About the Journal
About the Journal
Editorial Board
Scientific Council
Ethical Code
Terms of the journal
GDRP - information on the processing of personal data
Indexing
Licenses & Access
Archive
For Authors
Publishing Policy
Technical instruction for the authors
Ethical Code for authors
Agreement CC BY-SA
Copyright statement
Review procedure
The procedure of reviewing
Ethical Code or Peer Reviewers
Reviewer's form
List of reviewers
Contact
About the Journal
About the Journal
Editorial Board
Scientific Council
Ethical Code
Terms of the journal
GDRP - information on the processing of personal data
Indexing
Licenses & Access
Performance of bank tax revenues compared to other sectoral taxes. Evidence from Poland
1
Szkoła Główna Handlowa w Warszawie
2
Politechnika Białostocka
Submission date: 2023-01-16
Final revision date: 2023-06-25
Acceptance date: 2023-06-26
Publication date: 2023-07-29
JoMS 2023;51(2):114-140
KEYWORDS
TOPICS
ABSTRACT
Objectives:
The aim of this study is to verify the hypothesis of decreasing volatility of budget revenues obtained from the bank tax (although still high compared to traditional taxes). The background for the research of the bank tax and conclusions resulting from it are other sectoral taxes existing in Poland, the revenues from which are, however, lower than those from the bank tax.
Material and methods:
The analysis of the variability of revenues from individual sectoral taxes in Poland in years 2016 - 2021 was conducted using descriptive statistics, Hodrick-Prescott (HP) filter and ANOVA approach. Then the Pearson correlation is examined to compare empirical data with figures resulting from the HP filter.
Results:
The results indicate that just after the introduction of the bank tax the volatility of inflows from this levy was relatively higher. There were also significant divergences between the budget forecasts and actual execution.
Conclusions:
One expect that with introduction of other new taxes the development might be similar (i.e. revenues will be difficult to estimate in first two or three years and more accurate assumptions will be made in the following periods). To the authors' knowledge, this study is the first to analyse the volatility of bank tax revenues, and the conclusions drawn (especially regarding trends in volatility changes and deviations from original expectations) are relevant to the theory and practice of fiscal policy. In turn, the inference regarding the share of bank tax revenues in Poland in relation to total tax revenues brings for the banking lobby arguments in favour of liberalizing the bank tax assessment rules.
The aim of this study is to verify the hypothesis of decreasing volatility of budget revenues obtained from the bank tax (although still high compared to traditional taxes). The background for the research of the bank tax and conclusions resulting from it are other sectoral taxes existing in Poland, the revenues from which are, however, lower than those from the bank tax.
Material and methods:
The analysis of the variability of revenues from individual sectoral taxes in Poland in years 2016 - 2021 was conducted using descriptive statistics, Hodrick-Prescott (HP) filter and ANOVA approach. Then the Pearson correlation is examined to compare empirical data with figures resulting from the HP filter.
Results:
The results indicate that just after the introduction of the bank tax the volatility of inflows from this levy was relatively higher. There were also significant divergences between the budget forecasts and actual execution.
Conclusions:
One expect that with introduction of other new taxes the development might be similar (i.e. revenues will be difficult to estimate in first two or three years and more accurate assumptions will be made in the following periods). To the authors' knowledge, this study is the first to analyse the volatility of bank tax revenues, and the conclusions drawn (especially regarding trends in volatility changes and deviations from original expectations) are relevant to the theory and practice of fiscal policy. In turn, the inference regarding the share of bank tax revenues in Poland in relation to total tax revenues brings for the banking lobby arguments in favour of liberalizing the bank tax assessment rules.
REFERENCES (48)
1.
Afonso, A., & Furceri, D. (2010). Government size, composition, volatility and economic growth (in:) “European Journal of Political Economy”, 26(4), pp. 517-532, available at: https://doi.org/10.1016/j.ejpo....
2.
