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Issue 34 (2)/2024

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Publication date: 07.11.2024

Licence: CC BY-NC-ND licence icon

Editorial team

Secretary of Editorial Board Anna Drywa

Deputy Editor-in-Chief Vladimír Babčák

Editor-in-Chief Orcid Anna Jurkowska-Zeidler

Issue content

Ioana Maria Costea, Despina-Martha Ilucă

Financial Law Review, Issue 34 (2)/2024, 2024, pp. 1-22

https://doi.org/10.4467/22996834FLR.24.010.20615
The study ensures an inventory of Romanian taxation forms under the criteria of taxable object property. It uses a scale based on the components of property, usus, fructus and abusus, to catalogue all taxation forms regulated under the Romanian Fiscal Code. A secondary criterion extracted from legal provisions is the subject of taxation. Furtherly, the study corelates this inventory with the destination of the revenue, hence the financed budget. It shows that some taxes have a more holistic approach on property as part of an activity flow, while others target property directly. To assess these contents, the study implies answering a quartet of questions: “who?”, “what for?”, “what from?”, “how much?”. The explicit responses allow us to identify the subject of the tax; the chargeable act or fact; the taxable base and rate of each tax. This common base is further transferred in a budgetary key and measured as to the contributory force to central and local budgets. The normative budget factor of distributing revenues from central to local authorities is also illustrated.
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Tereza Homa

Financial Law Review, Issue 34 (2)/2024, 2024, pp. 23-38

https://doi.org/10.4467/22996834FLR.24.009.20614
Addressing the challenges and implications of taxing the digital economy through the concept of Digital Permanent Establishment [DPE] is the main focus of this article.

Traditional tax systems based on physical presence are inadequate for digital businesses that generate significant revenues without a physical footprint. The research examines whether the introduction of DPE can increase tax revenues in countries where digital services are provided. The hypothesis is that DPE will lead to higher tax revenues by capturing profits that are currently shifted to low-tax jurisdictions.

The objectives of the article are to analyse the potential effectiveness of DPE in increasing tax revenues, the barriers to increasing tax revenues of DPE, and to compare the economic impact between countries that have adopted DPE and those that have not. The research methodology includes legal analysis, historical analysis and comparative analysis of approaches from chosen countries.

Challenges and other factors affecting the enforceability and profitability of the tax reduce the expected finding that countries that have adopted DPE have seen an increase in tax revenues from digital services.

This does not mean that DPE is effective in combating base erosion and profit shifting [BEPS] in the digital economy. However, the study also highlights administrative challenges and the need for international coordination to avoid double taxation.

In conclusion, the article’s findings confirm that DPE can increase tax revenues and contribute to fairer taxation of the digital economy. It provides new insights into the implementation and impact of DPE and highlights its potential to modernise international tax systems. The findings underline the importance of adapting tax policies to the realities of the digital economy.
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Janina Kotlińska, Grzegorz Kotliński

Financial Law Review, Issue 34 (2)/2024, 2024, pp. 39-58

https://doi.org/10.4467/22996834FLR.24.008.20613
This study expands the knowledge about innovations in financial transactions, which could be applied in the Church, including sacral sites. The research aim was to indicate in what way one can improve the process of making financial donations for the Church. His hypothesis is: 1) the prayers of congregation members and other persons visiting sacral sites are often disturbed by the impossibility (or possibly difficulty) of making a financial donation due to the fact that its only expected and possible form is cash payment, 2) the financial support for the Church, including the functioning of sacral sites, would be greater if they had specialist ATMs installed accepting innovative instruments of non-cash payments. The authors described the modern methods of non-cash payment and the technological solutions facilitating this, and identified the areas of the Church operations in which their quick adoption is possible in order to improve the quality of praying and making financial donations in sacral sites. The study employed the methods of the critical analysis of literature and OSINT (Open Source Intelligence).
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Michał Polasik, Agnieszka Butor-Keler, Paweł Widawski, Grzegorz Keler

Financial Law Review, Issue 34 (2)/2024, 2024, pp. 59-90

https://doi.org/10.4467/22996834FLR.24.007.20612
This paper assesses the impact of the regulatory approach to open banking in Europe. The evaluation is based on a review of the revised Payment Services Directive (PSD2), Regulatory Technical Standards (RTS) and the studies of experts from 30 countries as part of the PayTechImpact.EU project. The study aims to examine the effects of the introduction of the PSD2 regulation in the EU. The results of the study reveal that PSD2 is an example of an effective lawmaking process. It focuses on stimulating innovation and creating new value for customers, while concurrently developing the competitiveness of the payment services market. EU regulation has proved to be an effective instrument for creating an open technical infrastructure in the payment services market. Infrastructure development within the European Community regulatory framework has lowered the entry barrier for payment services. Open banking has strengthened consumer security and resulted in fraud reduction. However, the high financial costs incurred in implementing PSD2 has limited its positive impact. The most important issues identified include inconsistent regulatory requirements for non-bank financial companies, the imperfect development of API-based open banking infrastructure, and problems with lost transactions. An analysis of the PSD3, PSR1, and FIDA regulatory proposals indicates that they adequately address the identified outcomes of PSD2 and expectations of financial sector stakeholders.
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Kamila Żmuda-Matan

Financial Law Review, Issue 34 (2)/2024, 2024, pp. 91-108

https://doi.org/10.4467/22996834FLR.24.006.20611
The article is devoted to the analysis of the impact of budget-related acts from 2018 to 2024 on the remuneration policy of local government units towards persons managing municipal companies, regulated by the Act on the principles of shaping the remuneration of persons managing certain companies, in particular in terms of the systemic inconsistencies generated by this impact.

According to the thesis, the mechanism for determining the amount of remuneration of members of bodies in municipal companies is the product of the so-called the basis for calculating and the amount of the average monthly remuneration in the enterprise sector is a regulation enabling efficient adjustment of the amount of remuneration received by members of management and supervisory boards to the economic situation. The subject of the assessment is the negative impact exerted on the analyzed area by annual budget-related acts that freeze the so-called the calculation basis at the level of 2016, as a result of which the remuneration of management staff subject to the scope of application of the Remuneration Act has not changed even by a penny since 2017.

The set goal implied the need to use a theoretical, dogmatic and legal research method, based on the analysis of theoretical and legal publications and legal regulations, as well as the positions of supervisory authorities applying the examined legal acts.

The analysis of the provisions of the Act on Remuneration, in the author’s opinion, confirms the thesis that the statutory mechanism is clear and transparent, theoretically ensuring modern and competitive remuneration principles. However, the above-mentioned connection mechanism with the so-called freezing the dimension basis, using the so-called budget-related acts, de facto leads to the elimination of the possibility of using the purpose of the legal norm contained in the Remuneration Act. In the context of the identified systemic inconsistency, the author critically assesses the relationship of the budget-related act to the budget act, including the possible subjective and objective scope of its regulation, as an act specifying the provisions of the budget act.
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