scholarly journals The impact of the COVID-19 pandemic on startup finance: Considerations on the situation and aspects for the State aid

2020 ◽  
Vol 25 (4) ◽  
pp. 430-449
Author(s):  
A.V. Kozhanova
Keyword(s):  
Life Cycle ◽  
Interest Rates ◽  
The State ◽  
Critical Systems ◽  
Research Papers ◽  
Governmental Policy ◽  
Tax Benefits ◽  
Governmental Institutions ◽  
Innovative Economy ◽  
The Impact

Subject. The article investigates how crises influence the finance of SME and startups, and what the State does to support them. Objectives. The article outlines lines of the governmental policy for startup finance so as to maintain the innovation-driven economy during the crisis caused by the COVID-19 pandemic. Methods. The study is based on the critical systems analysis of economic literature (research papers, reports of consulting companies and professional experts). I also apply methods of observation, collection of facts, synthesis, etc. Results. I outlined aspects of the governmental policy for startup finance during the COVID-19 pandemic: supporting the startups that just assumed their life cycle, the State should provide more direct finance, use special governmental funds and departments of State-owned companies, give more grants; supporting any startups notwithstanding their life cycle, the State should adopt some tax benefits in strategic sectors, simplify financing procedures in governmental funds and State-owned companies, lower interest rates on finance provided by State-owned banks. Conclusions and Relevance. The findings can be used by governmental institutions, which deal with SME, startups and innovative economy, inter alia, to outline programs, strategies, regulatory documents.

scholarly journals PROBLEMS OF TAX RISK MANAGEMENT IN THE CONDITIONS OF THE COVID-19 PANDEMIC

2021 ◽  
pp. 188-200
Author(s):  
Anton SHEVCHUK
Keyword(s):  
Economic Crisis ◽  
Business Owners ◽  
The State ◽  
Business Climate ◽  
State Budget ◽  
Political Factors ◽  
Tax Revenues ◽  
The Face ◽  
Tax Benefits ◽  
The Impact

Introduction. The theoretical bases of tax risks are considered and the author's approach to interpretation of their essence is offered. The directions of the COVID-19 pandemic's impact on tax revenues to the State Budget of Ukraine have been studied and the factors of intensification of tax risks have been determined. On this basis, scientifically sound recommendations for improving the management of tax risks in Ukraine in the economic crisis. The purpose of the article is to study the areas of intensification of tax risks in the context of the COVID-19 pandemic and the development of scientifically sound proposals for improving the management of tax risks in the face of new challenges for fiscal authorities. Results. The main directions of the impact of the COVID-19 pandemic on tax revenues to the State Budget of Ukraine are assessed. It is proved that the manifestations of the economic crisis are the main factors of intensification of tax risks in Ukraine, which are expressed in significant losses of budget revenues. Ways to optimize the mechanism of VAT refunds and directions of audit of tax benefits in order to minimize tax risks are proposed. The mechanisms of obligatory fiscalization of micro and small business settlements through the introduction of registrars of settlement operations on favorable terms for business owners without the need to hire additional employees are outlined. Possibilities of realization of the project of electronic customs as one of elements of creation of a positive business climate and minimization of tax risks are considered. Perspectives. Promising areas of research may be the study of psychological, administrative, technological, political factors of tax risks in Ukraine.

scholarly journals IMPACT OF EXOGENOUS SHOCKS ON CONSUMPTION APPROXIMATED BY RETAIL TRADE IN CROATIA

2020 ◽  
Vol 6 (2) ◽  
pp. 15-26
Author(s):  
Darko Karić
Keyword(s):  
Interest Rates ◽  
Banking Sector ◽  
Paper Analysis ◽  
The State ◽  
Retail Trade ◽  
Exogenous Shocks ◽  
Irrational Behavior ◽  
Personal Consumption ◽  
Banking Market ◽  
The Impact

