Skip to main content
Top

Hint

Swipe to navigate through the chapters of this book

2019 | OriginalPaper | Chapter

5. Tax Planning in Bank Tax—Analysis of the Use of Treasury Bonds

Author : Małgorzata Twarowska-Ratajczak

Published in: Effective Investments on Capital Markets

Publisher: Springer International Publishing

share
SHARE

Abstract

Purpose: The issue of taxation of the financial sector has long been widely discussed both in the European Union and in other countries of the world. It is extremely important to construct a proper tax, which would ensure the objectives set for it, and at the same time would generate as little negative effects as possible and would be as little burdensome for taxpayers as possible. The aim of the study is to verify the hypothesis that banks in Poland use the possibility of purchasing treasury bonds in order to lower the tax base. Methods: The paper analyses the use of treasury securities as an instrument of tax optimisation. The study includes theoretical and empirical research. A descriptive comparative analysis has been used to assess if after the introduction of the tax on some financial institutions there was an increase in treasury bond purchases in the last days of the month and an increase in sales at the beginning of the following month. Results and conclusions: The author confirmed the research hypothesis that banks in Poland use the possibility of buying treasury bonds in order to lower the tax base.
Literature
1.
go back to reference Nyk, M.: Tax planning for small and medium enterprises (SMEs), Ann. Mark. Mgmt. Econ. 2(1) (2016) Nyk, M.: Tax planning for small and medium enterprises (SMEs), Ann. Mark. Mgmt. Econ. 2(1) (2016)
2.
go back to reference Wyciślok, J.: Optymalizacja podatkowa. Legalne zmniejszenie obciążeń podatkowych, CH Beck, Warszawa (2013) Wyciślok, J.: Optymalizacja podatkowa. Legalne zmniejszenie obciążeń podatkowych, CH Beck, Warszawa (2013)
3.
go back to reference Filip, P.: Planowanie finansowe a optymalizacja obciążeń fiskalnych działalności gospodarczej. Zeszyty Naukowe Uniwersytetu Rzeszowskiego 15 (2009) Filip, P.: Planowanie finansowe a optymalizacja obciążeń fiskalnych działalności gospodarczej. Zeszyty Naukowe Uniwersytetu Rzeszowskiego 15 (2009)
4.
go back to reference Pomorski, P.: Celowość i efektywność preferencji podatkowych dla instytucji finansowych. In: Kucia-Guściora, B., Munnich, M., Zdunek, A., Zieliński, R. (eds.) Stanowienie i stosowanie prawa podatkowego w Polsce. Ocena i kierunki zmian, Lublin (2016) Pomorski, P.: Celowość i efektywność preferencji podatkowych dla instytucji finansowych. In: Kucia-Guściora, B., Munnich, M., Zdunek, A., Zieliński, R. (eds.) Stanowienie i stosowanie prawa podatkowego w Polsce. Ocena i kierunki zmian, Lublin (2016)
5.
go back to reference Keynes, J.M.: The General Theory of Employment, Interest Rates and Money. Harcourt Brace & World, New York (1936) Keynes, J.M.: The General Theory of Employment, Interest Rates and Money. Harcourt Brace & World, New York (1936)
6.
go back to reference Tobin, J.: A proposal for international monetary reform. Eastern Econ. J. 4 (1978) Tobin, J.: A proposal for international monetary reform. Eastern Econ. J. 4 (1978)
7.
go back to reference Buch, C.M., Hilberg, B., Tonzer, L.: Taxing banks: an evaluation of the German Bank Levy. J. Bank. Finance 72 (2016) CrossRef Buch, C.M., Hilberg, B., Tonzer, L.: Taxing banks: an evaluation of the German Bank Levy. J. Bank. Finance 72 (2016) CrossRef
8.
go back to reference Cannas, G., Cariboni J., Marchesi, M., Nicodème, G., Giudici M., Zedda, S.: Financial activities taxes, Bank Levies and Systemic Risk. Working Paper No. 43, European Commission (2014) Cannas, G., Cariboni J., Marchesi, M., Nicodème, G., Giudici M., Zedda, S.: Financial activities taxes, Bank Levies and Systemic Risk. Working Paper No. 43, European Commission (2014)
