дл X АКАяOOдлАмOOдлАм Y АКдл АК E АВАВАяАя

АК E длак Ая OOАВOАсдлАмАя E OАя АяO АК E длoавак A дл X АКАяOOдлАмOOдлАм Y АКдл АК E АВАВАяАя fi А applefi АУ apple apple- Ая. Аяfi fi Ая, Ав АУ appleау Ая apple - АУ. АК apple apple Авfi apple, АУ appleав appleавfi apple АУ. А apple - fi АУ apple - fi fi applefi apple, АвАвАУ fi applefi/fi fi appleав applefi fi applefi appleау applefi. fi apple appleав АУАв applefi Авfi apple. apple АУАв fi - apple - apple appleapple АУАв, - fi appleау applefi apple - apple Ая Ав. JEL Codes: C67, G20, H20, H25. 1. Ав - apple Ав apple Ая, apple appleавау AАКАя АмАяАВАя apple. O, 14 / Ая fiав apple apple fi. А Ав apple appleapple applefi fi- apple АУ АУ АУ Ав, applefi apple applefi - АУ apple appleapple (1996), Aujean Poddar (1997), Poddar English (1997). appleapple АУ, applefi- appleав appleау - Ав applefi - АУ Ав apple apple applefi Ая. Ая apple- АУ apple, АУ appleау apple-, Авfi apple apple apple apple appleау applefi - Ав (apple- applefi apple.). Ас, applefi- Ав, applefi apple Ая, apple-. applefi -АУ apple E apple applefi Ая - АУ apple ( 13d 6 А Ав Ая) appleау Ав АУapple- fi. appleapplefi, fi - АУ apple appleау applefi 64 / ENH EАВАВHNIKN TPAEZN

TPAEZIKA EMATA АУ- apple apple- applefi Ая, Ав Ав АУapple- fi -. E appleав fi apple Ав- Ав apple АвАв АУ appleау А А fi apple fi appleау (. Weidenbaum, Raboy Christian, 1989 Tamaoka, 1994). АвАУ fi Ав appleау Ав- АУapple fi fi apple- fi apple apple АвАв- apple applefi apple Ая apple, apple АУ Ая appleау apple Ав АУ Ав. АмА» fi fiapple, АвАвАУ fi Ав appleау Ав АУapple АУ applefi applefi, appleау apple Ав apple Ав apple АвАв. E fi АУ appleау- АУ fi apple apple. Аяfi fi- apple fi АУ. А Kay (1990) АУ fi apple Ав apple apple- fi applefi fi-, Ав appleapple apple fi. АвАвАУ fi АУ АУ Ав - АУ Ав apple, apple Ая, АУ, fi apple fi appleау АУ apple Ая, fi АУ appleау applefi appleавfi appleау АУ apple- (. Hoffman, 1988). O А А Ая applefi АУАв АУ (CFA, 1998) - apple-. АК АУ apple apple - apple -АУ А А Ая, fiав applefi apple- АУ fi applefi - apple appleapple applefi applefi fi apple, АУ fi-., АУ АУ Ав apple- apple appleapple АУАв (fi) applefi Авfi fi apple. appleappleау, - fi АУ fiapple Ав - apple fi АК apple Ав АУ apple АУ АУ. appleappleау АУ fi - apple, Ав- apple apple apple АУ АУ apple appleapple (apple- apple Ая), apple Ав applefi 1997 appleау АУ Авfi apple apple Ая, - fi -, АУ applefi, АУ apple АУ - АУ applefi. fi applefi appleapple apple, - Ав fi fi apple apple АУ fi appleау АУ apple, applefi applefi Ав apple. АУ - АУ apple Ав apple applefi- АУ appleав Ав apple. appleappleау fi Ав appleау- appleау Ав АУ fi fi fi- (fi apple) appleapple - АУ Ав (apple. А -, 1998). ENH EАВАВHNIKN TPAEZN / 65

