1 Summary The topic of this diploma thesis is taxation of companies' income. The aim of the thesis is to describe and introduce question following from the application of income tax act to the companies. The accent is put on the taxation of dividends. Taxation of companies' income plays a vital role in decision making process of domestic as well as foreign investors where to invest their finances. The thesis is focused on the analysis of Czech tax legislation made through a comparison with the Slovak basic tax legislation. The first chapter deals with the delimitation of core concepts related to the taxation of incomes. It focuses on the income tax act, aspect of natural person's taxation and artificial person's taxation. The second chapter is concerned of characteristic related to taxation of personal companies and stock corporations. The third chapter presents basic terms of dividend's taxation on the domestic as well as on the international level such as the core concept of dividend or tax domicile. The fourth chapter examine the European tax legislation and harmonization of tax legislation within the European Union. The fifth chapter illustrates taxation of domestic payment of dividends and its characteristics related to the natural and artificial person as recipients of dividends. The sixth chapter...

The impact of taxation on total return on shares and share price behavior around ex-dividend day is an ongoing problem in the field of Corporate Finance. Several groups of theoretical approaches have evolved since 1950s. Proponents of tax impact argue that share prices decline around ex-dividend day. The extent of decline is also a subject of academic discussions. Moreover, they also claim that shares with higher dividend yield must amount to higher total return on shares before tax in order to keep the total return on shares after tax equal for all kinds of shares. On the contrary, proponents of signalling effect insist on rising share prices around ex-dividend day. This dissertation is mainly aimed at empirical evaluation of the most significant findings mentioned above; based on tests of statistical hypothesis and regression and correlation analysis. The empirical study uses relevant data of German Stock Exchange in Frankfurt upon Main from 2001 till 2009. Additionally, the changes in taxation of dividends and capital gains in 2001 and 2008 are thoroughly explained and analysed with regard to return on shares and share price behavior. The dissertation is divided into 3 main parts including an analysis of current findings, explanation of main elements of tax reforms in 2001 and 2009 and, finally, an empirical analysis. The analysis of current findings includes a review of significant research on share price behavior around ex-dividend day, signalling effect and relationship between dividend yield and total return on shares before and after tax. Moreover, the verified hypotheses in this dissertation were deduced from revailing conclusions of the review. The explanation of main elements of tax reforms in 2001 and 2008 is focused on description of changes in taxation of dividends and capital gains. In 2001, the full imputation method eliminating double axation of dividends was removed and replaced by half-income method taxing only a half of dividend. In 2008, the half-income method was replaced by withholding tax; under defined circumstances by the 60%-income method taxing 60% of dividends. In an empirical analysis, the hypothesis about decline of share price around ex-dividend day and the hypothesis about decline of share price equal to dividend after tax were tested. Additionally, existence of positive relationship between total return on shares before tax and dividend yield and existence of no significant relationship between total return on shares after tax and dividend yield were verified. The decline of share prices was proved in every year. The existence of positive relationship between total return on shares before tax and dividend yield was confirmed in every year except 2006 and 2008.

Tématem diplomové práci je mezinárodní zdanění příjmů z kapitálového majetku. Jejím cílem je potvrdit či vyvrátit hypotézu, že ?český systém zdanění příjmů z kapitálového majetku neklade překážky volnému pohybu kapitálu?. Hlavní část práce spočívala v analýze relevantních českých a mezinárodních právních norem upravujících oblast zdanění dividend a úroků. Následně byl metodu komparace porovnán režim zdanění příjmu z kapitálového majetku ze zdrojů na území České republiky s režimem, ve kterém se zdaňují tytéž příjmy plynoucí ze zdrojů v zahraničí. V závěru práce analyzuje, zda český systém zdanění příjmů z kapitálového majetku neklade překážky volném pohybu kapitálu. Autor dospěl k závěru, že český daňový systém je v oblasti zdaňování dividend a úrokových příjmů plně harmonizován s evropskými právními normami a neklade žádné překážky volnému pohybu kapitálu.

No description available.

Cílem této práce je přiblížit čtenářům počátky vývoje dividendové teorie a zhodnotit vliv dividendové politiky na hodnotu společnosti. První část je věnována počátkům výplaty dividend a historii dividendové politiky do druhé poloviny dvacátého století. Další část se věnuje ranným empirickým studiím a pro ? dividendové škole. Třetí část je zaměřena na vliv dividendové politiky v prostředí dokonalého kapitálového trhu a vznik neutrální dividendové školy. Další část se věnuje hodnocení vlivu daňového a informačního efektu na dividendovou politiku. V páté části jsou zmíněny modely optimalizace dividendové politiky a v šesté části jsou zmíněny další nedokonalosti trhu. Sedmá část se věnuje minimalizaci nákladů spojených s výplatou dividendy. Poslední část přináší shrnutí a vyhodnocení přínosu dividendové teorie pro stanovení optimální dividendové politiky firmy.

In the first part the diploma thesis is focused for introduction to fundamental analysis and in the second part is the fundamental analysis practiced on O2 Czech Republic a.s. The aim of the diploma thesis is to determine the intrinsic value of stocks selected valuation models and compare them with the market price, and finally issue investment recommendations on selected shares. Global Analysis examines the macroeconomic conditions that affect in the long-term the financial market. Sectoral analysis is focused on the telecommunications sector, where factors affecting the selected sectors are assessed. In corporate analysis, financial analysis is made and in the end intrinsic value of shares O2 Czech Republic a.s. is calculated.

This thesis deals with the topic which si common called double dividend taxation or double taxation of corporations. It is very current topic in Czech republic in this time beacause since 1 January 2015 there is amendment of income tax code which completely changes the dividend taxation. This change can be evaluated as a one of the most progresive changes since 1989 in area of income taxation in Czech republic. This thesis will not only evaluate this change, but it will evaluate more variants of solving the problems with double taxation. The target of thesis is to find the best solution between theoretic and practicly used solutions. The next target is the analysis of these solutions from their material and procedure aspects.

This master thesis focuses on shares of companies who pay out dividends therefore dividend stocks. Shares from Czech stock market RM-SYSTÉM are anaylzed from publicly available data and portfolio is subsequently created from them.

This diploma thesis deals with analysis of the stock price behavior around ex-dividend day, focusing on the European capital market. The theoretic part is aimed at summarizing of hypotheses and effects affecting the amount of the stock price in comparison with an amount of dividend during last 50 years. In the practical part, there is firstly described a methodology of testing, later the 3 main hypotheses are determined, that are finally tested on a sample of 220 European companies listed on twelve stock exchanges, including the Prague stock exchange. The aim will be to determine the validity of hypotheses on the sample as a whole as well as on some selected stock exchanges in the period between 2006 and 2010, the influence of the payment of dividend on share price, but also the potential impact of financial crisis. Furthermore, the possibility of arbitrage opportunities will be evaluated, which could be incurred on some stock exchanges or individual shares, as well as stability, efficiency and predictability of individual capital markets.

The Master’s thesis is focused on international taxation of dividends from the perspective of legal entities. With regard to the scope of the topic deals with, the thesis focuses only on taxation of dividends issued by holding companies. The Master’s thesis deals with description and analysis of the relevant legislation, that is international, union and domestic legislation. The knowledge of the analysis is applied in recommendations for holding companies.