Littérature scientifique sur le sujet « Imposte indirette »

Abstract Questo scritto sottopone a verifica, mediante un modello econometrico, l’ipotesi che le preferenze ideologiche dei partiti al governo influiscano sulle scelte fiscali in modo tale che i governi «di sinistra» favoriscano l’aumento della spesa pubblica, senza preoccuparsi particolarmente dei deficits e preferendo le imposte dirette a quelle indirette, mentre i governi « di destra » sarebbero meno inclini a favorire l’espansione della spesa pubblica e preferirebbero comunque di mantenere il bilancio in pareggio, con una maggiore incidenza dell’imposizione indiretta.L’analisi svolta, con riferimento al caso del Belgio, per gli anni dal 1960 al 1983, non conferma l’ipotesi che i governi conservatori contribuiscano maggiormente dei governi di sinistra all’incremento dell’imposizione complessiva. Le preferenze ideologiche emergono, tuttavia, a livello di preferenze tra imposte dirette ed indirette.

Massima Il trasferimento, senza corrispettivo, nella sfera giuridica del mandante dell’immobile acquistato dal mandatario in forza di mandato senza rappresentanza è da assoggettare alla ordinaria disciplina dell’imposta sulle successioni e donazioni nonché alle imposte ipotecaria e catastale in misura proporzionale. Tale ultimo atto, che produce l’effetto di trasferire l’immobile a titolo gratuito a favore del mandante, assume rilievo ai fini delle imposte indirette essendo produttivo di effetti reali, a nulla rilevando che il trasferimento sia effettuato nell’ambito di un rapporto contrattuale.

Abstract Dopo numerosi studi preliminari, nel 1967 sono state approvate le prime due direttive comunitarie concernenti l’armonizzazione delle imposte indirette, che hanno introdotto i principi generali per l’imposizione sul valore aggiunto.L’armonizzazione dei diversi sistemi nazionali sarebbe dovuta coincidere con l’unione economica e monetaria.Il conseguimento di un’unica base tributaria era anche importante in considerazione del fatto che la principale fonte di finanziamento della Comunità doveva essere costituita dall’1% del gettito IVA, ma i progressi fatti in questa direzione non sono ancora molto soddisfacenti.Le proposte più recenti stabiliscono un limite minimo ai tassi, senza introdurre limiti di ordine superiore. Una critica è stata quella di eccessive distorsioni della concorrenza dovute a notevoli differenze nelle aliquote.Per quanto riguarda l’imposizione diretta, il Trattato si limita a prevedere l’abolizione della doppia imposizione all’interno della Comunità. La Commissione ha, tuttavia, ritenuto opportuno tendere all’armonizzazione delle imposte dirette, ma le sue numerose proposte in tema d’imposizione societaria non sono peraltro state adottate.Non sembra, tuttavia, che quello dell’armonizzazione tributaria possa essere considerato un problema prioritario rispetto agli altri che la Comunità deve affrontare. Lo stesso Trattato di Roma ritiene che l’armonizzazione sia necessaria soltanto per le imposte indirette, nei limiti in cui essa sia necessaria per assicurare il funzionamento del mercato interno.Piuttosto che l’armonizzazione, dovrebbe essere la concorrenza l’elemento unificatore del mercato europeo.

Tesi La Suprema Corte di cassazione nelle due sentenze n. 36599 e n. 36598 del 2021 consente di affrontare la questione dei limiti posti alla responsabilità tributaria solidale del notaio, con riferimento alla netta distinzione che intercorre ai sensi dell’art. 42 del TUR tra l’imposta principale, da un lato, e le imposte complementare e suppletiva dall’altro, sia pure a fronte della vigente procedura di registrazione telematica degli atti. Gli arresti giurisprudenziali appaiono di particolare rilevanza, peraltro, proprio con riferimento alle fattispecie da cui sono state originate (due atti istitutivi di altrettanti trust autodichiarati), in quanto inducono ad elaborare parallelamente riflessioni circa la corretta applicazione delle imposte indirette in un particolare ambito operativo e negoziale, interessato, come è noto, da un graduale processo evolutivo intrapreso dalla medesima giurisprudenza di legittimità e, sia pure solo di recente, dall’Amministrazione finanziaria. The author’s view The Supreme Court of cassation in the two judgments n. 36599 and n. 36598 of 2021 allows to face the question of the limits placed on the joint tax liability of the notary, with reference to the clear distinction that exists pursuant to art. 42 of Presidential Decree no. 131/86 between the main tax, on the one hand, and the complementary and supplementary taxes on the other, albeit in the face of the current procedure for electronic registration of documents. The jurisprudential arrests appear to be of particular relevance, however, precisely with reference to the cases from which they originated (two deeds of incorporation of as many self-declared trust), as they induce to elaborate at the same time reflections on the correct application of indirect taxes in a particular operational context and negotiation, affected, as is known, by a gradual evolutionary process undertaken by the same Jurisprudence of legitimacy and, albeit only recently, by the financial Administration.