9.
go back to reference Capelle-Blancard, G., Havrylchyk, O.: The Impact of the French securities transaction tax on market liquidity and Volatility. Working Paper 33 (2015) Capelle-Blancard, G., Havrylchyk, O.: The Impact of the French securities transaction tax on market liquidity and Volatility. Working Paper 33 (2015)
10.
go back to reference Devereux, M., Johannesen, M., Vella, J.: Can taxes tame the banks? Evidence from the European Bank Levies, Oxford University Centre for Business Taxation (2015) Devereux, M., Johannesen, M., Vella, J.: Can taxes tame the banks? Evidence from the European Bank Levies, Oxford University Centre for Business Taxation (2015)
11.
go back to reference Dvořáková, V., Nerudováa, D.: Financial transaction tax: can it be sufficient resource of eu budget when introduced through enhanced cooperation ? Procedia Econ. Finance 12 (2014) Dvořáková, V., Nerudováa, D.: Financial transaction tax: can it be sufficient resource of eu budget when introduced through enhanced cooperation ? Procedia Econ. Finance 12 (2014)
12.
go back to reference European Commission.: Tax reforms in EU member states, Vol. 8014. N.p., 2015. Web (2015) European Commission.: Tax reforms in EU member states, Vol. 8014. N.p., 2015. Web (2015)
13.
go back to reference Grahl, J., Lysandrou, P.: The European Commission’s proposal for a financial transactions tax: a critical assessment. 52(2) (2014) Grahl, J., Lysandrou, P.: The European Commission’s proposal for a financial transactions tax: a critical assessment. 52(2) (2014)
14.
go back to reference Hemmelgarn, T., Nicodème, Tasnadi, B., Vermote P.: Financial transaction taxes in The European Union. National Tax J. 69(1) (2016) CrossRef Hemmelgarn, T., Nicodème, Tasnadi, B., Vermote P.: Financial transaction taxes in The European Union. National Tax J. 69(1) (2016) CrossRef
15.
go back to reference Huizinga, H., Voget, J., Wagner. W.: International taxation and cross-border banking, NBER working paper series. National Bureau of Economic Research (2012) Huizinga, H., Voget, J., Wagner. W.: International taxation and cross-border banking, NBER working paper series. National Bureau of Economic Research (2012)
16.
go back to reference Hvozdyk, L., Rustanov, S.: The Effect of financial transaction tax on market liquidity and volatility: an Italian perspective. Int. Rev. Financial Anal. 45 (2016) CrossRef Hvozdyk, L., Rustanov, S.: The Effect of financial transaction tax on market liquidity and volatility: an Italian perspective. Int. Rev. Financial Anal. 45 (2016) CrossRef
17.
go back to reference Jurgen, H., Kleinlercher, D., Kirchler, M.: The impact of a financial transaction tax on stylized facts of price returns—evidence from the Lab. J. Econ. Dynamics Control 36 (2012) Jurgen, H., Kleinlercher, D., Kirchler, M.: The impact of a financial transaction tax on stylized facts of price returns—evidence from the Lab. J. Econ. Dynamics Control 36 (2012)
18.
go back to reference Kil, K., Ślusarczyk, R.: Podatek Bankowy w Krajach Unii Europejskiej—Ocena Implementacji. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 348 (2014) Kil, K., Ślusarczyk, R.: Podatek Bankowy w Krajach Unii Europejskiej—Ocena Implementacji. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 348 (2014)
19.
go back to reference Koļesņika, M., Dovladbekova I.: Financial transaction tax as an instrument for banking sector regulation in the EU. Econ. Business 25 (2014) CrossRef Koļesņika, M., Dovladbekova I.: Financial transaction tax as an instrument for banking sector regulation in the EU. Econ. Business 25 (2014) CrossRef
20.
go back to reference Masiukiewicz, P, Dec, P.: Growth. Finance Regul. 11(2) (2012) Masiukiewicz, P, Dec, P.: Growth. Finance Regul. 11(2) (2012)
21.
go back to reference Rabatinová, M., Kušnírová, J.: The Bank Levies in Slovakia and in Other EU Countries. Bankov é odvody v SR a v EÚ 4(1) (2015) Rabatinová, M., Kušnírová, J.: The Bank Levies in Slovakia and in Other EU Countries. Bankov é odvody v SR a v EÚ 4(1) (2015)