This paper analysis the impact of two different types of exogenous shocks on the consumption, approximated by retail trade in Croatia. The aim of this paper is to show that the crisis caused by financial disturbances and the crisis caused by pandemic have different repercussions on movements of interest rates and further impact on consumption. Banks react differently in a crisis that has no cause in the financial sector compared to the crisis caused by disturbances in the financial and banking market as we had in 2008. Therefore, it will be proven that in crisis of 2020, which is more significant in strength than the crisis in 2009, Croatia has pursued a different economic policy, aimed to retaining jobs and maintaining the level of consumption from pre-recession periods. All mentioned emphasizes two facts: 1. The irrational behavior of the state in a crisis caused by disturbances in the financial and banking sector differs to the state reaction to the crisis caused by a pandemic, that has no financial cause; 2. Fear of negative psychological expectations and falling demand and personal consumption, are the most important components in the GDP structure

scholarly journals QATARI FEMALE MANAGERS IN A WORLD OF PATRIARCHY

2019 ◽  
Vol 7 (5) ◽  
pp. 215-225
Author(s):  
Noora Ahmed Lari
Keyword(s):  
Civil Society ◽  
Gender Equality ◽  
Labour Force ◽  
The State ◽  
Structured Interviews ◽  
Family Policies ◽  
Civil Society Organisations ◽  
Governmental Institutions ◽  
Evaluation And Monitoring ◽  
The Impact

Purpose: The State of Qatar has widely sought to include women in public life and has implemented several policies in order to improve gender equality in the workforce and fair distribution of development benefits. This study establishes how far the State of Qatar has achieved the equality of women in the workplace, since the initiation of new reform policies and agendas of modernisation in 1995. Qatari women in leadership positions still face major challenges in relation to cultural limitations and organisational constraints; these areas need to be further developed to improve the degree of gender equality and close the wide gap between the two genders in terms of economic rights and equal opportunities in the labour force. Methodology: This paper uses semi-structured interviews which were conducted with twenty-five women aged all of whom held senior management positions in a range of civil society and public sector organisations in Qatar at the time of the interview. The twenty-five participants who participated in the study ranged in age from 34 to 61 years. Main Findings: The findings suggest that Qatari women are helped by two forces: the support they are getting from the ruling family and the impact of reforms and social change in surrounding regions. Indeed, the slow pace of social reform is one of the common complaints of progressives. Implications/Applications: Therefore, focused, procedural steps should be taken to enforce adherence to frameworks by governmental institutions and to amend existing legislation to tackle the challenges faced by women. These steps include implementing some social policy recommendations in terms of establishing and funding women’s civil society organisations, integrating an evaluation and monitoring system in governmental organisations, promoting work/family policies, and initiating a feminisation policy in government organisations.

The effect of financial, macroeconomic and sentimental factors on stock market volatility

2021 ◽  
Vol 67 (4) ◽  
pp. 274-293
Author(s):  
Anna Czapkiewicz ◽  
Agnieszka Choczyńska
Keyword(s):  
Emerging Markets ◽  
Interest Rates ◽  
The State ◽  
Stock Market Volatility ◽  
Markov Switching Model ◽  
Switching Model ◽  
Developed Markets ◽  
High Volatility ◽  
The Usa ◽  
The Impact

The aim of this paper is to find economic factors that could be helpful in explaining the market’s shifts between periods of prosperity and crisis. The study took into account the main stock indices from developed markets of the USA, Germany and Great Britain, and from two emerging markets, i.e. Poland and Turkey. The analysis confirms the existence of two different states of volatility in these markets, namely the state with a positive returns’ mean and low volatility, and the state with a negative or insignificant mean and high volatility. The Markov-switching model with a dynamic probability matrix was applied in the study. The subject of the analysis was the impact of domestic and global factors, such as VIX and TED spread, oil prices, sentiment indices (ZEW), and macroeconomic indices (unemployment, longterm interest rate, CPI), on the probability of switching between the states. The authors concluded that in all the examined countries, changes in long-term interest rates have an influence on market returns. However, the direction of this impact is different for developed and emerging markets. As regards developed markets, high prices of oil, 10-year bonds, and the ZEW index can suggest a high probability of the countries remaining in the first state, whereas an increase in the VIX index and the TED spread significantly reduces the probability of staying in this state. The other studied factors proved to be rather local in nature.

scholarly journals Reflexão necessária sobre os limites constitucionais das desonerações fiscais das exportações no Brasil

