The diploma thesis is focused on the international taxation and local taxation of employee in the Czech Republic and Germany. It includes the both, theoretical and practical interpretation, which is shown by using the model example. In this example is calculated tax for resident in both countries, and the related social security. Using the example verifies the hypothesis which says that the tax wedge for the taxation of married couples with two children is less than the tax wedge on individuals without children. Another goal is to show the differences in the calculation of tax and related deductions from the tax base, tax rate and tax credits. There are shown the differences in the calculation of tax and duties arising for employees in the case of resident and non-resident in both countries and also tax wedge on wage.

The dissertation compares the export credit rating model of the national Export Guarantee and Insurance Agency EGAP with models applied by selected Czech banks. The first part of the dissertation presents a summary of credit risk theory. It depicts the main principles of lending and its risks. The dissertation further describes the factors that influence credit risk and the methods of its modelling. While mathematical risk models project the expected loss as well as its sensitivity to the risk factors, the focus of this thesis lies in qualitative models which set a normalized scale for probability of default, the so called credit rating models. The main contribution of the dissertation lies in the survey carried out among four Czech banks belonging to owners from various countries, from which we get an overview of their rating models. It follows from the gathered information that their models are based on financial indicators when rating the buyers/exporters. The models are also considerably amended by non-financial factors whose importance in certain cases rose following the recent financial crisis. The agency EGAP insures business activities abroad and therefore its model takes into account also specific factors related to the destination country. The main difference between the models of EGAP and the examined banks lies in the method of creation and validation: EGAP does not dispose of sufficient amount of business case studies, so that it has to rely on external consulting services when setting up and validating the model. The dissertation concludes that while all rating models are composed of similar risk factors highlighting past financial indicators of the financed business, each analysed rating model differs significantly in the specific database of business cases that were used to construct the model, depending on the availability of data to the bank/insurer. The conclusion that can be drawn from this fact is that the main factor for successful prevention of future failures of the credit rating models will be the extent of the credit assessment database which will be used for the construction of the respective rating model.

Advanced Placement and dual credit programs are designed for high school students and are used to earn college credit and possibly gain college admissions advantages. The present research examined the impact of participation in one or both programs on four-year college graduation rates. Findings indicated significant differences between the programs as well as with students who did not participate in either program. Students in AP achieved the highest four-year graduation rate, followed by students in dual credit, both programs, and neither program. These findings indicate the need for further study to determine whether the programs substantially contribute to four-year graduation rates and what the implications are.