22.
go back to reference Ramona, M.: Taxation of financial sector after the crisis in the European Union. J. Faculty Econ.Econ. 1(2) (2012) Ramona, M.: Taxation of financial sector after the crisis in the European Union. J. Faculty Econ.Econ. 1(2) (2012)
23.
go back to reference Schweikhard, F., Wahrenburg, M.: The internalization of systemic risk: an analysis of Bank Levy Schemes. SSRN Electron. J. (2013) Schweikhard, F., Wahrenburg, M.: The internalization of systemic risk: an analysis of Bank Levy Schemes. SSRN Electron. J. (2013)
24.
go back to reference Sun, E. Kruse, T., Min-Teh Yu.: Financial transaction tax: policy analytics based on optima trading. Compu. Econ. 46(1) (2015) CrossRef Sun, E. Kruse, T., Min-Teh Yu.: Financial transaction tax: policy analytics based on optima trading. Compu. Econ. 46(1) (2015) CrossRef
25.
go back to reference Szołno-Koguc, J., Twarowska, M.: Taxation of the financial—an attempt to find the best solution. J. Econ. Mgmt. 18 (2014) Szołno-Koguc, J., Twarowska, M.: Taxation of the financial—an attempt to find the best solution. J. Econ. Mgmt. 18 (2014)
26.
go back to reference Szołno-Koguc, J., Twarowska, M.: Dodatkowe Daniny Publiczne Sektora Finansowego (Banków)—Przegląd Międzynarodowy. ALTERUM Ośrodek Badań i Analiz Systemu Finansowego (2015) Szołno-Koguc, J., Twarowska, M.: Dodatkowe Daniny Publiczne Sektora Finansowego (Banków)—Przegląd Międzynarodowy. ALTERUM Ośrodek Badań i Analiz Systemu Finansowego (2015)
27.
go back to reference Claessens, S., Keen, M., Pazarbasioglu, C.: Financial sector taxation. The IMF’s Report to the G-20 and Background Material, IMF (2010) Claessens, S., Keen, M., Pazarbasioglu, C.: Financial sector taxation. The IMF’s Report to the G-20 and Background Material, IMF (2010)
28.
go back to reference Marcinkowska, M.: Dodatkowe podatki i opłaty od banków—potrzeby praktyki i dylematy teorii finansów, “Prace Naukowe UE we Wrocławiu” Nr 170, K. Jajuga (red.), Finanse—nowe wyzwania teorii i praktyki. Problemy wiodące, Wrocław (2011) Marcinkowska, M.: Dodatkowe podatki i opłaty od banków—potrzeby praktyki i dylematy teorii finansów, “Prace Naukowe UE we Wrocławiu” Nr 170, K. Jajuga (red.), Finanse—nowe wyzwania teorii i praktyki. Problemy wiodące, Wrocław (2011)
29.
go back to reference Twarowska, M., Skorulska, K.: The consequences of banking sector taxation in Poland and Germany in terms of different tax models. In: Proceedings of the 5th International Multidisciplinary Scientific Conference on Social Sciences & Arts SGEM 2018, vol. 5, Modern Science Issue 1.1, Vienna (2018) Twarowska, M., Skorulska, K.: The consequences of banking sector taxation in Poland and Germany in terms of different tax models. In: Proceedings of the 5th International Multidisciplinary Scientific Conference on Social Sciences & Arts SGEM 2018, vol. 5, Modern Science Issue 1.1, Vienna (2018)
32.
go back to reference Najwyższa Izba Kontroli (Supreme Audit Office).: Pobór podatku od instytucji finansowych. Informacja o wynikach kontroli, Warszawa (2018) Najwyższa Izba Kontroli (Supreme Audit Office).: Pobór podatku od instytucji finansowych. Informacja o wynikach kontroli, Warszawa (2018)
33.
go back to reference KNF (Polish Financial Supervision Authority).: Syntetyczna informacja na temat wpływu podatku od niektórych instytucji finansowych na sytuację banków komercyjnych. Warsaw (2017, August) KNF (Polish Financial Supervision Authority).: Syntetyczna informacja na temat wpływu podatku od niektórych instytucji finansowych na sytuację banków komercyjnych. Warsaw (2017, August)
Metadata
Title
Tax Planning in Bank Tax—Analysis of the Use of Treasury Bonds
Author
Małgorzata Twarowska-Ratajczak
Copyright Year
2019
DOI
https://doi.org/10.1007/978-3-030-21274-2_5

Premium Partner