Nel corso della lunga campagna militare che Alfonso il Magnanimo condusse per la conquista di Napoli e del Mezzogiorno (1421-23 e 1435-42), la Sicilia svolse un ruolo fondamentale per il finanziamento della guerra, soprattutto grazie alle risorse provenienti dal regio demanio, ovvero quelle frutto delle imposte indirette e del commercio granario. Per vie delle crescenti e urgenti esigenze economiche della Corona, nell’ultima fase del conflitto Alfonso il Magnanimo ricorse in maniera più intensa alla tassazione diretta, promovendo nel contempo diverse altre strategie fiscali alternative. Tale processo, come si discute in questo articolo, emerse con particolare forza nel 1441-42, quando il sovrano elaborò un inedito programma fiscale per fare fronte al pagamento della condotta di Niccolò Piccinino e di diverse lettere di cambio. Da una parte, si richiese alle città demaniali e baronali dell’isola il pagamento di una esosa composizione per i loro supposti crimini di usura, estendendo poi tale richiesta economica a tutti i sudditi del regno nella forma di una subventio generalis; dall’altra parte, si provvide all’imposizione di un prestito forzoso ad alcuni membri delle élite politiche, urbane e religiose dell’isola.

PurposeThe purpose of this paper is to estimate both direct and indirect channels through which imported inputs spur exporting in the African manufacturing sector.Design/methodology/approachThe authors estimated models for all exporters, direct exporters and indirect exporters using a probit model. The authors circumvented the endogeneity of imported inputs and productivity in the export status models by using their lagged values. The authors employed the World Bank Enterprise Survey data for a set of 26 African countries.FindingsFrom the direct channel, the authors find that importers of inputs in the previous period increase the probability of exporting in the current period pointing to the possibility of sunk cost complementarities. Indirectly, high lagged firm productivity spurs exporting in the current period. Being a direct importer of inputs in the previous period increases the probability of exporting directly but has no effect on indirect exporters. Both channels are complimentary because their interaction term is positive and significant.Practical implicationsThe importation of inputs seems a precondition for exporting and that any policy obscuring imports may indirectly inhibit exportation. Government policy should make importation inputs easier in order to stimulate exporting activities.Originality/valueThe paper’s contribution to empirical literature is that much of the empirical studies have overly concentrated on developed countries and hence leaving a huge knowledge gap for African countries. The only papers focusing on Africa are by Parra and Martínez-Zarzoso (2015), who focused on the Egyptian manufacturing sector, and Edwardset al. (2017), who used firm-level data from South Africa. The authors extend this literature by undertaking firm-level analysis in a cross-country setting among manufacturing firms in Africa.

Abstract. Whenever there is a conflict between a provision of national law and a rule of a Community directive in a dispute between two private parties, the question arises which law must prevail. Generally speaking, EC directives can have an impact on domestic law under either the doctrine of direct effect or the duty imposed on national courts to construe their domestic law in conformity with the directive. Under current EC case law, it is not possible for one individual to rely on a directly effective provision of a directive as against another private party: there is no horizontal direct effect. However, directives may nevertheless have a decisive impact on the outcome of the dispute through this canon of interpretation: indirect effect. This article reviews ten years of judicial development of the principle of indirect effect. In particular it examines the relationship between direct and indirect effect, the relevance or not of expiry of the period for transposition of the directive into domestic law and the discretion of the national courts to construe their own laws under the requirements of Community law. Schlüsselwörter: - Europtiisches Gemeinschaftsrecht –Einwirkung von Gemeinschaftscrecht auf Privatrecht – horizontaler direkter Effekt – Verpflichtung, wirkung nationales Recht in Übereinstimmung mit dem Gemeinschaftsrecht auszulegen Zusammenfassung. Wo immer in einem Rechtsstreit zwischen zwei Parteien ein Konflikt zwischen einer nationalen Vorschrift und der Regelung einer Gemeinschaftsrichtlinie auftritt, stellt sich die Frage, welches Recht vorrangig ist. Allgemeiner ausgedrückt, Richtlinien der europäischen Gemeinschaft können sich auf nationales Recht entweder aufgrund eines direkten Effektes oder im Rahmen der den nationalen Gerichten auferlegten Verpflichtung auswirken, ihr eigenes Recht in Übereinstimmung mit der Richtlinie auszulegen. Nach gegenwärtigem Gemeinschaftsfallrecht ist es für eine Individualperson nicht möglich, sich auf eine direkte Rechtswirkung einer Richtlinie wie gegenüber einer anderen Privatpartei zu verlassen: es gibt keine horizontale direkte Auswirkung. Gleichwohl haben Direktiven durch eine andere Auslegungsmethode nichtsdestoweniger eine entscheidende Bedeutung in Bezug auf das Ergebnis des Streits: Indirekte Auswirkung. Dieser Beitrag betrachtet zehn Jahre juristische Entwicklung des Prinzips der indirekten Auswirkung. Insbesondere werden die Beziehungen zwischen direkter und indirekter Auswirkung, die Relevanz (oder Nicht-Relevanz) des Ablaufs des Zeitraums der Umsetzung der Richtlinie in natinales Recht und die Diskretion natinaler Gerichte untersucht, ihr eigenes Recht unter Berücksichtigung der Forderungen des Gemeinschaftsrechts auszulegen.