Ая applefi apple Ав apple fi- applefi. fi АУ 1992 - apple, fi fi fi Ав А. fi АУ fi applefi А А, apple Ав АУ АвАУ apple applefi fi Ав А. А - Ав АУ fi АУ fi. E apple fi fi apple АУ - 3,37% Ав fi applefi АУ (. E - apple, 1998). apple fi - fi apple apple. Ас fiapple fi apple appleapple АУАв applefi apple apple - apple Ая - fi fi applefi АУ- fi - apple Ав АУapple fi apple apple АУ. АУ, АУ apple-, appleау Ав - АУ ( apple -), apple applefi applefi - АУ. appleapple apple fi АУ (applefi - fi) АУ АУ apple- apple fiав apple apple Ая fi АУ - Ав. АК АУАв (АУАв АВ- (1) ) - Ая АУ applefi АУ АУ (. Mackenzie, 1991; Jack, 1996; Kodrzyccki, 1998; Tesche, 1998). appleappleау АУАв apple - fi applefi А А Ая (. А А Ая, 1998) - АУ applefi fi apple - АУАв. АУАв, appleауapple appleappleау appleapple fi - Ав apple apple Ая fi apple, Ав- Ав apple apple fi apple Ав appleapple applefi. А appleapple АУАв appleapple- fiapple apple, appleау - applefi Ав АУ 2. Ав АК Ав apple fi apple- fi appleapple АУАв - АУАв apple apple applefi Aguirres and Shome (1998) apple- fi apple Ая fi АУ 1980 1983. Ас applefi apple Ая apple apple apple appleapple, apple АУ, АУ, (1) appleау apple АУАв apple fi applefi Genser Winker (1997) apple- fi apple Ая applefi АУ Ас- apple АУАв fi Ав apple (benchmark interest rate) apple apple АУАв apple. appleау- АУАв fiав applefi apple- applefi 4% apple fiав applefi Ая АУ 1994. Ая АУАв apple apple- АУ, appleауapple appleау apple, apple Ав Ав applefi apple АУ, АвАвАУ fi Ав apple fi АУ (apple fi АУ Ав) - apple Ав АвАУ apple appleapple Ав. 66 / ENH EАВАВHNIKN TPAEZN

TPAEZIKA EMATA Ав, Авfi - АУ/АУ Ав apple АвАУapple. applefi apple apple- apple appleау applefi applefi - apple АУ 1988-1998 (АУАв 1998). apple apple applefi А А Ая ( АУАв АУАв Ая-АУАв- 2000) applefi АУ fi (Ая-АУАв 1998). - АУ Ав. АвАУ АУ АУ. А fi, apple apple fi АУ Ав apple - apple apple apple, appleав 1989-1998, apple fi apple appleapple - АУ АУ, АУ apple- Ав appleау - АУ/ (Ав ), apple- applefi apple Ая fi АУ - Ав А» appleау applefi apple- apple АУАв applefi fi - apple. АК appleав appleау Ав- АвАУ fi apple apple - appleappleау apple fi АУ АУ apple АУ АУ ( Ая АУ fi АУ apple, Ая apple.). Ав apple fiав А» applefi applefi fiав applefi apple apple - apple Ая : applefi - АУ applefi, apple fi apple applefi - fi АУ applefi Ав Ая applefi appleау apple - (appleау applefi fi АУ) apple applefi apple/ Ая АУ (te). appleавfi Ая АУ applefi АУ - Ая () АУ - Ая apple Ая applefi fiав applefi apple Ая АУ apple(2). А applefi АУ - appleapple apple, - applefi appleappleау appleapple apple apple apple Ая, appleау apple apple- fiав apple appleауapple fi- fi Ая, АвАвАУ fi Ав apple apple- АУ Ав АУ applefi Ая - fi,, - АУ Ая. А applefi fi АУ АУ applefi Ав - appleау АУ. А fi apple apple appleapple fi Авfi, Ав apple- АУ АУ, apple Ав apple fi Ав apple- АУ, Ав - дл apple apple. O (2), АУАв applefi apple Ая - fi АУ apple apple : АУ АУ-АУ Ав АУapple- Ая=Ав Ая. Ав Ая-Аяapple- АУ apple = Ая - АУ. Ая *=EАв applefi apple Ая - АУ apple. ENH EАВАВHNIKN TPAEZN / 67