Made available in DSpace on 2017-06-01T18:20:47Z (GMT). No. of bitstreams: 1 gustavo_henrique_raposo_macedo.pdf: 1336452 bytes, checksum: 232f7e45a1f0c8329324f707c77f0d1e (MD5) Previous issue date: 2016-09-30 / Concern for the environment, linked to economic growth becomes increasingly competitive energy challenge in the world. It is this backdrop that the used frying oil and other oil begin to appear as a strong source of biodiesel in the generation sector of the national production. The production of biofuel from waste this brings many benefits to society, with significant reduction of problems related to disposal. With the implementation of this fuel in the Brazilian energy matrix will result in a positive environmental impact because, in addition to providing a suitable target for waste oil, its use in fleet vehicles will drastically reduce the emission of greenhouse gases such as carbon dioxide, responsible for the effect emissions, and completely eliminate the sulfur, one of the worst culprits of acid rain. In this sense, the objective of this work was to study the feasibility of producing biodiesel by transesterification of used frying oil in the generation of carbon credits. The methodology used to assess the economic viability of the process was the cost of fuel level, prepared using the Cost Index - Benefit (ICB), where it was possible to assess the sensitivity to variations in key parameters (investment and operation cost) . We used the spreadsheet Microsoft Excel ® that formed the basis for calculations of the platform of the process and results in carbon credits. The study showed the feasibility of biodiesel production process, where the great advantage is in the environmental sector, for reducing emissions of particulate matter and sulfur in the atmosphere, brings benefits to public health and the foreign country through the generation of credits carbon. / A preocupação com o meio ambiente, atrelada ao crescimento econômico torna cada vez mais competitivo o desafio energético no mundo. É neste panorama que o óleo de fritura usado, bem como as demais oleaginosas, começa a aparecer como forte fonte de geração de biodiesel no setor da produção nacional. A produção de um biocombustível a partir deste resíduo trás inúmeros benefícios para a sociedade, com significativa diminuição de problemas relacionados ao seu descarte. Com a implantação deste combustível na matriz energética brasileira resultará em um impacto ambiental positivo porque, além de dar um destino adequado aos óleos residuais, sua utilização na frota de veículos reduzirá drasticamente a emissão de gases poluentes, como o dióxido de carbono, responsável pelo efeito estufa, além de eliminar completamente o enxofre, um dos principais vilões da chuva ácida. Neste sentido, o objetivo do presente trabalho foi estudar a viabilidade da produção de biodiesel através da transesterificação de óleo de fritura usado na geração de créditos de carbono. A metodologia utilizada para avaliar a viabilidade econômica do processo foi a de custo nivelado de combustível, elaborada utilizando-se o Índice de Custo Benefício (ICB), onde foi possível avaliar a sensibilidade à variação de parâmetros centrais (investimento e custeio da operação). Utilizou-se a planilha eletrônica Excel da Microsoft® que serviu de base para a plataforma de cálculos do processo e dos resultados em créditos de carbono. O estudo mostrou a viabilidade do processo de produção de biodiesel, onde a grande vantagem é no setor ambiental, pois a redução das emissões de material particulado e de enxofre na atmosfera, trás benefícios a saúde pública e divisas ao país através da geração de créditos de carbono.

Employee share options and Black Economic Empowerment deals are financial instruments found in the South African market. Employee share options (ESOs) are issued as a form of non-cash compensation to the employees of the company in addition to their salaries or bonuses. Its value is linked to the share price and since there is no downside risk for the employee his share option is similar to owning a call option on the stock of his employer. Black economic empowerment (BEE) deals in this report refer to those types of transactions structured by listed South African companies to facilitate the transfer of a portion of their ordinary issued share capital to South African individuals or groups who qualify under the Broad-Based Black Economic Empowerment Act of 2003 (“the Act”). This Act requires a minimum percentage of the company to be black-owned in order to address the disproportionate distribution of wealth amongst racial groups in South Africa due to the legacy of Apartheid. These transactions are usually structured in such a way to allow the BEE partner to participate in the upside of the share price beyond a certain level but not in the downside which replicates a call option on the share price of the issuing company. The cost of both ESOs and BEE deals has to be accounted for on the balance sheet of the issuing company at its fair-value. Neither of these instruments can be traded and their extended option lifetimes are features that distinguish these deals significantly from regular traded options for which liquid markets exist. This makes pricing them a non-trivial exercise. A number of types of mathematical models have been developed to take the unique structure features into account to price them as accurately as possible. Research by Huddart&Lang (1995&1996) has shown that option holders often exercise their vested options long before the maturity of the transactions but are unable to quantify a measure that can be used. The wide variety of factors influencing option holders (recent stock price movements, market-to-strike ratio, proximity of vesting dates, time to maturity, share price volatility and wealth of option holder) as well as little exercise data publicly available prevents the options from being priced in a consistent manner. Various assumptions regarding the exercise behaviour of option holders are used that are not based on empirical observations even though the option prices are sensitive to this input. This dissertation provides an overview of the models, inputs and exercise behaviour assumptions that are recognized in pricing both ESOs and BEE deals under IFRS 2 in South Africa. This puts the reader in a position to evaluate all pricing aspects of these deals. Furthermore, their structuring are also analysed in order to identify the general issues related to them. A number of methods to manage the pricing issue surrounding exercise behaviour on ESOs have been considered for the South African market. The ESO Upper Bound-methodology showed that for each strike there is a threshold at which exercise will occur and the employee can invest the after-tax proceeds in a diversified portfolio with a higher expected return than that of the single equity option. This approach reduces the standard Black-Scholes option value without relying on assumptions about the employee’s exercise behaviour and is a viable alternative for the South African market. The derived option value represents the cost of the option. Seven large listed companies’ BEE transactions are dissected and compared against one another using the fair-value of the transaction as a percentage of the market capitalization of the company. The author shows how this measure is a more equitable way of assigning BEE credits to companies than the current practice which is shareholding-based. The current approach does not reward the effort (read cost) that a company has undertaken to transfer shares to black South Africans but only focuses on the amount that is finally owned by the BEE participants. This leaves the transaction vulnerable to a volatile share price and leads to transactions with extended lock-in periods that do not provide much economic benefit to the BEE participants for many years. Other inefficiencies in the type of BEE transactions that have emerged in reaction to the BEE codes that have been published by the South African government are also considered. Finally the funding model that is often used to facilitate these deals is assessed and the risks involved for the funder (bank) is reflected on. / Dissertation (MSc)--University of Pretoria, 2011. / Mathematics and Applied Mathematics / unrestricted

