Browsing by Subject "verotus"

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  • Holm, Pasi; Honkapohja, Seppo; Koskela, Erkki (1990)
    Bank of Finland Research Discussion Papers 24/1990
    The paper formulates a model of wage determination in accordance with the notion of a monopoly union determining wages after which the firm decides on employment. The novelty is to incorporate investment and capital decisions by firms. In the theoretical part the subgame-perfect Nash equilibrium and its comparative statics for wages, capital stock and employment are characterized in various cases.
  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang; Yan, Meng (2014)
    Bank of Finland Research Discussion Papers 16/2014
    Published in Journal of American Taxation Association Volume 36, Issue 2 2014: 171-202
    This paper investigates the effect of CFO gender on corporate tax aggressiveness. Focusing on firms that experience a male-to-female CFO transition, the paper compares those firms' degree of tax aggressiveness during the pre- and post-transition periods. Using the probability of tax sheltering, the predicted unrecognized tax benefits, and the discretionary permanent book-tax differences to measure tax aggressiveness, we find that female CFOs are associated with less tax aggressiveness as compared to their male counterparts. The main findings are supported by additional tests based on propensity score matching, difference-in-difference tests, and tests with a female-to-male CFO transition sample. Overall, our study establishes CFO gender as an important determinant of tax aggressiveness.
  • Rantama, Jaana; Solttila, Heikki (1994)
    Bank of Finland. Bulletin 68 ; 4 ; April
  • Hasan, Iftekhar; Wu, Qiang; Zhang, Hao; Hoi, Chun-Keung (Stan) (2014)
    Bank of Finland Research Discussion Papers 3/2014
    Published in Journal of Financial Economics, 113 (2014) 109-130
    We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in a battery of sensitivity analyses and in two quasi-experimental settings including the implementation of Financial Accounting Standards Board Interpretation No. 48 and the revelation of past tax sheltering activity. Firms with greater tax avoidance also incur more stringent non-price loan terms, incur higher at-issue bond spreads, and prefer bank loans over public bonds when obtaining debt financing. Overall, these findings indicate that banks perceive tax avoidance as engendering significant risks. JEL Classification: G21; H26 Keywords: Tax avoidance; Cost of bank loans; Information risk; Agency risk; Audit risk; FIN 48
  • Yakovlev, Andrei (1999)
    BOFIT Discussion Papers 3/1999
    Published in Europe-Asia Studies, Volume 53, Issue 1, 2001: 33-55
    This paper discusses Russia's "black cash" economy.Using interviews and survey data, we examine the mechanics of several distinctly Russian tax evasion schemes and attempt a rough estimate of the scale and dynamics involved in tax evasion based on black cash.Entrepreneurs' opinions are also used to get an idea of the incentives and costs of black cash tax evasion.We next describe the apparent economic consequences of black cash tax evasion and formulate general formal conditions for successful evasion at firm level.Finally, we recommend several policy measures to reduce the incentives to such behaviour and discuss questions for future research. Keywords: tax evasion, informal business activity, "black cash", Russia.
  • (2001)
    Bank of Finland. Bulletin 75 ; 1
  • Popova, Tatiana; Tekoniemi, Merja (1998)
    Tax revenues constitute the main source of public sector funding for most countries.Russia's complex and ineffective tax system has hindered its economy and led to significant decrease in tax revenues.The new Tax Code approved in summer 1997 in the first reading of the Russian Duma was designed to remedy many of the problems with the current tax system.Its main objectives were to ensure simplification of the tax system, restoration of tax discipline, stimulation of production and protection of adequate tax revenues.Subsequently, there has been much discussion as to whether these objectives can be achieved by the proposed Tax Code draft, and thousands of amendments have been proposed.The discussion has centered around income and enterprise taxation, i.e areas where Russian practice differs considerably from other countries.Traditionally, income taxation in Russia has been a minor contributor to state revenues, while enterprise taxation has been a considerable contributor.According to the hypothetical calculations of the Tax Code Tax draft, federal and regional tax revenues as a share of GDP will decline, while revenues from extrabudgetary funds will increase.The aggregate tax burden should decrease from approximately 35.1% to 32.4% of GDP.These estimates are based on the assumption that GDP starts to grow and tax discipline is better enforced.This is the core of the tax reform and a key element in the success of Russia's economic reform as a whole. Keywords: Russia, taxation
  • Simola, Heli (2020)
    BOFIT Policy Brief 4/2020
    In this note, we provide a brief description of the CO2 emissions embodied in global trade flows with an emphasis on the EU’s external trade with China. Our analysis suggests that imported emissions account for an increasing share of CO2 emissions associated with consumption within the EU. The CO2 emissions embodied in EU imports mainly originate from emerging economies, particularly China. We also discuss possible effects from the introduction an EU border adjustment mechanism that would impose tariffs on CO2 embodied in imports to the EU. Our results suggest that a potential border adjustment mechanism would likely affect EU trade with China, the largest source of CO2 imports to the EU. The effects would probably be felt more in imports of inputs for production chains located in the EU than in final products consumed in the EU.