AbstractIn 2009, the EU imposed anti-dumping duties on aluminum foil imported from Armenia, Brazil, and China for five years. The final determination resulted in the imposition of definitive anti-dumping duties of 13.4% (Armenia), 17.6% (Brazil), and 6.4–30% (China). This paper quantifies the direct and indirect effects of the EU anti-dumping duty on EU and US imports from targeted and unaffected countries using detailed data for the years 2006 through 2012, and controlling for exports of all products within the aluminum sheet, plate, and foil manufacturing industry from all countries. The findings point to the trade destruction, trade depression, trade diversion, and trade deflection effects typically found in the existing literature. However, the uniqueness of this case lies in the fact that the Armenian exporter is a subsidiary of a Russian firm. And as Armenia's exports to the EU declined, they expanded rapidly to the US. At the same time, the US imports from Russia, a country not directly touched by the anti-dumping ruling, declined dramatically, and were diverted to the EU. This points to the potential ineffectiveness of anti-dumping duties in the presence of multinational corporations with production facilities located across countries differentially impacted by anti-dumping duties.

In questo lavoro si analizza l’imposizione indiretta nel commercio elettronico; l’analisi si è basata sullo studio della normativa Comunitaria (Direttive Europee ) e la legislazione e Italiana, esponendo anche le differenze con il profilo legislativo brasiliano (softwares e libri).Esposti i contributi delle istituzione internazionali (conferenze ed/o proposte della Unione Europea) per l’inquadramento tipologico e fiscale del commercio elettronico, sono stati analizzati i profili generali dell’istituto della stabile organizzazione ai fini dell’imposizione dell’IVA e al commercio elettronico, distinguendo anche tra le transazioni elettroniche considerabili come cessione di beni e quelle considerabili prestazioni di servizi, in base alla materialità o alla dematerializzazione del bene scambiato. Anche il principio di territorialità nelle prestazioni di servizi è stato analizzato tramite analisi dei regimi ordinario e speciale riguardanti gli operatori extracomunitari.
In this work we analyze the indirect taxation in e-commerce, the analysis was based on the study of EC regulations (EU Directives) and the Italian legislation and, exposing the differences with the legislative Brazilian (softwares and books). Exposed the contributions of the international institution (conferences and / or proposals by the European Union) for the classification of types of e-commerce and taxation, we have analyzed the general aspects of the institute of the permanent establishment for tax purposes of VAT and e-commerce , distinguishing between electronic transactions also consider them as sale of goods and the considerable services, according to the material or the dematerialization of the exchanged item. The principle of territoriality in the provision of services was analyzed by analysis of ordinary and special regimes relating to non-EU operators

In questo lavoro si analizza l’imposizione indiretta nel commercio elettronico; l’analisi si è basata sullo studio della normativa Comunitaria (Direttive Europee ) e la legislazione e Italiana, esponendo anche le differenze con il profilo legislativo brasiliano (softwares e libri).Esposti i contributi delle istituzione internazionali (conferenze ed/o proposte della Unione Europea) per l’inquadramento tipologico e fiscale del commercio elettronico, sono stati analizzati i profili generali dell’istituto della stabile organizzazione ai fini dell’imposizione dell’IVA e al commercio elettronico, distinguendo anche tra le transazioni elettroniche considerabili come cessione di beni e quelle considerabili prestazioni di servizi, in base alla materialità o alla dematerializzazione del bene scambiato. Anche il principio di territorialità nelle prestazioni di servizi è stato analizzato tramite analisi dei regimi ordinario e speciale riguardanti gli operatori extracomunitari.
In this work we analyze the indirect taxation in e-commerce, the analysis was based on the study of EC regulations (EU Directives) and the Italian legislation and, exposing the differences with the legislative Brazilian (softwares and books). Exposed the contributions of the international institution (conferences and / or proposals by the European Union) for the classification of types of e-commerce and taxation, we have analyzed the general aspects of the institute of the permanent establishment for tax purposes of VAT and e-commerce , distinguishing between electronic transactions also consider them as sale of goods and the considerable services, according to the material or the dematerialization of the exchanged item. The principle of territoriality in the provision of services was analyzed by analysis of ordinary and special regimes relating to non-EU operators

Il trust è un istituto di origine anglosassone che non trova ancora nel nostro Paese una disposizione normativa ad hoc, e solo a partire dal recepimento della Convenzione dell’Aja del 1985 con la Legge n. 364 del 16 Ottobre 1989 è stato riconosciuto in Italia. Si può indicare come trust quello schema negoziale nel quale un soggetto, il disponente o settlor, affida a un altro soggetto, il trustee, un insieme di diritti affinchè questo li detenga, li conservi e li amministri per poi, decorso il termine stabilito del trust o raggiunto l’obiettivo finale, trasferirli a uno o più soggetti, detti beneficiari. Questo elaborato si pone l’obiettivo di affrontare il tema della sua tassazione nell’ambito delle imposte indirette, in particolare nell’imposta di successione e donazione che con la legge 286 del 24 Novembre 2006 è stata reintrodotta nel nostro ordinamento estendendone l’applicazione anche agli atti a titolo gratuito e alla costituzione dei vincoli di destinazione, comprendendo anche i trust anche se questi non sono esplicitamente nominati. Il trattato si chiude analizzando gli stessi aspetti nel caso delle altre imposte indirette, in particolare dell’imposta di registro, dell’Iva e degli altri tributi minori.