Since the mid-century proliferation of public housing, policy makers and environmental justice advocates have exposed the fact that geographically and economically isolated public housing sites are ultimately detrimental to residents and communities. In recent years, more progressive housing policies have emphasized the importance of site location in the success of housing programs. This study explores the intersection of affordable housing policy and “food desert” research, by assessing the Low-Income Housing Tax Credit (LIHTC) program in California, with specific attention to the grocery store category within the Site Amenities section. Since the inception of the LIHTC program in 1986, the California Tax Credit Allocation Committee (CTCAC) has made multiple revisions to its application process. The study evaluates the current accessibility of grocery stores from LIHTC sites in Alameda and Santa Clara Counties in Northern California. It also critiques the changes in application scoring, criteria, and the indicators of food facility proximity and quality, identifying weaknesses, recommendations, and areas for further research. It finds that despite CTCAC’s efforts to improve the effectiveness of the application, there does not seem to improvement in grocery store access over time. Further research is needed to determine whether this condition is a result of a failure on the part of the application process, or of high land costs and limited availability of developable land.

The purpose of this dissertation is to examine an unexplored aspect of tax expenditures: the tax-price implications of tax exemptions, deductions and credits. Although this implication of tax expenditures has not been adequately examined, two separate lines of analysis have been suggested by the existing literature. Some authors have emphasized the welfare costs of tax expenditures. To the extent that tax expenditures narrow the tax base the introduction or extension of a tax expenditure undoubtedly makes the cost of raising revenue more than it would be otherwise. This kind of cost, denoted as a welfare cost, can be incorporated into a model of individual tax-price determination. On the other hand, other authors have emphasized another tax-price implication of tax expenditures: that the introduction or extension of a tax expenditure changes the cost-shares faced by each taxpayer, exclusive of any welfare cost. Since an individual's cost-share is nothing more than his personal tax base divided by the aggregate tax base, this result emerges because a tax expenditure usually changes the individual's tax base in a manner disproportionate to the change in the aggregate tax base. This dissertation will explore and combine each line of analysis, both theoretically and empirically. In the first portion of the dissertation a model of tax-price determination is developed that explicitly incorporates the welfare cost of taxation. Various tax expenditures are then introduced into the model and their effects on individual tax-price schedules discerned. In this way the influence a tax expenditure has on an individual's choice over public sector size can be surmised. The next portion develops within the confines of a simple median voter model some potential allocative implications of various tax expenditures. This portion traces out the expected change in the median voter's desired quantity of the collective good, given various tax expenditures, via an analysis of the cost-share impact of the various tax expenditures. Although in this section welfare costs are not explicitly considered or all possible political cases outlined, the analysis does look at a set of cases that are of general interest. The final portion of the dissertation considers the influence tax expenditures taken in toto have on both the cost-sharing arrangement among individual taxpayers and the welfare cost to individual taxpayers. The results are used to gauge both the distributive and allocative implications of tax expenditures. / Ph. D.