2020 ◽  
Vol 279 (1) ◽  
pp. 193
Author(s):  
Denise Lucena Cavalcante ◽  
José Maria McCall Zanocchi
Keyword(s):  
Critical Reflection ◽  
The State ◽  
Financial Data ◽  
Public Budget ◽  
Public Finances ◽  
The Public ◽  
Tax Benefits ◽  
The Republic ◽  
The Impact

<p><span>A critical reflection on the constitutional limitations of Brazilian tax exports exoneration programs</span></p><p><span><br /></span></p><p><span>RESUMO<br />Estuda a influência das finanças públicas decorrente das desonerações fiscais das exportações, acentuadas no Brasil desde os anos de 1990, com uma série de reformas legislativas iniciadas com a Lei Kandir. A hipótese investigada neste estudo indaga se as premissas que justificaram a adoção de tais benefícios tributários no passado ainda persistem ou se estes deveriam ser revistos na atual conjuntura, especialmente à luz do estado das finanças públicas. Com amparo numa breve análise de dados da União e do desempenho da pauta de exportação, reflete-se criticamente acerca das políticas generalizadas de desonerações. Ao fim se cogita sobre a compatibilidade de tais políticas com os objetivos fundamentais da República Federativa do Brasil.<br /><br />ABSTRACT<br />The present study examines the impact over the public budget of exports exoneration policies that raise in Brazil as of the nineties with a series of reforms initiated by Kandir Act. The hypothesis to be investigated in this study is if the premises that justified the adoption of such tax benefits still persist or if they should be revised in the current conjuncture, especially in light of the state of public finances. After a brief analysis of the financial data of the Union and the performance of the exports, the paper invites to a scrutiny on the generalized exoneration policies. At the end the compatibility of such policies with the fundamental goals of the Republic are discussed.<br /></span></p>

scholarly journals TAX INCENTIVE SYSTEM FOR INNOVATIVE ACTIVITY: STATE AND PROSPECTS

2021 ◽  
Author(s):  
Nataliia Havrilenko ◽  
◽  
Olena Hryshchenko ◽  
Keyword(s):  
Tax Incentives ◽  
The State ◽  
Government Support ◽  
Weak Links ◽  
Technical Equipment ◽  
Negative Consequences ◽  
State Budget ◽  
Tax Benefits ◽  
Low Efficiency ◽  
The Impact

The article examines the mechanisms of tax incentives for innovation of economic entities, which should focus on the development of national production and ensure sustainable macroeconomic growth. It was found that the main problems of the domestic economy, which create barriers to its innovative renewal, are the weak links between science and industry, lack of demand from industry and research and development, very low level of technical equipment of the economy, lack of market motivation for the development of knowledge-intensive production, worn-out equipment and, as a result, low efficiency of the economy as a whole. It is proved that among the main reasons for the reduction of budget revenues in the economy of Ukraine, in addition to the crisis, there are also tax benefits. For certain areas of business, this is one of the most attractive types of government support, as it means that some businesses are starting to pay less taxes. The rest, respectively, must be paid by other business structures or the state receives less money to finance its expenditures. As a result, inequality between taxpayers and a simultaneous reduction in the amount of funds that can be collected by the Ministry of Finance. Thus, in 2019 alone, due to the provision of tax benefits, the state budget did not receive budget revenues equivalent to 1.3 billion US dollars. Total budget losses from this source during 2015-2019 amounted to 6.4 billion dollars. It was found that in Ukraine there is almost no system for monitoring the impact of tax benefits, and this does not allow to assess the future effect of the introduction of such measures. Of course, this has important negative consequences for both public finances and the economy as a whole. The influence of granting tax benefits on the loss of state budget revenues is analyzed. Specific measures aimed at tax incentives for the development of innovation in Ukraine, the introduction of innovations by economic entities of all sizes are proposed. The need to rethink the criteria for granting tax benefits is noted. Foreign practice of tax incentives for innovation and investment activities, the cost of innovation is time-tested and quite diverse. Undoubtedly, it can be useful in the development of this area of tax incentives in Ukraine.