Mestrado em Contabilidade,Fiscalidade e Finanças Empresariais
O presente trabalho procura sistematizar os aspectos mais importantes ligados ao regime dos IEC, sublinhando a componente de harmonização fiscal a nível comunitário, inerente a esta tributação, bem como a possibilidade que é concedida a estes produtos de circular dentro de todo o espaço comunitário em regime de suspensão de imposto. Pretende-se dar uma visão de conjunto no que diz respeito às taxas aplicadas nos 27 países da União Europeia (traçando os aspectos comuns e apontando as principais diferenças) e aprofundar a análise comparativa com Espanha, um dos nossos principais parceiros económicos. Com base na análise efectuada constatou-se que embora se encontrem harmonizados, i.e. com regras e procedimentos idênticos, ao nível da aproximação das taxas ainda há um longo caminho a percorrer, existindo presentemente uma grande disparidade de taxas aplicadas, o que não é de estranhar dada a heterogeneidade que caracteriza as diferentes economias europeias. Ao nível das taxas aplicadas verificou-se que, embora Portugal não se afaste da média comunitária, pratica taxas muito mais elevadas que Espanha. Conclui-se assim, face aos dados analisados, que a tributação em sede de IEC condiciona a competitividade de Portugal, não porque o país aplica taxas acima da média comunitária, mas sim porque o seu principal parceiro comercial, a Espanha, tem um sistema mais "leve" em termos de fiscalidade indirecta, aplicando taxas abaixo dessa média.
This work aims to systematize the most important aspects linked to the excise duties regime, emphasizing the component of tax harmonization at European Community level and the possibility granted to those products of circulation in the community space under suspension of taxes. It is intended to give an overview of all the rates applied in the 27 EU countries (tracing the common aspects and pointing out the main differences) and a further comparative analysis with Spain, one of our major economic partners. It was observed that, even though they are harmonized, i.e. with identical rules and procedures, there is currently a large disparity in the rates applied, which is not surprising given the heterogeneity that characterizes the different European economies. At the level of rates applied, it was verified that, although Portugal does not deviate from the EU average, have higher excise duties than Spain. It is concluded, given the analyzed data, that the excise duties taxation affects the competitiveness of Portugal, not because the country apply rates above the EU average, but because its main trading partner, Spain, has a more "lightweight" indirect taxation.

BADAGNAN, Thaisa França. Extensões. Extensões e aplicações do modelo de tributação indireta ótima de Deaton. - 2016. 78f. Tese (doutorado). - Universidade Federal do Ceará, Programa de Pós Graduação em Economia, CAEN, Fortaleza, 2016.
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It is known in the literature on optimal indirect taxes the existence of a trade off between allocative eficiency and equity in the determination of tax rates on consumption. Among the various papers published in this area, the Deaton (1977) stands out to present na alternative to traditional models in resolving this trade-off, compared to only two types of agents, the middleincome agent and income agent socially representative. Despite this innovative feature at work now cited, the model proposed by Deaton (1977) has been very little explored in the literature. In view of these arguments, the main objective of this thesis is to study the optimal indirect taxation model Deaton (1977) in three respects. First, it establishes conditions under which it is possible to obtain an explicit formula for the vector of optimal rates of Deaton (1997). The essential condition to ensure the validity of the formula is one of the goods should be selected for which the rate is fixed in advance. The result is an equation that can be solved by any software that performs mathematical calculations matrix equations. Using the formula obtained were estimated optimal indirect tax rates for all federal units of Brazil. The estimation was proposed for nine groups of goods, such as: processed foods, food in natura, the food of cesta básica, clothing, cleaning products, medicines, toiletries, alcohol and telecommunications services. The POF / IBGE 2008/2009 data were used. Among the results, we can highlight the allowance for alcoholic beverages in most federal units. This is a result commonly found in the literature on optimal indirect taxation. Finally, it proposes a way to estimate the aversion parameter inequality of Atkinson (1970) from the model Deaton (1977). Using the equation of great indirect rate proposed in Chapter 2, applies a method of reverse engineering, getting a way to estimate the parameter that measures the degree of inequality aversion associated with a given tax structure. The proposed method is used to estimate the inequality aversion measures for each state of Brazil using the results obtained in the second part, together with the tax rates (ICMS) in force in 2009.
É bem conhecido na literatura sobre tributação indireta ótima que existe um trade off entre eficiência alocativa e equidade na determinação de alíquotas sobre o consumo. Dentre os vários trabalhos publicados nessa área, o artigo de Deaton (1977) destaca-se por apresentar uma alternativa aos modelos tradicionais na resolução desse trade off, comparando-se apenas dois tipos de agentes, o agente de renda média e o agente de renda socialmente representativa. Apesar dessa característica inovadora no trabalho ora citado, o modelo proposto por Deaton (1977) foi muito pouco explorado na literatura. Em vista desses argumentos, o principal objetivo desta tese é estudar o modelo de tributação indireta ótima de Deaton (1977) sob três aspectos. Primeiro, se estabelecerá condições sob as quais é possível obter uma fórmula explícita para o vetor de alíquotas ótimas de Deaton (1997). A condição essencial para assegurar a validade da fórmula é que um dos bens deve ser selecionado para que a alíquota seja fixada a priori. O resultado é uma equação que pode ser resolvida por qualquer software matemático que executa cálculos com equações matriciais. Usando a formula obtida, foram estimadas alíquotas indiretas ótimas para todas as unidades federativas do Brasil. A estimação foi proposta para nove grupos de bens, quais sejam: alimento industrializado, alimento in natura, alimentos da cesta básica, vestuário, produtos de limpeza, medicamentos, produtos de higiene pessoal, bebidas alcoólicas e serviços de telecomunicação. Para tanto foram utilizados dados da POF/IBGE 2008/2009. Dentre os resultados, pode-se destacar o subsídio para bebidas alcoólicas na maioria das unidades federativas. Esse é um resultado comumente encontrado na literatura sobre tributação indireta ótima. Por fim, é proposto uma forma de estimar o parâmetro de aversão à desigualdade de Atkinson (1970) a partir do modelo de Deaton (1977). Usando a equação de alíquota indireta ótima, proposta no Capítulo 2, aplica-se um método de engenharia reversa, obtendo uma forma para a estimação do parâmetro que mede o grau de aversão a desigualdade associado a uma dada estrutura tributária. O método proposto é usado para estimar as medidas de aversão a desigualdade para cada unidade federativa do Brasil utilizando os resultados obtidos na segunda parte, em conjunto com as alíquotas de ICMS vigentes no ano de 2009.

