Pub Date : 2018-06-01DOI: 10.22598/IELE.2018.5.1.3
Ivan Tot
Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (‘Financial Collateral Directive’) was adopted as a part of the EU legal framework for financial markets in order to enhance the stability of the financial system in the EU. Several of its key provisions dealing with the financial collateral arrangements had required the Member States to introduce new rules in the national legal systems which were substantially different from the existing legal solutions employed in the national property, contract, and insolvency laws. These provisions of Financial Collateral Directive represent a reception of the financial market practice embodied in the various standard master agreements drawn up by the international financial market associations. The level of this reception indicates that the true legislator of the European financial market in the field of financial collateral is the financial market itself. This paper identifies and explores the origins of the provisions of Financial Collateral Directive in the financial market practice and the effects of the Financial Collateral Directive on the national legal systems in the EU.
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Pub Date : 2018-06-01DOI: 10.22598/IELE.2018.5.1.5
Shu-Chien Chen
General Anti-Avoidance Rule (GAAR) is a type of rule designed to combat the tax-avoidance scenarios that in a legal form lawfully but aims to circumvent the legal consequences. GAAR is necessary for a tax system to address unexpected innovative tax avoidance scenarios. In the field of tax law, GAAR has been criticized for being too abstract and thus harmful to legal certainty. In the context of EU integration, the concept of GAAR has been developed and elaborated by Court of Justice of European Union as well as secondary laws, but there are quite a few different formulations. In the existing literature, it is established that, there are the subject test and the objective test cumulatively in the GAAR, which examines the taxpayers’ subjective intension and the objective economic reality. As to the relation between these two tests, scholars have established the theory that, the formulation and the context of the subjective test is actually influenced by the tax rule involved (that is, the purpose of the norm being circumvented). This paper will revisit GAARs in the EU tax law and present that, the theory of GAAR based on the purpose of the violated tax norm is indeed supported by latest case law of CJEU as well new Directives. Furthermore, the intention of the norm reconciles the subject test and the objective test. In this regard, the unpredictability of ‘GAAR’ actually has become more predictable.
{"title":"PREDICTING THE ‘UNPREDICTABLE’ GENERAL ANTI-AVOIDANCE RULE (GAAR) IN EU TAX LAW","authors":"Shu-Chien Chen","doi":"10.22598/IELE.2018.5.1.5","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.1.5","url":null,"abstract":"General Anti-Avoidance Rule (GAAR) is a type of rule designed to combat the tax-avoidance scenarios that in a legal form lawfully but aims to circumvent the legal consequences. GAAR is necessary for a tax system to address unexpected innovative tax avoidance scenarios. In the field of tax law, GAAR has been criticized for being too abstract and thus harmful to legal certainty. In the context of EU integration, the concept of GAAR has been developed and elaborated by Court of Justice of European Union as well as secondary laws, but there are quite a few different formulations. In the existing literature, it is established that, there are the subject test and the objective test cumulatively in the GAAR, which examines the taxpayers’ subjective intension and the objective economic reality. As to the relation between these two tests, scholars have established the theory that, the formulation and the context of the subjective test is actually influenced by the tax rule involved (that is, the purpose of the norm being circumvented). This paper will revisit GAARs in the EU tax law and present that, the theory of GAAR based on the purpose of the violated tax norm is indeed supported by latest case law of CJEU as well new Directives. Furthermore, the intention of the norm reconciles the subject test and the objective test. In this regard, the unpredictability of ‘GAAR’ actually has become more predictable.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82750166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-06-01DOI: 10.22598/IELE.2018.5.1.1
Ivana Štulec, K. Petljak, Dora Naletina
First it was brick and mortar, then it came Internet and retail went online. Just as retailers became accustomed to possibilities of e-commerce, customers switched to their smartphones and m-commerce was commenced. With web advancement into web 2.0, social media gained new dimension thus enabling the emergence of social commerce or s-commerce. Nowadays, more and more consumers utilize social media in purchasing process, from recognizing the need to actual purchase and post purchase evaluation. Retailer who quickly adopts social media can gain multiple benefits. Moreover, if their target customers are young consumers, s-commerce is no longer an option but a must in order to strengthen their brand, tighten the relationship with customers and enhance sales. The purpose of the paper is to present major opportunities of social media for retailers, introduce the new trend in retailing and outline major drivers of s-commerce. The value of paper lies in numerous managerial implications that contribute to better understanding of the way today’s young consumers shop.
{"title":"S-COMMERCE: HOW TO TURN # INTO $","authors":"Ivana Štulec, K. Petljak, Dora Naletina","doi":"10.22598/IELE.2018.5.1.1","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.1.1","url":null,"abstract":"First it was brick and mortar, then it came Internet and retail went online. Just as retailers became accustomed to possibilities of e-commerce, customers switched to their smartphones and m-commerce was commenced. With web advancement into web 2.0, social media gained new dimension thus enabling the emergence of social commerce or s-commerce. Nowadays, more and more consumers utilize social media in purchasing process, from recognizing the need to actual purchase and post purchase evaluation. Retailer who quickly adopts social media can gain multiple benefits. Moreover, if their target customers are young consumers, s-commerce is no longer an option but a must in order to strengthen their brand, tighten the relationship with customers and enhance sales. The purpose of the paper is to present major opportunities of social media for retailers, introduce the new trend in retailing and outline major drivers of s-commerce. The value of paper lies in numerous managerial implications that contribute to better understanding of the way today’s young consumers shop.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"126 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87688373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-06-01DOI: 10.22598/IELE.2018.5.1.4
V. Vučković
The purpose of this paper is to analyze the Croatian business environment quality, with the primary goal of identifying reforms needed for achieving the full potential of the private sector in stimulating national competitiveness. Using the specific competitiveness indictors – Global Competitiveness Index, Worldwide Governance Indicators and Doing Business – it is shown that the overall business environment in Croatia must be profoundly improved in order to become a driver of country’s competitiveness growth. Not only that for a decade Croatia stagnates on the competitiveness scales, but it also lags behind comparator countries selected for the purpose of the analysis in this paper (Romania, Bulgaria, Hungary and Poland). As the biggest opportunities for increasing competitiveness in Croatia are found to be in the tax system and property registration area, as well as in the area of contract enforcing which would involve a more systemic judicial reform.
{"title":"COMPETITIVENESS OF CROATIA: THE ROLE OF BUSINESS ENVIRONMENT","authors":"V. Vučković","doi":"10.22598/IELE.2018.5.1.4","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.1.4","url":null,"abstract":"The purpose of this paper is to analyze the Croatian business environment quality, with the primary goal of identifying reforms needed for achieving the full potential of the private sector in stimulating national competitiveness. Using the specific competitiveness indictors – Global Competitiveness Index, Worldwide Governance Indicators and Doing Business – it is shown that the overall business environment in Croatia must be profoundly improved in order to become a driver of country’s competitiveness growth. Not only that for a decade Croatia stagnates on the competitiveness scales, but it also lags behind comparator countries selected for the purpose of the analysis in this paper (Romania, Bulgaria, Hungary and Poland). As the biggest opportunities for increasing competitiveness in Croatia are found to be in the tax system and property registration area, as well as in the area of contract enforcing which would involve a more systemic judicial reform.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"295 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77179112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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