FAQ

Issue 11 (3)/2018

2018 Next

Publication date: 26.09.2018

Licence: CC BY-NC-ND  licence icon

Editorial team

Editor-in-Chief Jolanta Gliniecka

Issue content

Dominika Kisiel

Financial Law Review, Issue 11 (3)/2018, 2018, pp. 1-11

https://doi.org/10.4467/22996834FLR.18.013.9215

Internet-based currencies play important role in current world of banking and economy. Repeatedly immense interest concerning the concept of money circling within the virtual network tends to draw an attention to its division and legal status. This paper aims to highlight the issue of ongoing condition of said currencies in digital sphere, along with their advantages and risks linked with the unreasonable usage. With the aid of research from scientific works, legal documents and personal opinion, an conclusion has been made.

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Russell Stanley Q. Geronimo

Financial Law Review, Issue 11 (3)/2018, 2018, pp. 13-45

https://doi.org/10.4467/22996834FLR.18.014.9304

Corporate nationality clauses have a simple and seemingly innocuous language: “corporations at least X per centum of whose capital is owned by Filipino citizens”. This presupposes that “capital” is a unified bundle of economic and control rights. However, modern finance and contract law can “unbundle” economic rights from control rights through the use of options, swaps, forwards, hybrid instruments, variable interests, and a vast catalogue of contractual arrangements. Unbundled economic rights allow foreign investors to have economic interest without ownership of shares, and unbundled control rights allow foreign minority stockholders to have effective control without majority of voting rights. Does this circumvent foreign equity limitations? Do the control test, beneficial ownership doctrine and other corporate nationality rules render them illegal?

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Arkadiusz Klusek

Financial Law Review, Issue 11 (3)/2018, 2018, pp. 47-68

https://doi.org/10.4467/22996834FLR.18.015.9305

The main aim of the article is to confirm or disprove the hypothesis about the applicability of the methodology of analysis, which is used in the evaluation of EU projects, for economic analysis of law.
According to the hypothesis, it is possible to use a methodology that considers a wide range of data. In addition to financial values, it considers human and social values. The methodology used in this way could help in assessing the impact of the regulations introduced. It’s would be an important tip for the legislator. The method of comparative law was used in the research.

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Krzysztof R. Woźniak

Financial Law Review, Issue 11 (3)/2018, 2018, pp. 81-94

https://doi.org/10.4467/22996834FLR.18.016.9306

The article delineates the ethical value of tax avoidance and, contrastingly, the regulations towards preventing such actions. Presenting this phenomenon, the author seeks its assessment and evaluates the actions of the state and its organs aiming at tax avoidance. The general anti-abuse clause is crowning the anti-tax avoidance methods; its character is – simplistically put – similar to legal analogy. Moreover, zasada władztwa daninowego (the principle according to which the state has the possibility to impose taxes by way of legislation) regulated by Article 217 in conjunction with Article 84 of the Polish Constitution allows the tax obligation to be expressed statutorily – it refers to the subject, object and tax rates. Tax provisions may be used to tax some occurrences (subjectively, the provisions are used by tax authorities) by legal fiction; it is possible by employing the aforementioned clause. Essentially, tax law is perceived a field of law in which applying analogy is impermissible. There is a common view according to which it is non-allowable to use analogy to the taxpayer’s disadvantage, even if it led to the infringement of the principle of fair taxation. Tax avoidance is the use of legal methods which are not accepted by the state, whereas the negative assessment of tax avoidance results from the taxpayer’s actions, that is purposeful decrease of financial contribution to the common good, i.e. the state. Simultaneously, the state uses all available methods of countering tax avoidance, at the same time leaving the taxpayer’s interest and other ethical values in the background.

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