis, finanční a účetní vědo? K formální naplněnosti nebo k vlastní tvořivosti? Co přináší finanční a účetní věda doopravdy nového? Objevuje, vynalézá nebo jen tak prostě a jednoduše kecá? Kdy lidstvu vlastně pomohla? Dokázala zabránit finančním a hospodářským krizím, odhalila nějaké podvodníky a tuneláře, nebo je tomu naopak a ve skutečnosti přispěla ke vzniku těchto krizí...
Articles
International Comparison of Macroeconomic Factors Affecting the Tax Revenue
Ondřej Bayer
Český finanční a účetní časopis 2013(2):7-24 | DOI: 10.18267/j.cfuc.336
The paper deals with the possibility of estimating similarity between the tax systems of selected countries (Czech Republic, Poland and Slovakia) based on the development of tax revenues and important macroeconomic indicators. The methodology is based on regression and correlation analysis, when possible similarities are subsequently discussed with the results of correlation analysis and the size of the estimated regression coefficients. Although the outcome in some cases does not preclude possible similarity between tax systems, only the evaluation of the development of regression analysis, so this conclusion is not evidential due to the small size...
Changes in the Tax Burden of Natural Persons from 2013
Jana Skálová
Český finanční a účetní časopis 2013(2):25-37 | DOI: 10.18267/j.cfuc.337
The last two years are in the European Union in the process of trying to increase tax rates on income of legal or natural persons. Czech Republic focused on collection more tax revenue from individuals. The way to do is the introduction of the solidarity surcharge, partly to reduce certain tax relief for businesses. This article is focused on examining changes in the amount of the tax burden of individuals in any groups. The changes will affect all entrepreneurs who do not record actual expenditures, but use lump sum payment as the expenditures. Articles also discuss some possibility for tax optimization, such as the tax base allocation to co-wife...
Corporate Income Taxation and the Corporate Tax Base in the Czech Republic
Leoš Vítek
Český finanční a účetní časopis 2013(2):38-49 | DOI: 10.18267/j.cfuc.338
The article focuses on trends in tax revenue from corporate income tax in the Czech Republic, the development of number of taxpayers; corporate profits tax bases and the interactions between them. It also shows impacts of profit adjustments on corporate tax revenues. The results of the analysis show that it is difficult to explain the variation in the tax base or tax revenue only by one variable, such as the development of the economy, the number of taxpayers and the tax and accounting rules. Dependency between the tax obligation and the number of taxpayers or the tax rate was not confirmed. Only weak dependency exists between changes in GDP and changes...
Imperfect Capitalized Pillar of Czech Pension System
Petr Musílek
Český finanční a účetní časopis 2013(2):50-60 | DOI: 10.18267/j.cfuc.339
The aim of this paper is not only to explain the role of retirement funds in the Czech pension system, but also to evaluate how effectively the new system has been working up to now. Owing to population ageing and the debt problems of the most developed countries, as well as maturing of existing pay-as-you-go systems, there is a widespread trend in the developed countries moving towards capitalized pension funds in the modern retirement system. Particular attention will be paid to the systematic defects in the II pillar Czech pension system, which is characterized by the insufficient demand for this new financial product. As a solution to the institutional...
Twenty Years of the Czech Koruna
Jitka Koderová
Český finanční a účetní časopis 2013(2):61-73 | DOI: 10.18267/j.cfuc.340
On the 8th February 2013 the Czech Koruna celebrated 20 years of its existence. The article would like to remember this anniversary. In the first part the circumstances of the birth of the Czechoslovak Koruna in April 1919 are analyzed. The second part deals with the break-up of the Czechoslovak Republic, with the Czech-Slovak monetary union and with the development of the Czech Koruna after monetary separation, which was realized as stipulated in the Monetary Separation Act No. 60/1993 Sb., a result of mutual agreement between the governments of the Czech and the Slovak Republics. In the third part the question of the termination of the Czech Koruna...
Optimizing of the Capital Structure of the Concrete Enterprise and Branch Standards
Milan Hrdý
Český finanční a účetní časopis 2013(2):74-83 | DOI: 10.18267/j.cfuc.341
The contribution deals with the role of the branch standards in the process of the optimizing of the capital structure of the concrete firm. The enterprises can use the branch standards available and adjust their indebtedness on this level besides the process of the active optimizing. The problem however lies in the identification of these branch standards. The branch standards in the seventeenth areas were analyzed from the point of view of the Czech Republic, the U.S.A., of the world and of the Europe. Even if the results in the single areas were different, it is possible to generalize that the indebtedness of the firms in the Czech Republic is in...
Limit of Payback Period Applicability at Creation of Guaranteed Redemption Prices
Josef Valach
Český finanční a účetní časopis 2013(2):84-95 | DOI: 10.18267/j.cfuc.342
Payback period is not suitability criterion for evaluation great part of investment projects and also for creation guaranteed redemption price of energy. It ignores time factor and also cash flows after the cut-off date. For projects with greater internal rates of return and with longer economic lives it can be proved that evaluation by payback period and by internal rate of return is significantly approximate. Interest payments from long debt capital should not be included in project cash flow. It can be used precisely valuation by adjusted net present value or by adjusted weighted average cost of capital.
Accounting theory and praxis teaching at the University of Economics Prague 1953-2013
Miloslav Janhuba
Český finanční a účetní časopis 2013(2):96-105 | DOI: 10.18267/j.cfuc.343
Accounting as a branch of economic science and research is not in the center of attention of economists, whether they are focused macroeconomic or Business Administration (microeconomic). Whoever, it is necessary to underline the crucial importance of accounting for the formation of a number of findings from the field of business management, e. g. cost, efficiency and economy of production. Accounting is a branch of science developed in the world and around us in the last hundred and fifty years and represents today an accepted part of the microeconomic oriented research and the formation of some theoretical conclusions. Department of Accounting, University...
Custom Value and Transfer Prices
Alexej Sato
Český finanční a účetní časopis 2013(2):106-113 | DOI: 10.18267/j.cfuc.345
Major part of multinational companies from the whole world is facing the problems connected with the valuation of goods in the international business. Transactions between related parties are subject to examination guided with different rules and contradictory interests of both customs and fiscal authorities. This article makes an attempt to describe basic problems and propose some resolution which should be in the interest of all concerned.