This Thesis describes the manner and the rate of the taxation of revenue floating from securities to individuals. The Thesis covers this kind of taxation in the Czech Republic and certain European countries. The aim of this paper is also the comparison of the effective tax rates of the yields floating from shares and bonds in different European states. The first part contains basic information about securities as an institute and basic characteristics of shares and bonds as defined by the Czech legislature. The second part deals with the two Czech income taxes and the question of double taxation. The third part is dedicated to certain aspects of international tax conventions concerned with the topic. The last part describes the ways that European countries use to tax revenues of individuals from shares and bonds. Also it compares the effective tax rates that apply on these revenues. There is also a description of the situation when Czech tax residents do tax their income from foreign sources in the Czech Republic.

This thesis deals with the issue of dividend taxation in the European Union. Dividends are subject to double taxation, which constitutes an obstacle to the single internal market. To remove this obstacle the Parent -- Subsidiary Directive 90/435/EEC was adopted (hereinafter "Directive"). In the thesis I described the implementation in selected European Union countries and the issues that contributed to a better functioning of the internal market and whether there are further obstacles it the internal market. I mentioned also the current harmonization steps of the institutions of the European Union. Comparative analysis of the tax treatment of selected Member States showed that there are still situations in which national legislation can come into conflict with the Directive. However, I found by calculating the effective tax rate on dividends paid from the Czech Republic to selected countries that the implementation of the Directive has contributed to a better functioning of the internal market.

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This diploma thesis deals with different aspects of international and domestic double taxation. Within international double taxation short treatise about national legislation related to double taxation is followed by the longer part dedicated on the tax conventions on income and capital which are the most effective instrument in the field of double taxation elimination. Then the negotiation process and their place in czech domestic legislation is described. One part focuses on the role played by European union in direct tax adjustment. Part about residence determinig (both individuals and companies) in case of existence of the tax convention and in case of its absence follows. Unilateral, multilateral and bilateral measures especially are desribed. As the example to illustrate the impact of different methods used to eliminate double taxation on tax is given practical calculation. Double taxation elimination procedure is explained on the concrete kind of income (dividends) at the end of the international double taxation charter. Within domestic double taxation its causes and kinds are desribed. Finally, last part looks at current and forthcoming czech legislation related to economical domestic double taxation.

La tesi studia l'interazione tra potere di mercato, disuguaglianza e benessere in un modello dinamico di equilibrio generale. A tal fine è necessario abbandonare due capisaldi della teoria Neoclassica: l'agente rappresentativo e la competizione perfetta. L'obiettivo del primo capitolo è capire come il potere di mercato influenza la distribuzine di ricchezza e reddito tra le famiglie. I risultati suggeriscono che una semplice estenzione del modello di Aiyagari, in particolare competizione oligopolistica con dinamica delle imprese endogena, riesce a replicare le distribuzioni osservate nei dati USA. Inoltre, un incremento del grado di concentrazione nel mercato dovuto a un aumento dei costi di entrata, implica una più bassa Labor Share e una più alta Profit Share. A loro volta queste dinamiche causano un incremento della disuguaglianza. Anche questi trend sono in linea con ciò che si può osservare dai dati USA. Il secondo capitolo estende il modello sviluppato nel primo per studiare il ruolo della tassazione dei dividendi nel redistribuire risorse. L'analisi considera due regimi alternativi. Una riduzione dell'aliquota sui dividendi, dallo Status Quo statunitense, comporta una perdita di benessere per la società. Una più bassa tassazione riduce i trasferimenti monetari alle famiglie, implicando alti costi per quelle più povere. Inoltre, una riduzione dei trasferimenti causa un incremento dei risparmi. Per poter risparmiare di più gli agenti meno abbienti devono sacrificare consumo. Dato che la ricchezza è molto concentrata, la maggior parte della popolazione soffre una perdita di benessere. / This work studies the interactions between market power, inequality, and welfare in a dynamic, general equilibrium framework. Doing so requires departing from two building blocks of the neoclassical general equilibrium model: the representative agent paradigm and perfect competition. The aim of the first chapter is to understand whether market power affects the distributions of wealth and income among households. Results suggest that a relatively simple extension of the Aiyagari model, namely oligopolistic competition with endogenous firms’ dynamics, is successful at reproducing the wealth and income distributions observed in the U.S. Additionally, an increase in concentration in the markets for final goods, due to an increase in entry costs, leads to a lower labor share and a higher profit share of income. These dynamics, in turn, imply higher income inequality. Importantly, these trends are broadly in line with those observed in the U.S. in the last thirty years. The second chapter extends the framework developed in chapter one to study the role of the dividend income tax as a redistributive tool. The analysis considers alternative redistribution regimes. The main finding is that a reduction of the dividend income tax rate, from the US Status Quo, is associated with a social welfare loss. A lower dividend income tax rate implies lower transfers to households. From a welfare point of view, this is particularly costly for poor households. Furthermore, a reduction in transfers forces households to save more for precautionary reasons. To do so, wealth poor households must sacrifice consumption. Given the high concentration of wealth, this implies that the majority of the population suffers a welfare loss.