  • Funke, Michael (2001)
    BOFIT Online 15/2001
    This paper discusses the impact of Estonia's 2000 income tax law using Tobin's q theory of investment.The results indicate a net increase in the capital stock of 6.1 % over the long run.
  • Aarnio, Lasse (1978)
    Bank of Finland. Monthly Bulletin 52 ; 1 ; January
  • Aarnio, Lasse (1981)
    Bank of Finland. Monthly Bulletin 55 ; 2 ; February
  • Aarnio, Lasse (1978)
    Bank of Finland. Monthly Bulletin 52 ; 7 ; July
  • Evans, George W.; Honkapohja, Seppo; Kaushik, Mitra (2010)
    Bank of Finland Research Discussion Papers 13/2010
    Published in Journal of Money, Credit and Banking, 44. 7 (Oct 2012): 1259-1283
    This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, Ricardian Equivalence holds under the standard conditions for its validity under rational expectations. Furthermore, Ricardian Equivalence holds for paths of temporary equilibria under learning provided suitable additional conditions on learning dynamics are satisfied. New cases of failure of the Ricardian proposition emerge under learning. Most importantly, agents expectations must not depend on government financial variables under deficit financing.
  • Hasan, Iftekhar; Hoi, Chunkeung; Wu, Qiang; Zhang, Hao (2017)
    Journal of Accounting Research 3 June 2017
    BoF DP 21/2017
    We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative associations between social capital and corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarters relocation that changes the exposure to social capital. We conclude that social capital surrounding corporate headquarters provides environmental influences constraining corporate tax avoidance. Copyright ©, University of Chicago on behalf of the Accounting Research Center, 2016
  • Pirttilä, Jukka (1998)
    Suomen Pankin keskustelualoitteita 4/1998
    The paper analyses the benefits of earmarking the environmental tax revenues in a second-best world with asymmetry of information between government and taxpayers.Taxpayers are assumed to have taste differences over consumption of an environmentally harmful activity.The government, which cannot observe these preferences, pursues Pareto-efficient taxation involving compensation to the potential losers of tax policy.Within this framework, it is shown that earmarking environmental tax revenues on projects that are beneficial to the losers of the environmental policy may alleviate problems concerning asymmetric information and facilitate more efficient environmental policy. Keywords: Environmental taxation, earmarked taxes, Pareto-efficient taxation, second-best analysis.
