Implementasi Standar Akuntansi Keuangan Tax Amnesty (Psak 70): Cermin Kepatuhan Pajak

ABSTRACT The Financial Services Authority (OJK) stipulates that tax amnesty ends on March 31, 2017. The institution claims the program is able to improve banking liquidity. This study aims to investigate the effectiveness of the implementation of the tax amnesty program which is regulated by the presentation of the report based on PSAK 70. The sample is 93 companies from 5 financial institutions. These financial institutions are banks, insurance, financial institutions, securities, and other investment companies. The observation period was carried out during 2016. The results of the study found that more banking financial institutions did not participate in the tax amnesty program than those who participated. The same thing was found in financial institutions. Securities companies and other financial institutions were found to have greater participation, while insurance companies were found to have balanced participation. The results of these studies can be the basis of policy regarding recurring policies related to tax amnesty in Indonesia because participation from the banking sector in terms of implementation of PSAK 70 is still dominated by non-participation status. ABSTRAK Otoritas Jasa Keuangan menetapkan bahwa pengampunan pajak yang berakhir pada 31 Maret 2017. Institusi tersebut mengklaim program tersebut mampu memperbaiki likuiditas perbankan. Penelitian ini bertujuan menginvestigasi efektifitas implementasi program pengampunan pajak yang diatur penyajian laporannya perdasarkan PSAK 70. Sampel adalah 93 perusahaan dari 5 lembaga keuangan. Lembaga keuangan tersebut adalah bank, asuransi, lembaga pembiayaan, sekuritas, dan perusahaan invstasi lainnya. Masa observasi dilakukan selama tahun 2016. Hasil penelitian menemukan bahwa lembaga keuangan perbankan lebih banyak yang tidak berpartisipasi pada program tax amnesty dibandingkan yang berpartisipasi. Hal yang sama ditemukan pada lembaga pembiayaan. Perusahaan sekuritas dan lembaga keuangan lain ditemukan memiliki partisipasi lebih besar, sedangkan perusahaan asuransi ditemukan memiliki partisipasi yang berimbang. Hasil penelitian tersebut dapat menjadi dasar kebijakan tentang kebijakan berulang terkait tax amnesty di Indonesia karena partisipasi dari sector perbankan ditinjau dari implementasi PSAK 70 masih didominasi status tidak berpartisipasi dan dengan kata lain kepatuhan pajak yang diukur daripartisipasi tax amnesty masih belum optimum. JEL Classification: H21, G32, M41

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Efektifitas Implementasi Psak 70 (Tax Amnesty) Pada Perusahaan Lembaga Keuangan Di Indonesia

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.v6i01.435 ◽

2019 ◽

Vol 6 (01) ◽

Author(s):

Nurmala Ahmar

Keyword(s):

Financial Institutions ◽

Financial Services ◽

Banking Sector ◽

Insurance Companies ◽

Tax Amnesty ◽

Investment Companies ◽

Observation Period

ABSTRACT The Financial Services Authority (OJK) stipulates that tax amnesty ends on March 31, 2017. The institution claims the program is able to improve banking liquidity. This study aims to investigate the effectiveness of the implementation of the tax amnesty program which is regulated by the presentation of the report based on PSAK 70. The sample is 93 companies from 5 financial institutions. These financial institutions are banks, insurance, financial institutions, securities, and other investment companies. The observation period was carried out during 2016. The results of the study found that more banking financial institutions did not participate in the tax amnesty program than those who participated. The same thing was found in financial institutions. Securities companies and other financial institutions were found to have greater participation, while insurance companies were found to have balanced participation. The results of these studies can be the basis of policy regarding recurring policies related to tax amnesty in Indonesia because participation from the banking sector in terms of implementation of PSAK 70 is still dominated by non-participation status. ABSTRAK Otoritas Jasa Keuangan menetapkan bahwa pengampunan pajak yang berakhir pada 31 Maret 2017. Institusi tersebut mengklaim program tersebut mampu memperbaiki likuiditas perbankan. Penelitian ini bertujuan menginvestigasi efektifitas implementasi program pengampunan pajak yang diatur penyajian laporannya perdasarkan PSAK 70. Sampel adalah 93 perusahaan dari 5 lembaga keuangan. Lembaga keuangan tersebut adalah bank, asuransi, lembaga pembiayaan, sekuritas, dan perusahaan invstasi lainnya. Masa observasi dilakukan selama tahun 2016. Hasil penelitian menemukan bahwa lembaga keuangan perbankan lebih banyak yang tidak berpartisipasi pada program tax amnesty dibandingkan yang berpartisipasi. Hal yang sama ditemukan pada lembaga pembiayaan. Perusahaan sekuritas dan lembaga keuangan lain ditemukan memiliki partisipasi lebih besar, sedangkan perusahaan asuransi ditemukan memiliki partisipasi yang berimbang. Hasil penelitian tersebut dapat menjadi dasar kebijakan tentang kebijakan berulang terkait tax amnesty di Indonesia karena partisipasi dari sector perbankan ditinjau dari implementasi PSAK 70 masih didominasi status tidak berpartisipasi.