Balutel, D., & Voia, M.C. (2021). The effects of bank levies post-financial crisis in Eastern Europe (in:) “Post-Communist Economies”, 34(2), pp. 196-218, available at: https://doi.org/10.1080/146313....
3.
Bernardelli. M., Korzeb, Z., Niedziółka, P. (2021). The banking sector as the absorber of the COVID-19 crisis? economic consequences: perception of WSE investors (in:) “Oeconomia Copernicana”, 12(2), pp. 335–374, available at: https://doi.org/10.24136/oc.20....
4.
Bleaney, M., Gemmell, N., Greenaway, D. (1995). Tax revenue instability, with particular reference to sub‐Saharan Africa (in:) “The Journal of Development Studies”, 31(6), pp. 883-902, available at: https://doi.org/10.1080/002203....
5.
Borowski, J., Tymoczko, D., Jaworski, K. (2016). Wpływ podatku bankowego w Polsce na kredyt dla sektora niefinansowego (in:) „Studia Ekonomiczne. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach”, 287 (6), pp. 7-21.
6.
Boscá. J.E., Doménech, R., Ferri, J., Rubio-Ramirez, J. (2019). Macroeconomic Effects of Taxes on Banking, Studies on the Spanish Economy, available at: https://www.bbvaresearch.com/w....
7.
Bremus, F., Schmidt, K., Tonzer, L. (2020). Interactions between bank levies and corporate taxes: How is bank leverage affected? (in:) “Journal of Banking & Finance”, 118, available at: https://doi.org/10.1016/j.jban....
8.
Bruce, D., Fox, W.F., Tuttle, M.H. (2006). Tax Base Elasticities: A Multi-State Analysis of Long-Run and Short-Run Dynamics (in:) “Southern Economic Journal”, 73(2), pp. 315-341, available at: https://doi.org/10.2307/201118....
9.
Brzeziński, B. (2021). Opodatkowanie niepożądanej społecznie konsumpcji. Wprowadzenie do tematyki (in:) „Kwartalnik Prawa Podatkowego”, 1, pp. 9-24, available at: https://doi.org/10.18778/1509-....
10.
Buch, C.M., Hilberg, B., Tonzer, L. (2016). Taxing banks: An evaluation of the German bank levy (in:) “Journal of Banking & Finance”, 72(C), pp. 52-66, available at: https://doi.org/10.1016/j.jban....
11.
Cannas, G., Cariboni, J., Marchesi, M., Nicodème, G., Giudici, M.P., Zedda, S. (2014). Financial Activities Taxes, Bank Levies and Systemic Risk (in:) “European Commission Taxation Papers”, 43, available at: https://data.europa.eu/doi/10.....
12.
Capelle-Blancard, G., Havrylchyk, O. (2017). Incidence of Bank Levy and Bank Market Power (in:) “Review of Finance”, 21(3), pp. 1023-1046. https://doi.org/10.1093/rof/rf....
13.
Chiorazzo, V. Milani, C. (2011). The impact of taxation on bank profits: Evidence from EU banks (in:) “Journal of Banking and Finance”, 35(12), pp. 3202–3212, available at: https://doi.org/10.1016/j.jban....
14.
Clotfelter, C.T. (2005). Gambling taxes. In: Theory and practice of excise taxation [in:] Theory and Practice of Excise Taxation: Smoking, Drinking, Gambling, Polluting, and Driving, S. Cnossen (ed.), pp. 84–119. Oxford University Press. Oxford.
15.
Creedy, J., Gemmell, N. (2008). Corporation tax buoyancy and revenue elasticity in the UK (in:) “Working Papers Series”, 985, The University of Melbourne.
16.
Demirguc-Kunt A., Pedraza, A. Ruiz, C. (2020). Banking sector performance during the COVID-19 Crisis (in:) “Policy Research Working Paper Series”, 9363. World Bank. Retrieved December, 12, 2022, available at: https://openknowledge.worldban....