  • Pohjola, Tapio (2002)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 14/2002
    This paper deals with the interaction of fiscal and monetary policy when the central bank is pursuing a price stability-oriented monetary policy.In particular, we study the durability of the price stability regime when public debt accumulates as a result of ultimately unsustainable deficits.The growth of indebtedness causes the collapse of the price stability regime after a period of rising deficits.The budget deficit is endogenously determined in the model, as a result of government's decisions on how to finance its expenditure.The alternative methods of finance are taxes, debt, and seigniorage.Under the price stability regime, only the first two methods are available, but in the long run taxes and seigniorage are the only alternatives.The price stability regime collapses when the public debt reaches an edogenously determined threshold, which makes reneging on price stability as attractive as accumulating more tax burden for the future.We are able to solve for the critical level of debt, the timing of the collapse, and the reaction of taxes to the collapse of the price stability regime. The critical level of debt depends, inter alia, on the level of government consumption, the real interest rate, the velocity of money, and the efficiency-effects of taxation.The results are illustrated by several numerical simulations. Key words: inflation, fiscal policy, fiscal theory of inflation, Stability and Growth Pact
  • Jokinen, Helka; Solttila, Heikki (1991)
    Bank of Finland. Bulletin 65 ; 10 ; October
  • Willman, Alpo (1976)
    Suomen Pankki. D 38
    Tämä tutkimus keskittyy kokonaismallin julkisen talouden lohkon esittelyyn sekä erilaisten finanssipoliittisten toimenpiteiden vaikutusten mittaamiseen. Tutkimus on kolmivaiheinen. Ensimmäisessä vaiheessa, joka muodostuu luvuista II - VI, rakennetaan julkisen talouden lohkolIe malli ja esitellään lohkon kytkennät kokonaismallin muihin osiin. Lohko muodostuu välittömien verojen kantoa kuvaavasta systeemistä sekä valtiontalouden, kansaneläkelaitoksen ja kuntien talouden osalohkoista. Sekä julkiset tulot että menot on melko pitkälle disaggregoitu ja niiden kehitystä on pyritty selittämään toisaalta julkisen vallan kontrollissa olevien päätösmuuttujien ja toisaalta kokonaismallin kannalta endogeenisten muuttujien avulla. Koska tulosten luotettavuus riippuu käytettävän menetelmän validisuudesta, tutkitaan toisessa vaiheessa kokonaismallin ennustekykyä. Tarkastelu suoritetaan ns. ex post ennusteiden valossa, jolloin ennalta määrätyistä muuttujista käytetään niiden toteutuneita arvoja. Kokonaismallin ennustekykyä käsitellään tutkimuksen VII luvussa. VIII luvussa, jossa kuvataan tutkimuksen kolmatta vaihetta, esitetään erilaisten finanssipoliittisten toimenpiteiden vaikutusten mittaamista. Niitä mitataan toisaalta keskeisten kokonaistaloudellisten tavoitemuuttujien kannalta ja toisaalta valtion budjetti tasapainon kannalta. Myös valtion tulojen ja menojen erotuksena syntyvän valtion rahoitustarpeen rahoitusmarkkinoiden kautta tapahtuvan vaikutuksen suuruutta tutkitaan.
  • Riipinen, Toni (2003)
    BOFIT Discussion Papers 12/2003
    This work considers effects of energy market liberalisation in the countries of the former Soviet Union (FSU).Our analysis is based on a computable general equilibrium (CGE) model called the Global Trade Analysis Project (GTAP).This specialised model makes it possible to evaluate effects in a general equilibrium set-up. Energy market reforms are widely discussed in the literature, but the use of CGE models has been limited.In the main part of the paper, we perform two experiments.The first is a benchmark liberalisation experiment in which all government taxes and subsidies are removed.The second is an attempt to simulate an increase in the export capacity of energy commodities into the European markets.In general, we find that liberalisation of FSU energy markets would increase welfare in the EU countries, while in the FSU welfare would decrease.This result is mainly due to the terms of trade effect, as export prices of FSU countries decrease. Keywords: energy, computable general equilibrium models, former Soviet Union, welfare analysis
  • Puhakka, Mikko (2004)
    Suomen Pankin keskustelualoitteita 29/2004
    I explore the dynamics in overlapping generations models with pure exchange and lump-sum taxes, when the second period after tax endowment is negative, and contrast the characteristics of equilibria to those of models with positive after tax endowments. In particular, if the intertemporal elasticity of substitution is less than unity, there can be only a two cycle or stable (ie indeterminate) equilibria for certain parameter values.With this value for that elasticity chaos and a cycle of any order can occur in a model with regular endowments.In a sense the lump-sum taxation in this model operates as a stabilizing device.The precise stability condition holds with a small discount factor and in economies with relatively high taxes in the first period.If the intertemporal elasticity of substitution is greater than unity, the steady state equilibria are unstable, and thus determinate, as is the case with the regular model.Key words: overlapping generations economy, saving, cycles, lump-sum taxation JEL classification numbers: E21, E32