Taxation of financial institutions in the Czech Republic
Veronika Síbrtová
This article aims to analyse possible forms of taxation in the financial sector and, based on financial institutions' data, estimate the potential contribution to the state revenue of the Czech Republic, if the tax is levied on the banks' assets with the progression tax rate. The exponential smoothing methods were used to predict banks' assets for the following five years. Actual data from the MagnusWeb database and annual reports for Czech banks from 2008 until 2021 were used. This article estimates tax revenues for the Czech Republic by using the parameters of bank tax proposed by several political parties and comparing the results with the latest windfall tax proposal. Based on the results, the bank tax would represent the additional revenue of CZK 23.4-28.7 bn (0.34-0.39% of GDP) each year for the following five years, with an increasing trend for the basic scenario. The proposed windfall tax should represent the additional tax revenue of CZK 33 bn for 2023 with decreasing trend, as the tax should be temporary and levied only on excessive profits.
Year of publication: |
2023
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Authors: | Síbrtová, Veronika |
Published in: |
European financial and accounting journal : EFAJ. - Praha : [Verlag nicht ermittelbar], ISSN 1805-4846, ZDB-ID 2819858-X. - Vol. 18.2023, 1, p. 1-23
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Subject: | Bank Tax | Excessive Profit Tax | Financial Institutions | FTT | Taxation | Windfall Tax | Tschechien | Czech Republic | Bank | Finanzsektor | Financial sector | Steuer | Tax | Unternehmensbesteuerung | Corporate taxation |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.18267/j.efaj.278 [DOI] |
Classification: | f38 ; H29 - Taxation, Subsidies, and Revenue. Other ; K34 - Tax Law |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014549497
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