Journals UITM University of Information Technology and Management
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CHALLENGES IN TRANSFER PRICING: A CONCEPT OF SAFE HARBOURS FOR FINANCIAL TRANSACTIONS
Get PDFThe OECD project against BEPS has brought and initiated many changes – among others, in the OECD Transfer Pricing Guidelines. To react and respond to changes in the current business environment, a new chapter for transfer pricing in financial transactions has also been introduced (namely chapter X). This step can be considered beneficial. However, meeting all the requirements for setting a transfer price for financial transactions seems to remain a very demanding and expensive task. Furthermore, the OECD Transfer Pricing Guidelines have been of a general nature rather than providing responses to all potential problems and circumstances – they provide fundamental ideas and principles. Thus, the potential to apply a simplified procedure for setting a transfer price (even for financial transactions) can be viewed as desirable, both for taxpayers and tax authorities. The aim of the paper is linked to this idea – to present the results of a comparative study dealing with the rules for safe harbours for financial transactions (namely loans) as established worldwide, providing a summary of existing concepts and systematized criteria for a safe harbour to be considered
EFFECTS OF COVID-19 ON PAYMENT METHOD PREFERENCES OF POLES
Get PDFRepeated payments create a certain habit in terms of the preferred payment method. Its formation stems from the simultaneous effect of a variety of factors, while its persistent character implies a difficulty in its change. The outbreak of the COVID-19 pandemic has influenced the terms of how society functions, thus affecting multiple spheres of people’s lives, including making purchases and payments. The aim of this paper is to identify and present the multidimensional impact of the COVID-19 pandemic on payment method preferences of people in Poland. The results indicate that the COVID-19 pandemic has stimulated the shrinkage of cash exchanges while at the same time made the tendency to use cashless payment methods grow. Cash payments are a path for viral transmissions and, thus, a potential source of infection and viewing them as an unsafe payment method effected the turn to cashless forms of payment. It is important to note that this fact constitutes one of the most vital factors of the dynamic growth of the BLIK payment system - a multi-institutional cashless payment system, working independently of the present card-based systems in Poland. Based on the conducted study it can be stated that the COVID-19 pandemic significantly changed payment method preferences of the people in Poland, yet the permanence of those changes will only be possible to determine in a larger timeframe
FORMING AN E-LEARNING PROPOSED MODEL. A CASE STUDY OF PALESTINE
Get PDFNowadays, e-learning systems play an important role in our life; they help instructors in the process of teaching and help the students and learners to access knowledge. e-learning is the concept that refers to the use of computerized and smart tools and designed systems in the learning process. Also, the interest in e-learning has started to increase dramatically, and researchers everywhere have become more interested in how to develop e-learning in all aspects. Therefore, the aim of this study is to present a model that includes the most important necessary variables required to provide and implement e-learning systems according to international standards for the students of Palestinian universities. This study undertook an in-depth review of literature concerning the success of e-learning implementation and focusing on the aspects of technology, infrastructure, scientific materials and services provided. The proposed model in this study will be the first building block that universities can focus on in designing, building and developing their own e-learning system and will be a cornerstone and the basis in the development of e-learning in Palestine over time
REVENUE ANALYSIS OF THE IMPACT OF THE FEE FOR ISSUING A PERMITFORTHE SALE OF ALCOHOL ON THE COMMUNE BUDGET ON THE EXAMPLE OF SELECTED COASTAL COMMUNES
No full textThe article presents an analysis of the level of income flowing to the municipalities' budget from the permit fees to sell alcoholic beverages in selected municipalities. For the purposes of the article, three objectives have been set for determining the level of revenue from the fee. Particular objectives included establishing the share of the revenue from the fee in the total revenue of communes, the dynamics of changes in revenue in particular years and a general assessment of the dynamics of revenue from the fee in communes in relation to the base year. The study for the purpose of publication covered a total of 13 coastal communes (8 urban communes and 5 rural communes) from Pomorskie Voivodship in Poland in 2016-2019. The evaluation was carried out on the basis of available reports on the implementation of the commune budget and reports on the revenue of communes. Analytical methods were used.The results of the evaluation indicate that the income from the permit fees to sell alcoholic beverages constitutes a small share in the total income of the examined communes. The highest income from the analysed fee in the study constituted 1.60% of total income to the commune budget. In the case of most of the surveyed communes, income from the fee did not exceed 1% of the total income to the commune budget. Moreover, the revenue from the fee in 2016 -2019 in the case of most communes increased annually. The added value of the publication is the presentation of the level of income to the budgets of selected communes from these alcoholic beverage sale fees which enables financing the tasks in this area. 