17.
di Mauro, W.B. (2010). Quantitative Impact Of Taxing Or Regulating Systemic Risk [in:] Financial Sector Taxation, The IMF’s Report to the G-20 and Background Material, S. Claessens, M. Keen, C. Pazarbasioglu (eds.), IMF, pp. 96-105, available at: http://www.imf.org/external/np....
18.
Dye, R. McGuire, T.J. (1991). Growth and variability of state individual income and general sales (in:) “National Tax Journal”, 44(1), pp. 55-66, available at: https://doi.org/10.1086/NTJ417....
19.
Felix, A. R. (2008). The growth and volatility of state tax revenue sources in the tenth district (in:) “Economic Review”, Federal Reserve Bank of Kansas City, available at: https://www.kansascityfed.org/....
20.
Fox, W.F., Campbell, C. (1984). Stability of the state sales tax income elasticity (in:) “National Tax Journal”, 37(2), pp. 201-212, available at: https://doi.org/10.1086/NTJ417....
21.
Giżyński, J. (2021). Four years of tax levy on certain financial institutions in Poland – implications for the banking sector (in:) “Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu”, 65(2), pp. 33-55, available at: https://doi.org/10.15611/pn.20....
22.
Karpowicz, A. Majewska, E. (2018). Corporate income tax determinants: how important is the tax rate? [in:] 27th International Scientific Conference on Economic and Social Development Economic and Social Development), M.B. Beros, N. Recker & M. Kozina M (eds.), Rome, Italy, 1-2 March 2018, pp. 361-369. Rome: Varazdin Development and Entrepreneurship Agency, available at: https://www.esd-conference.com....
23.
Karpowicz, A., Korzeb, Z., Niedziółka, P. (2022a). Do Commercial Banks in Poland Pass the Bank Tax On to Their Customers? (in:) “Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia”, 56 (3), pp. 61-87, available at: https://doi.org/10.17951/h.202....
24.
Karpowicz, A., Korzeb, Z., Niedziółka, P. (2022b). Macroeconomic and sectoral specific determinants of bank levies’ inflows in European Union (in:) “Bank i Kredyt”, 53(2), pp. 183–202.
25.
Karpowicz, A., Korzeb, Z., Niedziółka, P. (2022c). The stability of bank tax revenues in selected European Union countries – does it depend on the bank tax model? (in:) “Forum Scientiae Oeconomia”, 10(4), pp. 67–94, available at: https://doi.org/10.23762/FSO_V....
26.
Kogler, M. (2019). On the incidence of bank levies: theory and evidence (in:) “International Tax and Public Finance”, 26(4), pp. 777-718, available at: https://doi.org/10.1007/s10797....
27.
Koltsova, T.A., Yukhtanova, Y.A., Lukyanenko, O.V. Khayrullina, N.G. (2018). Gambling Taxation in Today’s Russia: Principles, Practices and Actual Figures (in:) “European Research Studies Journal”, XXI (1), pp. 198-205, available at: https://doi.org/10.35808/ersj/....
28.
Korzeb, Z., Niedziółka, P., Silva, A. (2021). Impact of the COVID-19 crisis on the Portuguese banking system. Linear ordering method (in:) “Estudios Gerenciales”, 37 (159), pp. 226-241, available at: https://doi.org/10.18046/j.est....
29.
Kotakorpi, K., Roukka, T. Virén, M. (2016). Rahapelien verotus ja rahapelituottojen käyttö Suomessa. Keille kuuluvat rahapelien tuotot? [Gambling taxes and the allocation of gambling revenues in Finland] (in:) “Yhteiskuntapolitiikka”, 81(2), pp. 447–452.
30.
Kwak, S. (2013). Tax Base Composition and Revenue Volatility: Evidence from the U.S. States (in:) “Public Budgeting & Finance”, 33(2):, pp. 41-74, available at: https://doi.org/10.1111/j.1540....
31.