scholarly journals Tax Incentives as an Instrument of Tax Regulation of Ukraine

2021 ◽  
Vol 26 (1) ◽  
pp. 135-140
Author(s):  
Svitlana Savitska ◽  
Keyword(s):  
Large Scale ◽  
Tax Incentives ◽  
The State ◽  
Investment Activity ◽  
Advantages And Disadvantages ◽  
Tax Benefits ◽  
State And Local ◽  
Business Entities ◽  
The Impact ◽  
Tax Regulation

Abstract. Introduction. In modern economic theory, theoretical discussions constantly arise about the feasibility and effectiveness of tax incentives. Tax incentives, under certain conditions, are an effective tool for supporting national competitiveness and creating a new technological core of any economic system, especially a transformational one. At the same time, the conditions for the effectiveness of the benefits provided are their strict purpose, time constraints and constant comprehensive monitoring. In addition, benefits have a certain psychological effect on business entities and increase the investment activity of enterprises. On the other hand, the ineffective practice of preferential taxation contributes to the formation of significant losses of budgetary resources of the state, which leads to a violation of economic stability, a slowdown in economic development and a decrease in the level of financial security of the state. The above confirms the relevance of the study of the impact of tax incentives on the formation of budget revenues, as well as the search for ways to optimize preferential taxation in Ukraine. Purpose. The purpose of the article is to summarize the theoretical aspects of the use of tax incentives as an instrument of tax regulation and to study the effect of preferential taxation on the formation of budget revenues in Ukraine. Results. The theoretical foundations of the functioning of tax incentives are considered. Approaches to the interpretation of the concept of "tax incentive" are generalized and its economic essence is revealed. The advantages and disadvantages of tax incentives, the rights of taxpayers to use tax incentives have been identified. The types of tax benefits in terms of direct taxes have been investigated and systematized. The analysis of losses of the state and local budgets from the provision of tax incentives has been carried out. The main sectors of the economy have been identified and analyzed, where more tax benefits are directed. Conclusions.It was found that the system of providing tax incentives in Ukraine is ineffective. Therefore, there is no doubt about the need to reduce the volume of tax benefits provided to business entities, mainly on non-transparent principles and lead to large-scale budget losses. Tax breaks are not directed to those industries that really need support, but to those that are lobbied in parliament. Therefore, it is necessary to introduce a clear mechanism for the provision of tax benefits, their monitoring, control of losses and benefits of each benefit. Proposals have been developed to improve the system of granting tax benefits and to strengthen control over their development.

scholarly journals Formation of Leading Universities: World Practice and Russian Perspective

2019 ◽  
pp. 1-17
Author(s):  
Valerii S. Efimov ◽  
Alla V. Lapteva
Keyword(s):  
Research University ◽  
Global Scale ◽  
The State ◽  
Massachusetts Institute Of Technology ◽  
Success Stories ◽  
Institute Of Technology ◽  
Governmental Institutions ◽  
High Level ◽  
State Domination ◽  
The Impact

The subject of the research presented is the phenomenon of university leadership and its conditions and factors. The study is based on “success stories” of leading universities in various countries: Harvard and Stanford Universities (USA), Massachusetts Institute of Technology (USA), Shanghai Jiao Tong University (China), Indian Institute of Technology Bombay (India), Pohang University of Science and Technology (Korea), National Research University Higher School of Economics (Russia). We can conclude that universities become leaders if they manage to “ride the wave” of important changes for society and support the deployment of these processes, as well as use their energy and the emerging opportunities. An important factor is the activity of key partners that support the development of a leading university: professional communities, authorities, governmental institutions and large companies. The impact of leading universities on the development of the regions and countries where they are located is formulated as follows: they form elites; create an educated society, bring up professionals; produce and distribute new knowledge, technological, organizational and institutional solutions; directly develop the economy through the creation of new enterprises and jobs. Leading universities initiate cooperation on a regional and global scale; solving the problems faced by the humanity; they set new future-oriented objectives and goals. In the history of universities, we can observe various relations with the state: partnership of universities and authorities or state domination over universities. The implementation of the strategic interests of the state can be combined with the freedom and activeness of universities, modelling the promising practices of the future “on themselves”. At the same time, the situation in Russia is characterized by the actual absence of “universities as communities” demonstrating a high level of academic autonomy, their own vision of the prospects for the economy, technology, science, education and formulating their own independent strategies

scholarly journals Simulation of the Impact of Waste Batteries on Ecosystem Reliability