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CURRENT STATE AND TRENDS IN THE DEVELOPMENT OF THE UKRAINIAN MARKET OF NON-BANK FINANCIAL SERVICES

Scientific Notes of Ostroh Academy National University Series Economics ◽

10.25264/2311-5149-2021-21(49)-82-87 ◽

2021 ◽

Vol 1 (21(49)) ◽

pp. 82-87

Author(s):

Anna Novak ◽

Yana Yukhimchuk

Keyword(s):

Financial Market ◽

Financial Institutions ◽

Financial Services ◽

Banking Sector ◽

Analytical Data ◽

Insurance Companies ◽

Adverse Conditions ◽

Current State ◽

Banking Institutions ◽

Crisis Conditions

The article highlights the concept of the market of non-banking financial services in accordance with the requirements of Ukrainian legislation and identifies the main intermediaries operating in this market. The study contains analytical data on the number of non-bank financial institutions operating in Ukraine, as well as the volume of assets of such financial institutions. The authors also present an analysis of the main trends in the development of the non-banking financial services market. For comparison, the structure of the financial market is presented in the form of the ratio of the number of banking and non-banking institutions. The article provides an analytical overview of the number of private pension funds, financial companies, pawnshops, credit unions and insurance companies operating in Ukraine over the past three years. The structure and volume of financial services provided by insurance companies have been studied separately. The authors state that despite the existence of non-bank financial institutions, the banking sector still prevails. Moreover, financial companies predominate in terms of assets among representatives of non-bank financial institutions. Despite the coronary crisis during 2016-2020, the number of financial companies and other non-banking institutions, including pawnshops and insurance companies, grew steadily. Such trends are assessed positively, as it indicates the development of the financial market and its stability in adverse conditions. In Ukraine, the market of non-banking financial services is underdeveloped compared to other countries, but despite the mentality and transition in the formation of the non-banking financial sector, it has good prospects for development. However, despite the positive changes, ways to improve the performance of non-bank financial institutions in crisis conditions have been proposed.

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THEORETICAL ASPECTS OF FINANCIAL MARKET FORMATION AND ANALYSIS OF ITS ACTIVITY IN UKRAINE

Pryazovskyi Economic Herald ◽

10.32840/2522-4263/2021-2-33 ◽

2021 ◽

Author(s):

Natalya Tataryn ◽

Marta Bida ◽

Iryna Batsman

Keyword(s):

