Brno, Czech Republic
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Svirak P.,Ustav Financi | Brychta K.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2011

This paper aims to familiarize readers with the legislative development of intangible asset tax depreciation in the Czech Republic since 1993. The paper is divided into several basic chapters, of which the main chapter describes and analyzes the development of legislation in three thus-existing legal modes regulating intangible asset tax depreciation (the periods 1993-2000; 2001-2004; 2004- 2011). A separate sub-chapter deals with each of these three modes, which fundamentally differ in the concept of determining tax depreciations. For better clarity, changes in the legislation in question are described using tables. Over the first mentioned mode, i.e. the mode valid for assets acquired in the period 1993-2000, intangible asset tax depreciations were determined by the same manner as tangible asset tax depreciations. This period is characterized by gradual establishment (specification) of legislation that may be partially attributed to the stormy development of social conditions and the need for them to be reflected in law. For the period 2001-2003, standard amendments were contained in accounting regulations. The Income Tax Act (hereinAfter ITA) did not contain an amendment of intangible assets and its depreciations. It merely determined that accounting depreciations of intangible assets were a tax expense. Nevertheless, changes also occurred in this short time period, which this paper will later address. Effective from 2004, legislation on intangible assets and their tax depreciations returned to the ITA. Changes came in this mode of determining depreciations as well; nevertheless, one may consider the current legislative regulation to be stabilized. Later in this paper for the selected category of intangible assets (software), the authors describe and assess the dependence of the portion of the entry price entering tax expenses in the form of tax depreciations on the year of acquiring intangible assets. To achieve the stated objectives, the comparative method was applied (used mainly to describe and assess how legislation developed) and the modeling method (establishing models describing the impact of legislative regulation on the tax expenses of taxpayers). When elaborating this paper, the authors also chose to use so-called paired logic methods.


Zinecker M.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2011

A working private equity and venture capital market (PE/VC market) stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6) defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14), the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds). The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006).


Baranykova M.,Ustav Financi | Polak M.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Operation of a photovoltaic power plant by an individual is a business activity according to a special regulation. For this activity it is necessary to have a "Licence for doing business in energy sectors", which provides authorisation to do business in this sector and replaces the traditional Trade Licence. The Licence is issued by the Energy Regulatory Office, through which the Organisation Identification Number (Administrative Id. No.) is issued. All these issues are however closely associated with the legislative environment, which is very unclear in the Czech Republic, and it is very difficult to estimate in what direction it will develop. In this connection it is appropriate to present a work definition of the term "legislatively uncertain environment". The issues connected with these topics can be divided into three areas, namely law, accounting and taxes. This environment is highly unstable for the decision making process of an individual, and it is not easy to determine whether the terms and conditions will remain as they are or if they are changed within several months, not speaking about the fact that the recent periods are characterised by the fact that the law regulations use more and more often the principle of retroactivity, and therefore it is not even clear whether the individual makes a decision in the conditions which are set at present or if he or she is retroactively hit by the changes which may be made during a few months and can have a fundamental impact on the individual concerned.


Zlzlavsky O.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Innovation conduce to getting competitive advantage and they increase efficiency and total company performance. They are generally deemed as a key development factor. They represent group of activities leading to successful production, absorption and using economical and social innovation. Well managed and successfully introduced innovation into the market represents the tool for the companies, by means of which they can reach competitive advantages, enabling their prosperity in the slump. The urgency of synergic entrepreneurship as a key support of innovation is point out on a base of primary research in South Moravian manufacturing companies. As it is mentioned in this paper, most of respondents are open to external cooperation in innovation activities. Furthermore, they admit that without this collaboration they will not be able to produce any innovative products. Suitable forms, which can be utilized in our companies, are carried out with the help of secondary research in the article as well. Their accomplishments and disabilities are compared in accordance with local and foreign experts' theories. What follows is a discussion about requirements of strategic partnership success and advantages in the area of innovation.


Reznakova M.,Ustav Financi | Jedlicka J.,Fosfa
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Companies, as well as financial institutions, deal with the same problem - verification of credibility of and enterprise. How can they identify enterprises with real threat of insolvency? One of the ways are various scoring models oriented on evaluation of the failure probability. This possibility is, however, very demanding on information about financial behaviour of a given subject. Our article discusses the utilisation of cluster analysis to identify similarities of companies and their distribution into groups. The aim of this contribution is to show what possibility are hidden in utilization of the cluster analysis and test by using of cophenetic correlation coefficient. The firms' distribution in the class may be used to determine strategy for granting trade credits.


Brychta K.,Ustav Financi | Svirak P.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