Dissertação (mestrado) - Universidade Federal de Santa Catarina, Florianópolis, 1980.
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LIMA, Daniel Araújo. A amplitude da imunidade dos templos religiosos: exoneração de impostos diretos e indiretos. 2006. 102 f.: Dissertação (mestrado) - Universidade Federal do Ceará, Programa de Pós-Graduação em Direito, Fortaleza-CE, 2006.
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In this present research we have the objective of analyzing the extent of the religious temples immunity. Our study will aboard the general situation to appoint when the immunity must be considered or not, regarding, in the first view, the religious activity itself. We will see the incidence of direct taxes (on services, property, income tax etc.) and the indirect taxes (on circulation of goods, on services, on energy etc.). Infra constitutional arguments cannot be used to stop the immunity of Constitution. On the other hand, it is not possible recognize the immunity in all opportunities, even against other principles of Constitution. It is a fact that in this research we used the mainspring of constitutional hermeneutics, the best and modern doctrine about the subject and the more recent precedents of jurisprudence.
No presente trabalho temos por objetivo estudar a amplitude da imunidade dos templos religiosos. Conforme determina a Constituição Federal de 1988, as referidas entidades estão exoneradas do recolhimento de quaisquer impostos, de modo que, por conta deste benefício, as igrejas e instituições sacras em geral não devem pagar os impostos previstos em nossa ordem jurídica. Desta feita, nosso estudo está centrado na análise da incidência dos impostos sobre essas entidades imunes, verificando em que circunstâncias a imunidade deve prevalecer quando a atividade, bem, produto ou serviço imunizado diga respeito às finalidades essenciais da instituição. Estudaremos tanto a incidência de impostos diretos, como é o caso do imposto sobre serviços, do imposto sobre a propriedade predial e territorial urbana e do imposto de renda, quanto os impostos indiretos, tais como, v. g., o imposto sobre circulação de mercadorias e serviços incidente sobre energia elétrica e telefonia, o imposto sobre produtos industrializados destacado na compra de materiais utilizados na construção dos templos, dentre outros. Argumentos que repousam na seara infraconstitucional não podem servir de justificativa para refrear os efeitos da imunidade prevista na Carta Magna. Por outro lado, abusos metodológicos não poderão fazer com que a imunidade prevaleça sempre, ainda que em detrimento de outros valores albergados na Lei Fundamental. Em nossa pesquisa, valemo-nos fundamentalmente dos cânones da nova hermenêutica constitucional, da doutrina existente sobre o assunto e de precedentes jurisprudenciais que tratam da matéria.