2020 ◽  
Vol 14 (1) ◽  
Author(s):  
Alexander Petrov ◽  
Volodymyr Pohrebennyk ◽  
Alla Shybanova ◽  
Mariia Ruda
Keyword(s):  
Life Cycle ◽  
Computational Procedure ◽  
Element Composition ◽  
The State ◽  
Natural Ecosystems ◽  
Ecological Index ◽  
The Stability ◽  
Sources Of Risks ◽  
State Of The Environment ◽  
The Impact

To assess the impact of not just the battery as such but its multi-element composition on the state of the environment, a new approach is proposed through the determination of the reliability of ecosystems, which makes it possible to obtain quantitative indexes of the stability and losses of natural ecosystems. These data can be used as indicators of the state of the environment, and hence as the assessment of an environmental component that is important for determining the actual impact of the multi-element composition of batteries. On the basis of such indicators, which can be obtained using the SimaPro software, it is possible to calculate thresholds beyond which negative phenomena occur, as well as to predict and simulate situations, to carry out the mapping of sources of risks, to monitor changes, and this will allow identifying the causes of these changes or determining the factors that slow down or retard the approach of ecosystems to a critical state, i.e. to develop preventive measures to avoid disasters. The eco-indicator 99 is one of the methods that allows us to accept one estimate for the whole product - the so-called ecological index. It is the sum of all individual eco-points or partial indexes for all life-cycle processes. The computational procedure is carried out by summing up the results of weighing the phases of the life cycle.

scholarly journals Restructuring of problem loans of banks in times of crisis

2020 ◽  
pp. 65-70
Author(s):  
Olena Rybak ◽  
Dmytro Puskov
Keyword(s):  
Asset Management ◽  
Commercial Banks ◽  
State Level ◽  
The State ◽  
Debt Restructuring ◽  
Current State ◽  
Banking Institutions ◽  
Tax Benefits ◽  
Banking Institution ◽  
The Impact

Purpose. The aim of the article is the analysis of the current state of problem debts of Ukrainian banks, research of methods of restructuring problem loans and search for ways to optimize it in a crisis. Methodology of research. The following methods are used to achieve this goal: dialectical ‒ when clarifying the economic meaning of concepts and terms; analysis, synthesis, sampling, graphic ‒ in the study of the state and structure of problem loans; induction and deduction ‒ to determine the impact of negative factors on the domestic development of lending by commercial banks; comparison ‒ in the study of methods of restructuring problem loans against the background of crisis phenomena and processes. Findings. Such mechanism as restructuring is considered in the article for minimizing the level of problem loans. It is determined that the implementation of such procedure should take place on a systematic basis, according to uniform rules and apply to all banking institutions. Taking into account the world experience of problem debt restructuring, the need to improve the legal and regulatory framework for problem debt restructuring in terms of providing tax benefits and the introduction of a balanced procedure for restructuring loans at the state level, providing government guarantees to clients in difficulty with the financial crisis. The necessity of creating an effective mechanism for selling problem assets of commercial banks is substantiated, namely the creation of appropriate asset management companies, companies for repurchase of non-performing loans, etc. It is proposed to create a separate unit at the level of the banking institution, whose work will focus on choosing the best methods and scenarios for restructuring problem loans and monitoring this process, revealed the need to use automated methods to identify bad debts in banks, which will reduce the number of existing errors, eliminate the human factor and improve the quality of the credit process. Originality. The necessity of restructuring application by commercial banks of Ukraine against the background of crisis phenomena and processes is substantiated, the influence of restructuring methods on the borrower and the bank is systematized and the ways of improvement of restructuring in the process of working with problem loans are offered. Practical value. The proposed measures will provide an opportunity to achieve positive dynamics in working with problem loans both at the level of banks and at the state level; will allow to react quickly to unpredictable endogenous and exogenous destructive factors and to minimize risks of their influence on the basic financial and economic indicators of the deposit-taking corporation. Key words: restructuring, credit, commercial bank, borrower, problem loans, crisis phenomena.

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