COMPARING DIGITAL FINANCE IN THE UK, US, INDIA AND NIGERIA
No full textThis paper examines digital finance usage in the UK, US, India and Nigeria. Using data from the global financial development indicators, the findings reveal that the UK and US have higher digital finance usage than India and Nigeria. The US has higher credit card usage compared to the UK while the UK has higher debit card usage compared to the US. Also, Nigeria has higher debit card usage than India. The findings also show that higher debit card usage is correlated with higher domestic credit to the private sector in the US and Nigeria. Higher credit card usage is correlated with lower domestic credit to the private sector, lower private credit by deposit money banks, and fewer remittances to the UK. The implication of the findings is that policy makers in developing countries should develop the digital finance and payment systems in their countries to close up the wide gap in digital finance adoption between developing and developed countries. 
FINANCIAL EFFECTIVENESS AND PRODUCTIVITY OF THE AGRICULTURAL SECTOR IN POLAND
No full textAgriculture is neither the largest nor the most effective segment of the Polish economy. However, since its importance goes beyond purely numerical characteristics, it is justified for the State to support it. What is important in this regard, however, is a kind of balance. These measures cannot be a substitute for initiatives to strengthen its financial efficiency and increase its productivity. The key question therefore becomes to what extent agricultural support through financial instruments improves the performance of this sector of the Polish economy and how neutral it remains for it, while burdening public finances. In view of the above, the purpose of this article is to examine the productivity and financial efficiency of agriculture in Poland using the FADN methodology based on agricultural accounting. The structure of the article has been subordinated to the achievement of the intended research objective. The article starts with an introduction to the issues of financial efficiency and productivity in agriculture. Next, there is a presentation of agriculture and its characteristics as a segment of the Polish economy. Further presented and discussed are the data and methodology used in the study and studies on the productivity and financial efficiency of agriculture in Poland. In the final part of the article, the authors seek to analyse the impact of public transfers on market effects and discuss the modernisation of Polish agriculture and improvement of rural infrastructure. In a sense, the whole analysis closes with a summary containing the most important findings of the studies carried out. 
EVALUATION OF THE POSSIBILITIES OF USING THE KNOWLEDGE CAPITAL EARNINGS METHOD (KCETM) FOR DEPICTING INTELLECTUAL CAPITAL IN THE ANNUAL REPORTS OF POLISH COMPANIES
Get PDFIntellectual capital is not sufficiently depicted in the annual reports of Polish companies, although it plays an important role in the operation and market valuation of enterprises. The aim of the paper is to evaluate the possibilities of using the KCETM method for depicting intellectual capital in the enterprise annual report – in particular, in the integrated reports. The KCE method developed by Lev has been modified in the area of normalized revenues, of which the evaluation method is not controlled by the audit, which results in its subjectivity. We adopted the category of gross profit generated by an enterprise from sales (including a large share of costs of earnings) which is reported by the enterprise. On the basis of the financial data from annual reports, we conducted the Knowledge Capital Earnings measurement of selected IT companies and this method was evaluated by comparing the results with the market and financials indicators of the companies and their Market-to-Book Values. The conclusions from the analysis confirmed a strong correlation of intellectual capital (evaluated by modified KCETM method) with market indicators and return on equity. The method of intellectual capital evaluation of Market-to-Book Value did not give results related to market and financial indicators. Therefore, based on the reported gross profit on sales, the KCETM method should be recommended as a measure in the integrated reporting of an enterprise. 