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This thesis attempts to investigate two issues in Public Economics in Brazil: tax incidence and strategic tax interaction. The tax incidence issue is investigated under a tax shifting framework, in which both tax burden and tax costs pass-through are discussed. Data over Value Added Tax (VAT) for food commodities in states is collected. In the first method, results suggest that the consumer‟s share on tax burden in Brazil is around 40%. The remaining tax share is hold by firms. In the second method, results suggest that tax costs are uncompleted passed-through prices. Also, findings point out that the tax shifting parameter depends on the direction of the fiscal change, as tax rates increases affect prices in a different magnitude when compared to tax rates decreases. Moreover, strategic tax interaction is investigated in both a horizontal and a vertical tax competition framework. Horizontal tax interaction is investigated across states considering food commodities. Results indicate that tax interaction is positive but not significant. The decision to tax seems to follow states´ internal characteristics. The last method investigates vertical tax interaction for gas and cigarette in Brazil. Results suggest that states respond to federal tax changes for cigarette. On the other hand, results suggest that horizontal tax interaction is more important for gas.
Esta tese procura investigar dois aspectos de Economia do Setor Público no Brasil: incidência fiscal e interações fiscais estratégicas. O tópico de incidência tributária é investigado em um contexto de transmissão do tributo, no qual carga fiscal e efeitos dos tributos sobre os preços são discutidos. O banco de dados utilizado inclui alíquotas do tributo estadual sobre bens alimentícios. Na primeira metodologia, identifica-se que a Carga Fiscal do consumidor no Brasil para os bens analisados é ao redor de 40%. Já o percentual remanescente corresponderia a Carga Fiscal da firma. Na segunda metodologia, resultados apontam que os preços reagem de forma incompleta a mudanças das alíquotas dos tributos. Ademais, o padrão de transmissão depende da direção da mudança fiscal: acréscimos e decréscimos das alíquotas dos tributos estaduais são repassados em proporções diferentes aos preços. Adicionalmente, são investigadas interações estratégicas na definição dos tributos, entre Estados e também entre Estados e Federação. Interações horizontais são investigadas para bens alimentícios. As estimativas sugerem que as interações apresentam efeito positivo, porém insignificante nas decisões tributárias. É provável que decisões tributárias dependam de características internas dos Estados. Já o último método investiga eventual competição vertical nos tributos entre Estados e Federação para cigarros e gasolina. Os resultados indicam que interações verticais são importantes no caso do cigarro, e interações horizontais importantes para gasolina.

No presente trabalho temos por objetivo estudar a amplitude da imunidade dos templos religiosos. Conforme determina a ConstituiÃÃo Federal de 1988, as referidas entidades estÃo exoneradas do recolhimento de quaisquer impostos, de modo que, por conta deste benefÃcio, as igrejas e instituiÃÃes sacras em geral nÃo devem pagar os impostos previstos em nossa ordem jurÃdica. Desta feita, nosso estudo està centrado na anÃlise da incidÃncia dos impostos sobre essas entidades imunes, verificando em que circunstÃncias a imunidade deve prevalecer quando a atividade, bem, produto ou serviÃo imunizado diga respeito Ãs finalidades essenciais da instituiÃÃo. Estudaremos tanto a incidÃncia de impostos diretos, como à o caso do imposto sobre serviÃos, do imposto sobre a propriedade predial e territorial urbana e do imposto de renda, quanto os impostos indiretos, tais como, v. g., o imposto sobre circulaÃÃo de mercadorias e serviÃos incidente sobre energia elÃtrica e telefonia, o imposto sobre produtos industrializados destacado na compra de materiais utilizados na construÃÃo dos templos, dentre outros. Argumentos que repousam na seara infraconstitucional nÃo podem servir de justificativa para refrear os efeitos da imunidade prevista na Carta Magna. Por outro lado, abusos metodolÃgicos nÃo poderÃo fazer com que a imunidade prevaleÃa sempre, ainda que em detrimento de outros valores albergados na Lei Fundamental. Em nossa pesquisa, valemonos fundamentalmente dos cÃnones da nova hermenÃutica constitucional, da doutrina existente sobre o assunto e de precedentes jurisprudenciais que tratam da matÃria.
In this present research we have the objective of analyzing the extent of the religious temples immunity. Our study will aboard the general situation to appoint when the immunity must be considered or not, regarding, in the first view, the religious activity itself. We will see the incidence of direct taxes (on services, property, income tax etc.) and the indirect taxes (on circulation of goods, on services, on energy etc.). Infra constitutional arguments cannot be used to stop the immunity of Constitution. On the other hand, it is not possible recognize the immunity in all opportunities, even against other principles of Constitution. It is a fact that in this research we used the mainspring of constitutional hermeneutics, the best and modern doctrine about the subject and the more recent precedents of jurisprudence.

This chapter discusses an arbitral tribunal’s different powers, duties, and jurisdiction during arbitration proceedings. These arise from a complex mixture of the will of the parties, the law governing the arbitration agreement, the law of the place of arbitration, and the law of the place where recognition or enforcement of the award is to be sought. Parties confer powers upon the tribunal either directly or indirectly. A direct conferment occurs when the parties agree upon the powers that they wish the arbitrators to exercise, while indirect conferment happens when parties agree that the arbitration is to be conducted under pre-established rules. The chapter then describes the duties of an arbitrator, which may be divided into three categories: duties imposed by the parties; duties imposed by law; and ethical duties. Both the powers and duties comprise a tribunal’s jurisdiction, with the parties determining the extent of its validity.

AbstractResearch on displacement has a long trajectory in Western geography and urban studies. In a Swedish context theory formation around displacement re-emerged in the 2010s as a response to an increasingly heated housing market, increased gentrification and growing homelessness, and as a consequence of ‘renoviction’ processes. Learning from empirical research in Sweden, the Nordic experiences differ from the Anglo-American context, and set ground for a theoretical discussion on how to understand the specificities of displacement processes in (post-)welfare societies. In this chapter we investigate some Swedish manifestations of displacement that cannot easily be grasped by conceptual apparatuses often developed in an Anglo-American context. The process of displacement in a Swedish (and Nordic) context is often more indirect and slower but its eventual outcomes have the same damaging effects on its victims. The chapter provides both an historical and contemporary view of Swedish displacement processes and practices, and we argue that we cannot uncritically import a conceptual apparatus that grew out of other socio-spatial contexts and develop particular understandings of displacement based on Nordic empirical observations.