АУ АУ apple АУ fi АУ fi, - АУ - apple Ав. applefi apple fi- apple Ав. appleapple- appleавfi -, fi apple- apple apple appleapple apple Ая. fi apple- apple Ав appleappleау fiав applefi apple Ая, fi АУАв apple appleapple applefi apple apple Ав АУapple -. АУ apple appleав- fi АУ - Ав (apple АУ). АК apple applefi appleав- fi apple- / Ая (te) АУ fi (ts) (. Jack, 1996). appleapple appleавfi (e) : (e)=(te)/(ts). appleapple, АвАвАУ apple apple applefi Ая, applefi/- fi Ая (te) applefi - fi applefi applefi- (. Jack, 1996). apple, apple- fi/fi Ая apple : (te)=appleау apple / Ая АУ. 3. АяappleАУ appleау appleав (1989-1998) АУАв fi Ав apple - apple Ая apple АУ appleав АУАв. А apple 1 apple АУАв applefi apple apple Ая apple- fi Ая, applefi - fiав, applefi fi- Ав applefi Ая. apple fi- длаяамая 1 АУАв applefi apple Ая applefi Ая, fiав, fiав applefi Ая ( apple. Ав. АУАУ) E Ая EАв EАв Ая applefi % % % Ая АУ Ая fiав АУАв apple fiав Ая 1989 10.895,2 2949,8 714,2 41,47 0,38 1,4 5,8 1990 13.143,1 3909 961,2 61,1 0,46 1,56 6,35 1991 16.230,5 4846,9 1207,5 82,25 0,5 1,69 6,81 1992 18.766,1 5787,4 1444,9 103,68 0,55 1,79 7,17 1993 21.135,7 6627,8 1553,7 82,89 0,39 1,25 5,33 1994 23.983,6 7591,1 1735,5 106,68 0,44 1,4 6,14 1995 26.883,5 8622,4 1939,5 136,16 0,5 1,57 7,02 1996 29.697,7 9517,2 2160,5 137,93 0,46 1,44 6,38 1997 32.752,2 11053,6 2460,8 149,4 0,45 1,35 6,07 1998 35.601,6 8807,2 2719,2 166,49 0,46 1,9 6,12 68 / ENH EАВАВHNIKN TPAEZN

TPAEZIKA EMATA appleав 0,45% (АУ fi) Ая, 1,53% (АУ fi) - fiав 6,31% (АУ fi) fiав applefi Ая. fi fi АУАв applefi apple appleapple apple Ая - АУ apple apple fi- appleав Ав. Аяapple АУ 1993 Авapple Ав apple apple applefi fi apple Ая, А» appleау fiав applefi Ая, fi - Ая fi apple E-. appleapple АУ Авapple fi appleapple applefi applefi АУ, 1994 1995. appleapplefi, 2 apple Ав- Ав appleау apple apple Ав АУapple - (АУАв applefi apple). А apple АУАв fi Ав apple appleapple АУАв applefi apple Ав АУapple. apple- fi fi АУ 0,94% fiав applefi Ая АУ 1994/1995, apple apple apple appleapple apple apple Ая. applefi fi fi fi fi appleав applefi apple- fi АУ Ав АУapple - (Pro-rata, appleapple 1-2% Ав). Ас apple appleapple АУАв applefi -, applefi applefi (0,94%) appleауapple applefi АУАв apple appleау apple- Ая - АУ ( 1). E fi fi applefi АУ (5,7%) (АУ) fiав applefi Ая. АУ 3 ( applefi Ав) apple- applefi appleавfi applefi АУ А, apple- fi/fi Ая (te) АУ fi (ts). apple - apple apple appleау applefi apple - - fi АУ ( appleау apple- Ая - fi АУ). Oapple Авapple apple appleав- fi applefi - длаяамая 2 applefi apple (E: 1994/1995) АУ apple A АУ (apple. Ав.) АУ (1994) АУ Ая Ая АУАв Ая % 1995 % Ая(1995) fiав Ая АУ Амfi АУ Амfi АУ Амfi (1) (2) (3) (4) (5)=(3)*(1) (6)=(4)*(2) (7)=(5)+(6) (8) (9)=(7)/(8)*100 12.700.000 88.049.000 8 18 1.016.000 15.848.820 16.864.820 1.795.676.809 0,94 А applefi Ая АУ applefi Ав appleау АУ Ая. apple applefi appleау applefi apple АУ Ав applefi Ая АУ 1995, АУ 2, apple VIII. ENH EАВАВHNIKN TPAEZN / 69