Łaszek, J., Trzeciakowski, R. (2016). Podatek bankowy – rząd szuka finansowania obietnic wyborczych, Forum Obywatelskiego Rozwoju, available at: https://for.org.pl/pliki/artyk....
32.
Law of January 15, 2016 on Tax on Certain Financial Institutions (Ustawa z dnia 15 stycznia 2016 r. o podatku od niektórych instytucji finansowych, Dz. U. 2016 poz. 68).
33.
Mielczarek, M. (2020). Efekty fiskalne wprowadzenia podatku bankowego w Polsce (in:) „Ekonomia – Wroclaw Economic Review”, 26(2), pp. 123-143, available at: https://doi.org/10.19195/2658-....
34.
Miracolo, A., Sophiea, M., Mills, M. Kanavos, P. (2021). Sin taxes and their effect on consumption, revenue generation and health improvement: a systematic literature review in Latin America (in:) “Health Policy and Planning”, 36(5), pp. 790–810, available at: https://doi.org/10.1093/heapol....
35.
O’Donoghue, T., Rabin, M. (2006). Optimal sin taxes (in:) “Journal of Public Economics”, 90 (10-11), pp. 1825-1849, available at: https://doi.org/10.1016/j.jpub....
36.
OECD (2021). Tax and fiscal policies after the COVID-19 crisis, available at: https://www.oecd.org/coronavir....
37.
Połczyński, J. (2014). Podatek od wydobycia niektórych kopalin w Polsce na tle doświadczeń zagranicznych (in:) „Studia Ekonomiczne”, 186 (2), pp. 89-100.
38.
Preece, R. (2013). The effective contribution of excise taxation on non-alcoholic beverages to government revenues and social objectives: a review of the literature (in:) “World Customs Journal”, 7 (1), pp. 21-38.
39.
Puławska, K. (2021). The Effect of Bank Levy Introduction on Commercial Banks in Europe (in:) “Journal of Risk and Financial Management”, 14 (6), 279, available at: https://doi.org/10.3390/jrfm14....
40.
Ragot, X. A. (2018). A New Paradigm for Fiscal Policy? (in:) “Intereconomics”, 53, pp. 140–146, available at: https://doi.org/10.1007/s10272....
41.
Riscado, M., Stanécík, J. & Välilä, T. (2010). Macro-fiscal volatility and the composition of public spending, European Investment Bank. Economic and Financial Report 2010/3, available at: https://www.econstor.eu/bitstr....
42.
Roukka, T., & Salonen, A.H. (2020). The Winners and the Losers: Tax Incidence of Gambling in Finland (in:) “Journal of Gambling Studies”, 36, pp. 1183–1204, available at: https://doi.org/10.1007/s10899....
44.
Sitek, B., Bednarek, W. (2013). Illegal acquisition of data by the State. Corruption or necessity? (in:) “Journal of Modern Science”, 4(19), pp. 142-158, available at: https://www.jomswsge.com/pdf-9....
45.
Szołno – Koguc, J., Twarowska – Ratajczak, M. (2021). Podatki bankowe i instrumenty regulacyjne. Przegląd rozwiązań w krajach Unii Europejskiej. CeDeWu. Warszawa.
46.
White, F.C. (1983). Trade-off in growth and stability in state taxes (in:) “National Tax Journal”, 36(1), pp. 103-114, available at: https://doi.org/10.1086/NTJ418....
47.
Williams, W., Anderson, R., Froehle, D., Lamb, K. (1973). The stability, growth and stabilizing influence of state taxes (in:) “National Tax Journal”, 26(2), pp. 267-274, available at: https://doi.org/10.1086/NTJ417....
48.
Yan, W. (2012). The Impact of Revenue Diversification and Economic Base on State Revenue Stability (in:) “Journal of Public Budgeting, Accounting & Financial Management”, 24, (1), pp. 58-81, available at: https://doi.org/10.1108/JPBAFM....
Share
| eISSN: | 2391-789X |
| ISSN: | 1734-2031 |
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