Financial Market ◽

Financial Institutions ◽

Financial Services ◽

Banking Sector ◽

Insurance Companies ◽

Financial Resources ◽

Economic Sectors ◽

Insurance Premiums ◽

Economic Relations ◽

Effective Development

Our article is devoted to the theoretical aspects of the formation of the financial market and analysis of its activities in Ukraine. In economic essence, the financial market is a set of economic relations associated with the distribution of financial resources, purchase and sale of temporarily free cash and securities. The purpose of the financial market is to provide enterprises with appropriate conditions for attracting the necessary funds and selling temporarily free resources. Effective development of the financial market will ensure the formation of investment processes, increase GDP in the country, as well as create opportunities for the development of various economic sectors. In view of this, the article fully reveals the essence of the concept of the financial market through the definition of domestic and foreign scientists. Theoretical bases of activity of the financial market in Ukraine, and also use of the basic functions (namely tasks) and the principles applied on it are considered. The role of objects and subjects of the financial market is defined. Among the objects are various market instruments, which reflect the temporarily free funds (financial resources) of the subjects of the financial services market, which include the state, households, financial and non-financial institutions. In particular, the activities of financial market entities that are most active in Ukraine, namely financial institutions, which include commercial banks and insurance companies, are analyzed. The dynamics of the number of changes in banking institutions and insurance companies is studied. A comparative description of the dynamics of revenues and expenditures of the banking sector for 2015-2019, as well as current information for January-September 2020. A comparison of the main indicators of insurance companies in the domestic market for the first quarter of 2019-2020, namely: the volume of gross insurance premiums, the volume of net insurance premiums, the share of net insurance premiums, as well as the number of insurance contracts. Based on the results of the study, the directions of improving the financial market in Ukraine are proposed.

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COVID -19 and Indian Financial Markets: A Review

Management Insight - The Journal of Incisive Analysers ◽

10.21844/mijia.16.2.1 ◽

2020 ◽

Vol 16 (02) ◽

pp. 1-8

Author(s):

Kamaldeep Kaur Sarna

Keyword(s):

Financial Markets ◽

Financial Institutions ◽

Financial Services ◽

Stock Markets ◽

Global Economy ◽

Banking Sector ◽

Global Financial Crisis ◽

Negative Impact ◽

Management Strategies ◽

The Impact

COVID-19 is aptly stated as a Black Swan event that has stifled the global economy. As coronavirus wreaked havoc, Gross Domestic Product (GDP) contracted globally, unemployment rate soared high, and economic recovery still seems a far-fetched dream. Most importantly, the pandemic has set up turbulence in the global financial markets and resulted in heightened risk elements (market risk, credit risk, bank runs etc.) across the globe. Such uncertainty and volatility has not been witnessed since the Global Financial Crisis of 2008. The spread of COVID-19 has largely eroded investors’ confidence as the stock markets neared lifetimes lows, bad loans spiked and investment values degraded. Due to this, many turned their backs on the risk-reward trade off and carted their money towards traditionally safer investments like gold. While the banking sector remains particularly vulnerable, central banks have provided extensive loan moratoriums and interest waivers. Overall, COVID-19 resulted in a short term negative impact on the financial markets in India, though it is making a way towards V-shaped recovery. In this context, the present paper attempts to identify and evaluate the impact of the pandemic on the financial markets in India. Relying on rich literature and live illustrations, the influence of COVID-19 is studied on the stock markets, banking and financial institutions, private equities, and debt funds. The paper covers several recommendations so as to bring stability in the financial markets. The suggestions include, but are not limited to, methods to regularly monitor results, establishing a robust mechanism for risk management, strategies to reduce Non-Performing Assets, continuous assessment of stress and crisis readiness of the financial institutions etc. The paper also emphasizes on enhancing the role of technology (Artificial Intelligence and Virtual/Augmented Reality) in the financial services sector to optimize the outcomes and set the path towards recovery.

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Financial institutions performance evaluation in a unique developing market using TOPSIS approach

Banks and Bank Systems ◽

10.21511/bbs.12(1).2017.06 ◽

2017 ◽

Vol 12 (1) ◽

pp. 54-59 ◽

Cited By ~ 1

Author(s):

Sami Al Kharusi ◽

Eşref Savaş Başci

Keyword(s):

International Development ◽

Financial Institutions ◽

Commercial Banks ◽

Rank Order ◽

Jel Classification ◽

Investment Companies ◽

Ideal Solutions ◽

Topsis Approach ◽

One Year ◽

The One

Using Technique for Order Performance by Similarity to Ideal Solutions (TOPSIS) approach for the data from 2011 to 2015, the authors investigate the financial performance of 16 different financial institutions in Oman that include nine commercial banks, three specialized banks, two investment companies, and two finance companies. They find that the one investment company, Dhofar International Development and Investment Holding Co., was more efficient in 2015 and 2011. Moreover, Oman Housing Bank was more efficient in 2013 and 2014, while Ahli Bank was more efficient in the year 2012. In contrast, Bank Muscat that has the largest total assets was ranked number 16 for the years 2013, 2014 and 2015. As a result of Spearman’s Rho (Rank-Order) Correlation, all ranked results are related to other years. If a bank is at placement in level, it can be affected by year before or year after. But Oman banks’ correlations shows that there are 2 different periods as effecting one year to the other. Keywords: financial institutions performance, TOPSIS, emerging markets, efficiency, decision making criteria. JEL Classification: G21, G23, L25