Abstract Changes in biotic interactions in the native and invaded range can enable a non-native species to establish and spread in novel environments. Invasive non-native species can in turn generate impacts in recipient systems partly through the changes they impose on biotic interactions; these interactions can lead to altered ecosystem processes in the recipient systems. This chapter reviews models, theories and hypotheses on how invasion performance and impact of introduced species in recipient ecosystems can be conjectured according to biotic interactions between native and non-native species. It starts by exploring the nature of biotic interactions as ensembles of ecological and evolutionary games between individuals of both the same and different groups. This allows us to categorize biotic interactions as direct and indirect (i.e. those involving more than two species) that emerge from both coevolution and ecological fitting during community assembly and invasion. We then introduce conceptual models that can reveal the ecological and evolutionary dynamics between interacting non-native and resident species in ecological networks and communities. Moving from such theoretical grounding, we review 20 hypotheses that have been proposed in invasion ecology to explain the invasion performance of a single non-native species, and seven hypotheses relating to the creation and function of assemblages of non-native species within recipient ecosystems. We argue that, although biotic interactions are ubiquitous and quintessential to the assessment of invasion performance, they are nonetheless difficult to detect and measure due to strength dependency on sampling scales and population densities, as well as the non-equilibrium transient dynamics of ecological communities and networks. We therefore call for coordinated efforts in invasion science and beyond, to devise and review approaches that can rapidly map out the entire web of dynamic interactions in a recipient ecosystem.

Article 92 EC In the case of charges other than turnover taxes, excise duties and other forms of indirect taxation, remissions and repayments in respect of exports to other Member States may not be granted and countervailing charges in respect of imports from Member States may not be imposed unless the measures contemplated have been previously approved for a limited period by the Council on a proposal from the Commission.

After the Bretton Woods exchange rate system in 1973, the free-floating exchange rate, the rate determined by the forces of supply and demand, began, which developed an interest in the area of many researchers to investigate, theoretically and empirically, the impact of exchange rate volatility on the world trade flows. There are two channels, direct and indirect, through which the change in exchange rate affects domestic prices. Under the direct channel, a fall in exchange rate leads to increase in imports as well as increases the prices of inputs in domestic currency. Secondly, under the indirect channel, a decline in the exchange rate triggers the availability of domestic goods to foreign buyers at a cheaper rate, and the demand for domestic products increased. Thus, the change in exchange rate affects trade flows either positively or negatively.

Free indirect discourse (FID) is a style of reporting speech and thought that combines third-personal narration with direct, first-personal discourse. Expressive terms, such as “idiot” or “asshole”, are known to occur in FID. When so used, the pejorative content reflects the protagonist’s rather than the narrator’s point of view. This chapter broadens the discussion of derogatory terms in FID by investigating occurrences of slurring terms, such as the N-word. The two main approaches to FID, namely the two-context approach and the mixed-quotation approach, are discussed in light of these novel findings. The chapter shows that both are able to account for the data; however, the choice between them imposes constraints on the underlying theory of derogatory terms.

Abstract The standard of protection against unlawful expropriation has been referenced in multiple iterations of fundamental/human rights standards on the national and international levels, as well as within international investment agreements. This chapter analyses to what extent the standard under examination reflects the concept of the rule of law. It addresses how the conditions that international investment treaties impose for a (direct or indirect) expropriation to be lawful—public purpose, non-discrimination, due process, and compensation—reflect elements related to the concept of rule of law. Furthermore, the chapter discusses how recent investment treaties and arbitral practice have implemented a rule-of-law-inspired concretization of the scope of indirect expropriation.

Unfair competition in imports is done by dumping or subsidy. According to the Turkish legislation dumping; export price of a product to Turkey being less than the normal value for the like product, subsidy; a direct or indirect financial contribution by the country of origin or export, which confers a benefit or any form of income or price support within the meaning of Article XVI of GATT 1994. In the case of unfair competition in imports, General Directorate of Imports applies trade defence instruments (antidumping, antisubsidy, safeguard measures) in compliance with WTO rules and national legislation, and follows up the enforcement of those measures. The purpose in this study is to contribute to Turkish literature related to damping and subsidy. In this study, national and international regulation on antidumping will be given. It will be explained antidumping practices in Turkey. Dumping investigations will be presented. The data from Ministry of Economy and foreign trade data will be used. This study is a descriptive study.

One key challenge for silicon-based solar cells is the weak absorption of long-wavelength photons near the bandgap (1.1eV) due to the indirect bandgap of silicon. A large fraction of the AM 1.5 solar spectrum falls into a regime (0.7 μm – 1.1 μm) where silicon does not absorb light well. The capture of these long-wavelength photons imposes a particular problem to the thin-film silicon solar cells. For this reason, thin-film silicon solar cells often incorporate some forms of light trapping mechanisms.