CHANGES IN THE PRODUCT COSTING PROCESS DRIVEN BY IMPLEMENTATION OF AN INTEGRATED INFORMATION SYSTEM IN A PRODUCTION COMPANY
Get PDFThe article deals with product costing in a manufacturing company and change of costing methodology from normal to standard costing caused by a new integrated information system implementation. The aim of the article is to show the impact of a new integrated information system on product costing. In order to show the consequences of changing the methodology of product costing from normal to standard costing variances between standard costing and normal costing in an international production company were analyzed. For this research comparative analysis was used of unit costs before and after the new system implementation for finished goods. Ten percent of the items had a variance of more than 30% which was caused by errors in the new system settings and mistakes in the normal costs in the old system. The impact of the change of the costing methodology was shown by calculation of the difference between normal cost values and standard cost values ten months after the new integrated information system implementation. To verify the accuracy of standard costs settings, standard costs were compared to actual costs for finished goods and semi-finished goods. In the tenth period only 30% of finished goods and 42% of semi-finished goods showed a variance between standard costs and actual costs lower than 20%. It means that for the rest of the items standard cost assumptions should be checked and corrected. The results of the study indicate that a change in product costing methodology driven by new integrated information system implementation has an impact on company revenues. The direction of the change depends on the accuracy of previous system settings. It is impossible to implement a new system without increase or decrease of sales. The most important limitation of the research is that only one manufacturing company was studied. This was connected with data availability. The research methodology can be used by manufacturing companies to assess the impact of new integrated system implementation on their revenues. Literature concerning integrated information system implementation focuses on its advantages and disadvantages therefore the author of the article wants to concentrate on its impact on the profit and loss account, specifically on revenues
USEFULNESS OF SECTORAL MEANS IN FINANCIAL ANALYSES OF ENTERPRISES
Get PDFAim: The aim of the paper is to assess the usefulness of sectoral means in financial analyses of enterprises. Research methods: The article uses a deductive approach to assess the suitability of sectoral means used in analyses of t financial standing of enterprises. The method of analysis and logical construction was used for literature review. The methods of descriptive statistics such as arithmetic means, standard deviation and coefficient of variation were used in order to analyze the data and draw conclusions based on the results. Contribution: The assessment of the usefulness of sectoral means in the context of their variability seems to be a crucial aspect for the analysis of a company’s financial situation. When assessing the financial standing of an enterprise, it is necessary to use a comparative analysis method, based on, inter alia, a comparison in space. This type of comparison requires the use of sectoral means, whose assessment is extremely important to drawing reliable and correct conclusions regarding the financial situation of a company. 
REGULATIONS AND TECHNOLOGY BEHIND HFT LATENCY, BATCH AUCTIONS AND PAYMENTS FOR ORDER FLOW IN THE US AND EU
Get PDFSince the appearance of high-frequency trading in the 1990s, speed has become one of the key issues in trading and with it, the controversy around High-Frequency Trading. In recent years, there have been many discussions and analyses of how high-frequency trading may affect the financial market – but still without any clear conclusions. Leaving these opinions behind, many adjustments have already been made in the US and Europe - both to regulations and market rules, impacting not only High-Frequency Trading but general electronic trading as well. These rules and regulations are the result of technological developments in electronic trading and more specifically, High-Frequency Trading and the practice of Payments for Order Flow. The question remains as to how deep regulations should go, especially in the case of HFT which can be severely affected by harsh regulatory requirements or procedures. Because two of the most important issues in HFT are time and information, some of the rules and regulations affect aspects such as not only what type of information and how it should be gathered, but also clock synchronisation and time-stamp granularity. Another issue that may be considered controversial in the field of HFT (although it is not a practice limited to HFT) is Payment For Order Flows. Under this mechanism, wholesale market makers pay brokers for their client’s order flow – a practice that performed in great amounts and at high speeds may give a considerable level of “inside” information. Regulations, especially from ESMA (MiFID II). try in great part to thus mitigate the practice of Payments For Order Flows. The aim of this paper is to present technological advancements in the field of trading communications used, not only by HFT firms, but also by exchanges. Additionally, the objective is to underline some challenges regarding regulatory changes that try to adapt to the current level of technology – for example, those related to clock synchronisation and data processing. One last issue brought forward is the possibility of converting markets from continuous-time auctions to discrete-time auctions - a concept that is aimed at liquidating the speed advantage and competition only to price level and hence, eliminating HFT advantages