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Operational Process Management in the Financial Services Industry

Information Resources Management ◽

10.4018/978-1-61520-965-1.ch409 ◽

2010 ◽

pp. 1084-1105

Author(s):

Diana Heckl ◽

Jürgen Moormann

Keyword(s):

Financial Institutions ◽

Financial Services ◽

General Framework ◽

Process Management ◽

Dynamic Environment ◽

Insurance Companies ◽

Financial Services Industry ◽

Operational Process ◽

Production Processes ◽

Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

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Evaluation of Availability of Online Financial Services to the Population of the Kemerovo Region (Kuzbass)

Bulletin of Kemerovo State University Series Political Sociological and Economic sciences ◽

10.21603/2500-3372-2020-5-3-387-396 ◽

2020 ◽

Vol 2020 (3) ◽

pp. 387-396

Author(s):

Elmira Lubkova ◽

Galina Ermolaeva ◽

Anna Shilova

Keyword(s):

Financial Institutions ◽

Financial Literacy ◽

Financial Services ◽

Remote Access ◽

Insurance Companies ◽

Banking Services ◽

Remote Areas ◽

The One ◽

The Relationship ◽

Logical Research

The availability of online financial services is becoming increasingly relevant in the context of the digital economy. On the one hand, they are easily assessable and not time-consuming. On the other hand, there is insufficient financial literacy and incomplete Internet coverage of remote areas – the obstacles that have to be overcome. The research objective was to evaluate availability of online financial services in remote access. The study featured the relationship between consumers and financial institutions in the process of implementing financial services in remote access. It was based on empirical, monographic, and abstract-logical research methods. An analysis of empirical data showed that most respondents could choose remote banking services. Fewer respondents had access to online services of insurance companies and other financial institutions. Respondents complained about various problems in obtaining remote access to financial services. The authors believe that the research can help improve regional financial programs and encourage further studies of local financial availability by increasing financial literacy, full Internet coverage, and confidence in financial institutions.

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Operational Process Management in the Financial Services Industry

Handbook of Research on Complex Dynamic Process Management ◽

10.4018/978-1-60566-669-3.ch023 ◽

2010 ◽

pp. 529-550 ◽

Cited By ~ 1

Author(s):

Diana Heckl ◽

Jürgen Moormann

Keyword(s):

Financial Institutions ◽

Financial Services ◽

General Framework ◽

Process Management ◽

Dynamic Environment ◽

Insurance Companies ◽

Financial Services Industry ◽

Operational Process ◽

Production Processes ◽

Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

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The Role of Internet Banking in the Presentation and Marketing of Financial Services and Products in a Digital Environment

Digital Innovations for Customer Engagement, Management, and Organizational Improvement - Advances in Business Strategy and Competitive Advantage ◽

10.4018/978-1-7998-5171-4.ch009 ◽

2020 ◽

pp. 162-183

Author(s):

Berrin Arzu Eren

Keyword(s):

Financial Institutions ◽

Financial Services ◽

Banking Sector ◽

Internet Banking ◽

The Internet ◽

Advantages And Disadvantages ◽

The World ◽

Technological Developments ◽

Use Of Internet

This study aims to reveal the advantages and disadvantages offered by internet banking to financial institutions and their customers as well as the reasons why customers use/do not use internet banking. For this purpose, customers' perspectives on internet banking are presented to the reader in the past and present by statistics. This research points out that many customers of the bank around the world still do not use the internet. Hence, internet banking is not an option. Therefore, in this study, suggestions are made to enable the use of internet banking by the wider masses. In addition to internet banking, technological developments and digital innovations in the banking sector are mentioned in the chapter, and the evolution of internet banking is pointed out.

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