Thesis (MAcc)-- Stellenbosch University, 2014. / ENGLISH ABSTRACT: Section 12 of the Value-Added Tax Act No. 89 of 1991 (hereafter referred to as the VAT Act) determines that the supply of certain goods and/or services are exempt from value-added tax (hereafter referred to as VAT) levied by section 7(1)(a). One such exempt supply is the supply of educational services by certain institutions (listed in section 12(h)(i)(aa)-(cc)). Section 12(h)(i)(bb) determines that the supply of educational services by an higher institution are specifically exempt from VAT. The term “educational services” is not defined in the VAT Act. Uncertainty exists in practice about what exactly educational services comprise and what the scope of it is. Since the supply of educational services is an exempt supply in terms of section 12(h)(i)(bb), a clear and irrefutable definition of “educational services” should exist. Two of the main purposes of an university is to deliver education of exceptional quality and good research outputs. The primary question that originates is whether the research performed by an university qualifies as an exempt supply with the result that the performance of research is an exempt supply. The term “research” was investigated in several sources and it was found that research can be generically be defined as the systematic investigation of existing knowledge and the creation of, amongst others, new knowledge and inventions. Furthermore, it was found that research can be divided into two categories, namely research performed at no consideration and research performed at consideration. Research performed at consideration is further divided into two subcategories, namely commercial research (where the purpose is to generate income) and non-commercial research (where the purpose is research). The definition of “educational” and other bent forms of the term “educate”, amongst others, “education” and “educator” were investigated in relevant South African legislation, case law and international legislation and case law. Commercial research is considered to be a supply of a business activity of a university with the main objective of generating income and is considered as a taxable supply in the case law of the United Kingdom and Canada. Non-commercial research is considered as supplies in the course or furtherance of an enterprise, but the main purpose of the enterprise is not to generate income. Non-commercial research is considered as an “educational service” since it meets the requirements of systematic instruction of education and learning. This type of research is exempt from VAT levied. The input tax of any costs incurred with regards to this type of research will not be claimable. It is suggested that the principles highlighted in this study might clear up the confusion surrounding whether research performed by an university qualifies as an exempt supply or not. SARS could possibly establish guidelines to determine when research is considered exempt or taxable. This information could be useful for role players in the South African tax environment if the matter arises. / AFRIKAANSE OPSOMMING: Artikel 12 van die Wet op Belasting op Toegevoegde Waarde No. 89 van 1991 (hierna verwys as die BTW-wet) bepaal dat die lewering van sekere goed en/of dienste van die heffing van belasting op toegevoegde waarde (hierna verwys as BTW) wat deur artikel 7(1)(a) opgelê is, vrygestel is. Een sodanige vrygestelde lewering is die lewering van opvoedkundige dienste deur sekere instellings (gelys in artikel 12(h)(i)(aa)-(cc)). Artikel 12(h)(i)(bb) bepaal dat die lewering van opvoedkundige dienste deur ’n inrigting wat hoër onderwys verskaf, spesifiek van BTW vrygestel is. Die term “opvoedkundige dienste” word egter nêrens in die BTW-wet gedefinieer nie. Daar bestaan dus onsekerheid in die praktyk oor wat presies opvoedkundige dienste behels en wat die omvang daarvan is. Aangesien die lewering van ’n opvoedkundige diens ’n vrygestelde lewering ingevolge artikel 12(h)(i)(bb) is, moet daar dus ’n duidelike en onweerlegbare omskrywing van “opvoedkundige dienste” bestaan. Om onderrig van uitmuntende gehalte en goeie navorsinguitsette te lewer is twee van ’n universiteit se hoofdoelwitte. Die primêre vraag wat gevolglik ontstaan is of die uitvoer van spesifiek navorsing, deur ’n universiteit kwalifiseer as die lewering van opvoedkundige dienste met die gevolg dat die uitvoer van navorsing ’n vrygestelde lewering is. Die term “navorsing” is in verskeie bronne ondersoek en daar is bevind dat navorsing generies gedefinieer kan word as die sistematiese ondersoek van reedsbestaande kennis en die skep van, onder andere, nuwe kennis en uitvindings. Daar is ook verder bevind dat navorsing in twee kategorieë verdeel kan word, naamlik navorsing uitgevoer teen geen vergoeding en navorsing uitgevoer teen vergoeding. Navorsing uitgevoer teen vergoeding word verder in twee subkategorieë onderverdeel in kommersiële navorsing (waar die generering van inkomste die hoofdoel is) en nie-kommersiële navorsing (waar navorsing die hoofdoel is). Die definisie van “opvoedkundige” en ander verbuigde vorme van die term “opvoed”, onder andere, “opvoeding” en “opvoeder”, is ook in relevante Suid-Afrikaanse wetgewing, regspraak en internasionale wetgewing en regspraak ondersoek. Kommersiële navorsing word as deel van die besigheidsaktiwiteite van ’n universiteit met die hoofdoel as generering van inkomste en dus as ’n belasbare lewering in die regspraak van die Verenigde Koninkryk en Kanada beskou. Nie-kommersiële navorsing word ook beskou as lewerings wat in die loop of ter bevordering van die onderneming gelewer word, maar die hoofdoel van hierdie onderneming is nie die generering van inkomste nie. Nie-kommersiële navorsing word dus beskou as ’n “opvoedkundige diens”, aangesien dit voldoen aan die vereiste van sistematiese instruksie van onderrig en leer. Hierdie tipe navorsing is dus vrygestel van die heffing van BTW. Enige onkoste aangegaan met betrekking tot hierdie tipe navorsing se insetbelasting sal dus ook nie eisbaar wees nie. Dit word aan die hand gedoen dat hierdie studie beginsels uitlig wat die verwarring rondom of navorsing gelewer deur ’n universiteit ’n vrygestelde lewering is of nie, moontlik kan opklaar. Die SAID kan moontlike riglyne daarstel van wanneer navorsing beskou word as vrygestel of belasbaar. Hierdie inligting kan moontlik van nut wees vir rolspelers in die Suid-Afrikaanse belastingomgewing indien die kwessie na vore tree.