The purpose of the paper is to describe development in de lege lata regulation of the tangible assets tax depreciation in the Czech Republic. The period under consideration was that since 1990. For the period 1990-2009 the legal state valid and operative as of December 31st of the relevant year and in case of the year 2010 as of the state valid and operative as of June 30th were taken into account. To obtain information on relevant de lege lata regulation, the computerized system of legal information ASPI was used. The results of carried out comparison are presented above all in tables and connected commentaries. Even if the attention was paid only to one main selected category of property, it was necessary to approach to a description and assessment of only selected changes because of the extensiveness of the issue in focus. At the very beginning, the paper deals with the specification of the basic legal principles governing the Czech law. Subsequently the paper gives a description of the legal regulation valid and operative until 31st December 1992 and the way of transformation to new rules stated in the Act No. 586/1992 Coll., on Income Taxes, as amended. Since 1993, this Act on Income Taxes has represented the basic legal standard regulating among others the issue of property depreciation. In relation to regulations stated in this Act, the attention is paid to the development in selected aspects. Namely the depreciable period, number of depreciation categories, determination of depreciable tangible property according to Section 26 of the Act on Income Taxes, depreciation rates and coefficients are involved. Besides, the paper follows also the main means of tax liability optimization due the course of the period under consideration. After consideration of acquired results, one can observe that the most changes were realized on the level of relevant provisions of the Act on Income Taxes during the nineties of the last century. When speaking of present legal regulation, this one can be assessed as a relatively steady in relation to followed provisions of the Act on Income Taxes. In general, the trend can be assessed, from the taxpayers point of view, as a positive one. However, taking account of this conclusion, it is to stress that the paper is dealing only with a part of the issue of tangible property depreciation. For deeper analysis it seems to be useful to include other aspects, such as e. g. assessment of impact of changes in legal regulations in question on the tax base.


Lajtkepova E.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2010

Although the statutory minimum wage is not a new category, in the Czech Republic we encounter the definition and regulation of a minimum wage for the first time in the 1990 amendment to Act No. 65/1965 Coll., the Labour Code. The specific amount of the minimum wage and the conditions of its operation were then subsequently determined by government regulation in February 1991. Since that time, the value of minimum wage has been adjusted fifteenth times (the last increase was in January 2007). The aim of this article is to present selected results of two researches of acceptance of the statutory minimum wage by Czech enterprises. The first research makes use of the data collected by questionnaire research in 83 small and medium-sized enterprises in the South Moravia Region in 2005, the second one the data of 116 enterprises in the entire Czech Republic (in 2007). The data have been processed by means of the standard methods of descriptive statistics and of the appropriate methods of the statistical analyses (Spearman correlation coefficient of sequential correlation, Kendall coefficient, χ2 - independence test, Kruskal-Wallis test, and others).


Karas M.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2012

The aim of this article is to model the relationship between the rate of personal income tax and the revenue it generates, and to derive a tax rate that would maximize this revenue within the Czech Republic, using methodologies described in earlier works (Hsing, 1996). This tax rate represents an upper limit. Overstepping it has negative consequences for corporate finances and government budgetary funding alike, because it undermines the workers' motivation to work, reduces buying power, and shifts work activities in favor of gray economy The period of interest is a time series from 1993 to 2010. Two models were devised. The basic research instrument was a second-degree polynomial regression with a logarithmic transformation of the input data. The explaining variable was the tax revenue, the explanatory variable in Model 1 was the ratio of tax revenue to personal gross annual income. Model 2 featured the ratio of tax revenue to gross domestic product. To limit model instability, all data was stated per capita, in 2010 prices. Both models are statistically significant. By comparison, it was determined that, in the period of 1994-2010, the historical tax rate was lower than the rate designed to maximize the revenue. It approached the theoretical optimum most closely in 2007, and deviated from it most severely in 1995.


Fedorova A.,Ustav Financi | Rajchlova J.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2012

According to Schefzyk (2006), creating of new job opportunities in companies financed by venture capital ranks among the most considerable economic impacts of venture capital on companies and national economy. Such obvious conclusions can not be identified in other foreign studies; therefore, a piece of research was undertaken with the aim to prove whether venture capital - in the conditions of the Czech Republic - contributed to any growth of number of employees in the companies with its participation. Partial objectives in two levels were formulated to accomplish primary objective: the first partial objective was the identification and evaluation of development of number of employees in the individual companies funded by venture capital, namely in the period of one year prior to its entry, in the period of co-existence and in the period of maximally three years following the venture capital investment exit out of such companies. The second partial objective was represented by the comparison of development of number of employees in the companies with venture capital with development of employment rate in the Czech Republic. Collected research material comes out from the data of all business subjects financed by venture capital in the Czech Republic in the period from 1998 until 2011. Quantitative research method and subsequent logical inductions were employed to reach established research primary objective. On the basis of collected data on annual average converted number of employees in the companies per individual years their chain indices, subsequently assessed, were calculated. In the research conclusions the authors observe that the statement on positive infl uence of venture capital on the employment growth in the companies with its participation can not be confirmed in the conditions of the Czech Republic.


Jakubcova M.,Ustav Financi | Fedorova A.,Ustav Financi
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | Year: 2012

A value based remuneration system can be ranked among the modern remuneration systems. The value based remuneration systems focus their attention on the interconnection of the personal objectives of employees with the objectives of owners. Such an aim can be accomplished by meticulously selected evaluation quantities. A presented article concentrates on the economic value added quantity. This topic was a subject of an undertaken research within the framework of the Internal Grant Agency of the Faculty of Business and Management, the partial objective of which was to acquire the information on the value based remuneration systems applied in the small and medium-sized enterprises situated in the South-Moravia region. Selected research results are presented in the submitted article. The investigation research outputs enriched and completed a literary background research and together with the secondary research results facilitated the formulation of pre-requisites appropriate for the value based remuneration system application in the remuneration schemes of the small and medium-sized enterprises. On the basis of the formulation of these pre-requisites the article describes the EVA indicator implementation progress steps in the value based remuneration system and, subsequently, an employee value based remuneration model with the indicator of the economic value added is introduced.

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