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Issue 31 (3)/2023

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Publication date: 10.2023

Licence: CC BY-NC-ND  licence icon

Editorial team

Editor-in-Chief Orcid Anna Jurkowska-Zeidler

Secretary Anna Drywa

Issue content

Maciej Mikliński

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 1-17

https://doi.org/10.4467/22996834FLR.23.009.18593

The purpose of the study is to present, using the method of critical analysis of the literature, the selected issues accompanying the phenomenon of so-called "green banking". Green banking includes two main aspects. Internally, it manifests itself as an effort to make the operation of banks environmentally neutral. In the external aspect, i.e. the scope of banks' operation in the market, the idea of green banking is used in the selection of assets in which banks financially engage. As a result, banking institutions are becoming an important instrument for transmitting environmental policy impulses to the economy, particularly by excluding the financing of some traditional industries such as the fossil fuel industry. While the goal of climate protection itself is understandable, the manner and pace of pursuing it is no longer necessarily so. On the one hand, banks succumbing to political and social pressure are imposing pro-environmental missions on themselves, including a rapid shift away from financing the fossil fuel industry. On the other hand, such an approach results in a feedback mechanism through which the likelihood of the creation of so-called stranded assets in the financial system increases, i.e. the loss of value of bank assets previously involved in and linked to environmentally damaging industries. The magnitude of the impact of this phenomenon on the stability of the financial system is difficult to estimate, as its negative effects will not only directly affect the funds involved in certain industries but will also cause the price of commodities and thus of derivatives based on them or related to them to become unstable.

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Kamila Żmuda-Matan

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 18-37

https://doi.org/10.4467/22996834FLR.23.010.18594

Bank Gospodarstwa Krajowego is a Polish development bank – the only such institution in Poland. Its mission is to support the sustainable socio-economic development of Poland. The subject of activity of Bank Gospodarstwa Krajowego is the implementation of tasks related to the management of government and EU funds and programs created, entrusted or transferred to BGK on the basis of laws or concluded agreements. These are in particular tasks related to the operation of over 30 funds and programs, such as the National Road Fund or the COVID-19 Prevention Fund. The activities of the funds of Bank Gospodarstwa Krajowego affect the basic elements of public finance in Poland, e.g. the principle of openness, transparency, detail, unity or transparency. This impact is assessed rather negatively. The above does not change the fact that the funds are an instrument that makes the financial economy more flexible, the practical importance of which has recently increased significantly. This makes it necessary to attempt to standardize the position of the funds in relation to public finance in the current sense. The analysis covered by the study refers in particular to selected Funds of Bank Gospodarstwa Krajowego, i.e. the COVID-19 Prevention Fund and the National Road Fund. The set goal implied the need to use a dogmatic research method, as well as a legal analysis of acts of generally applicable law.

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Soňa Simić

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 38-54

https://doi.org/10.4467/22996834FLR.23.011.18595

The presented paper is dedicated to the taxation of digital services in the light of one of the basic freedoms of the European internal market, namely the freedom to provide services according to Art. 56 of the Treaty on the Functioning of the European Union. The taxation of digital services is currently characterized by the application of uncoordinated unilateral mechanisms by individual States, most often in the form of a digital services tax (DST). The author first provides a categorization of these unilateral mechanisms, especially in the field of direct and indirect taxes, and then considers the so-called "other unilateral mechanisms" consisting of inter alia special procedural legal institutes (e.g. the obligation of the digital platform as an intermediary to withhold tax). Subsequently, the author provides an overview of the interpretation of the provisions of Art. 56 of the Treaty on the Functioning of the European Union in three cases discussed by the Court of Justice of the European Union concerning unilateral mechanisms of taxation of digital services. 

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Anna Drywa

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 55-70

https://doi.org/10.4467/22996834FLR.23.012.18596

The considerations concern a problem that is rarely raised on the basis of tax issues, namely the taxpayer's right to privacy. They are carried out in the context of one of the legal regulations which has a significant impact on the development of the protection of the privacy of the taxpayer. It should be noted that the changes to tax rules introduced in the last decade clearly indicate that the tax legislator shifts the boundaries of the taxpayer's inviolable privacy sphere. In the first part, an theoretical understanding of the notion of taxpayer's privacy will be considered. The considerations will serve as a starting point for the second part of the discussion, which focuses on the taxpayer’s right to privacy by exploring normative basis for protection of taxpayer’s privacy. The following third part addresses how specific tax rules affect the development of the protected and inviolable sphere of the privacy of a taxpayer. The study carried out leads inter alia to conclusion that the current status of the taxpayer's right to privacy seems questionable and not spotted enough, as the legislator invasions the private sphere of taxpayers using a number of tools to this end. The author therefore argues that the strengthening and updating the taxpayer's right to privacy protection is necessary. 

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Mária Sabayová, Karolína Červená

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 71-85

https://doi.org/10.4467/22996834FLR.23.013.18597

In the paper, the authors focus on selected aspects (concept and interference) of the currently dynamically developing economic model called digital economy, with the aim of defining the content of the digital economy using the comparison, analysis, deduction and induction of existing definitions and characteristics of the concept of digital economy and the available data and information on the current state of the digital economy in the EU, as well as outlining the regulatory problems associated with it, with a vision of their possible solution.

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Klemens Katterbauer, Laurent Cleenewerck

Financial Law Review, Issue 31 (3)/2023, 2023, pp. 86-110

https://doi.org/10.4467/22996834FLR.23.014.18598

The space industry has grown significantly in importance, with more and more private companies aiming to provide services within the space environment. These include space tourism and the extensive deployment of satellites for earth monitoring, communication, and space exploration. Technological developments have accelerated the ability of private companies to provide services and establish businesses in the space area, with several new businesses providing services worldwide. With the technological advances in AI, the space area has been an essential area for AI to be deployed and the challenges it may face. The challenges with AI in the space sector and regulations in the space sector overall is the global regulatory nature of the environment. This is incredibly challenging given the significant discussion regarding national AI regulations to deal with this fast-developing area. Based on the challenging regulatory environment and associated risks, financing these new business models has presented new complexities that must be taken care of. Asset-based financing of such operations represents vital opportunities to deal with the intricate complexities of such operations and the various legal environments. While liability and other challenges have to be considered both in light of national and international regulations that may have to be taken into account, asset financing represents a very attractive option given the priority and security of the interest in the space asset. Specifically, there are various remedies given that it reduces the risk of various non-compatible regulations in order to secure their concerning asset rights. Furthermore, pre-existing third-party interests can be looked up via online registries, reducing potential risks. 

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