published_or_final_version / Education / Master / Master of Education

Renewable Portfolio Standards (RPS) require electricity providers to supply a minimum fixed percentage or total quantity of customer load from designated renewable energy resources by a given date. These policies have become increasingly prevalent in the past decade as state governments seek to increase the use of renewable energy sources. As a policy tool, RPS provide a cost-effective, market-based approach for meeting targets which promote greater use of renewable energy in both regulated and deregulated markets. To facilitate the obtainment of Renewable Portfolio Standards, most states allow the trading of Renewable Energy Credits (RECs). RECs represent the environmental attributes of renewable energy generation which are decoupled from the generated power. These credits are created along with the generation of renewable energy, decoupled from energy generation, tracked by regional systems, and eventually purchased by retail suppliers to fulfill their RPS obligations. As of April 2010, RPS have been passed into law in 29 states and Washington D.C. and an additional 6 states have non-mandatory renewable portfolio goals however the U.S. government has yet to enact a Federal Renewable Portfolio Standard. Although the final requirements and details of a Federal RPS are undecided, federal standards would be unlikely to preempt or override state programs which are already in place. A key concern regarding the passage of a federal RPS is that a national REC market would result in a shift of wealth from states with few renewable energy resources and limited resource potential to regions richer in renewable resources. Because of the implications that a federal renewable portfolio standard would have on the economy, the environment, and the equitable treatment of all the states, many issues and concerns must be resolved before federal standards will be passed into law. A theoretical case study for an electric utility generation planning decision that includes obligations to meet Renewable Portfolio Standard is presented here. A framework is provided that allows decision makers and strategic planning teams to: assess their business situation, identify objectives of generation planning, determine the relative weights of the objectives, recognize tradeoffs, and create an efficient portfolio using Portfolio Theory. The case study follows the business situation for Austin Energy as it seeks to meet Texas State RPS and mandates set by Austin City Council and prepares for potential National RPS legislation. / text