This paper considers the direct and indirect impacts on facility operations and financial performance resulting from the retrofits required to comply with the tighter emissions standards and more stringent operating requirements imposed by the Clean Air Act Amendments of 1990 (CAAA). While all large municipal waste combustors (>250 tons per day) and many smaller units (>250 TPD) have already made the initial financial and operational adjustments required by CAAA-induced changes, many small combustors preparing to comply with the Subpart BBBB requirements, have yet to experience these changes. Since most large WTE facilities only began operating under the new CAAA scenario during or shortly before December 2000, the long-term cost impacts of these changes are only now becoming clear. The Subpart BBBB standards are nearly identical to the standards imposed on large combustors. Each existing WTE facility operator affected by Subpart BBBB must determine whether the standards can be met with existing air pollution control devices and existing emission monitoring equipment, or if a facility retrofit is required. If a facility retrofit is required, the economics of continued operation as compared to alternative disposal options must be considered.

The liquefied natural gas (LNG) market has grown significantly and the growth is expected to continue in the future. New technologies that lead to an increased efficiency in each step of the LNG chain are currently under consideration. The studies and the commercial applications associated with the LNG regasification processes can be divided into three large groups: (a) Direct and indirect heat transfer processes between water and LNG; (b) LNG-based co-generation systems, and (c) industrial complexes consisting of an LNG import terminal and an energy-conversion plant, or an energy-intensive chemical plant. In this paper a novel concept for integrating the LNG vaporization into an air separation process is presented. The simulation, energy and exergy analyses are discussed.

- The UK is less exposed to the direct effects of Russia’s invasion of Ukraine than its European neighbours. However, the indirect and longer-term effects of the war on UK trade could still be significant. - Inflationary pressure worldwide will contribute to price rises in the UK, particularly for food and energy. The ongoing effects of both Brexit – which has caused cross-border supply frictions and worker shortages – and the COVID-19 pandemic – which led to pent-up domestic demand and further reduced the labour force – will only increase this upward pressure. - The war has prompted increased scrutiny of London’s role as a centre for kleptocratic wealth from Russia and elsewhere, and has lead the UK government to impose sanctions against Russian-linked individuals and companies. This could impact inward investment directly, through legal restrictions on business activities, or indirectly, by indicating that the UK is no longer open to trade with certain countries. - In the longer term, post-war Ukraine’s future status and trading relationship with the EU could affect the UK, as the process of defining Ukraine’s position with regard to the EU may encourage Brussels to revisit its relations with the UK or even to explore alternative models for other non-member countries on the EU’s periphery. - A renewed focus on European security could also encourage the UK and EU to improve trade, security and political ties. The need to enhance security closer to home may also cause the UK to rethink the ‘Indo-Pacific tilt’ outlined in the 2021 Integrated Review.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.

The Food Standards Agency (FSA) is a non-ministerial government department within the United Kingdom responsible for protecting public health and protecting consumer interests in relation to food in England, Wales, and Northern Ireland. Food Hypersensitivities (FHS) is a key priority within the FSA as it is an important food-related health issue with a severe and enduring impact for people living with it. FHS includes individuals living with a food allergy, coeliac disease and food intolerance. It is the responsibility of the FSA to seek ways to understand and reduce avoidable deaths, the negative impact of FHS on both consumers and businesses, and make sure that FHS consumers have access to safe food that is what it says it is on the label, which they can trust. For people with chronic and / or potentially life-threatening FHS, that trust becomes even more important. FHS places both a public health and financial burden on society. According to the FSA’s Food and You 2 Wave 3 Survey(footnote 1), an estimated 800,000 people are living with a clinically diagnosed food allergy, 300,000 with coeliac disease and 1.2 million living with food intolerance and other FHS conditions in the UK. The FSA has invested in a programme of research to understand the economic and societal burden of FHS and to explore how people living with FHS are impacted in their daily lives. The FSA commissioned RSM UK Consulting (RSM), Dr Audrey DunnGalvin from University College Cork and Alizon Draper from the University of Westminster to quantify and monetise the financial burden imposed on people living with FHS through their day-to-day management of the physical risks associated with food allergies, food intolerance and coeliac disease. This is the first study of its kind to consider whether residents in England, Northern Ireland, and Wales who live with any type of FHS condition (food intolerance, coeliac disease or food allergy) results in additional financial burden for their household. About this study The aim of the study was to quantify and monetise the financial burden imposed on households with FHS through the day-to-day management of the physical risks associated with food allergies, food intolerance and coeliac disease, by: comparing the price paid for food between households with at least one adult above 18 years old living with FHS, to households without FHS valuing the direct costs incurred through efforts to manage FHS and remain symptom free (for example, medical and kitchen supplies) monetising indirect costs incurred when having to deal with an FHS condition (for example, lost working days) This study is unique in terms of estimating price differentials for food consumption across different types of FHS and then comparing to a non-FHS comparison group. Previous studies have focused on coeliac disease, specifically the comparison between gluten-free and gluten-containing products, so this study is adding new knowledge to the evidence base.