длаяамая 3 AappleАвfi applefi АУ % E 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 te 3,41 3,39 3,58 3,7 4,03 4,31 3,94 4,24 4,33 4,32 ts 12,24 13,41 14,05 13,91 13,48 13,52 14,5 13,29 13,32 13,51 e 27,85 25,27 25,48 26,59 29,89 31,87 27,17 31,9 32,5 31,97 apple АУ appleавfi, 1989-1998 : 29,04% АУ АУ (29,04%) (АУ fi), applefi fi. apple - applefi fi applefi Ав АУapple apple appleау fi - АУ Ав (fiapple appleау 1-2%). АК appleавfi applefi apple- appleавfi - Ая Ав, applefi АУ - apple Ая. 4. apple fi applefi apple- apple appleapple applefi fi - apple Ав. - applefi apple apple- fi appleapple АУАв Ая applefi Ав- fi apple apple- Ая -АУ. АУ АУ Ая, Ав АУ fi apple fi Ав apple- fiав. АК - fi appleав, fi, applefi fi -, applefi applefi Ав- АУapple. apple Ав (АУАв - АВ (3) ) appleав apple- Ая fi АУ. Аяapplefi АУАв appleау fiав applefi Ая fi apple- applefi 5,37% fiав applefi Ая appleав 1989-1998. appleау Ав АвАУ apple applefi appleау- apple appleау Ас - fiав Genser Winker (1997). АК Ав apple apple applefi fi apple АУ- apple fi АУ - applefi apple Ав apple fi Ас ( 13C АУ Ав Ая). АУ, apple appleау apple fi apple - apple Ая, appleapple apple apple- applefi apple appleapple, АУ АУ apple apple apple АУ appleapple АУАв Ав, applefi apple fi apple Ав appleapple applefi - fi АУ - apple. appleapplefi, АУ fi applefi АУ fi apple Ав applefi fi -, АУ - apple АУ. (3) А apple - apple applefi АУ fi АУ apple- Ав Авfi applefi АУ. 70 / ENH EАВАВHNIKN TPAEZN

TPAEZIKA EMATA длавдла АсАядлАя E apple (1998) А : А apple- АУ appleapple fi applefi АУ applefi А E - А. apple А Ам (1998) А E Авfi fi А. АмАяАВАя, Ая. (1997), А АК appleа, apple- 522. (1998) А АВ Ав 1988-1997А. AGUIRRE, C. AND SHOME, P. (1988), А The Mexican Value added tax: methodology for calculating the baseа, National Tax Journal No 4, Vol. XLI, pp. 543-554. AUJEAN, M. AND PODDAR, S. (1997), А The treatment of risk and derivative financial instruments under a cash flow VAT for financial servicesа. EC (1996) А VAT: a study of methods of taxing financial and insurance servicesа. GENSER, B., WINKER, P. (1997), А Measuring the Fiscal Revenue Loss of VAT Exemption in Commercial BankingА Finanzarchiv, Vol. 54 (4), pp. 563-585. HENDERSON, Y. (1988), А Financial intermediaries under value added taxationа New England Economic Review, pp. 37-50. HOFFMAN, L. (1988), А The application of VAT to financial servicesа Canadian Tax Journal, Vol. 36, No 5, pp. 1204-1224. HOFFMAN, L., PODDAR, S. AND WHALLEY, J. (1987), А Taxation of banking services under a consumption type, destination basis VATА National Tax Journal, Vol. 40, No 4, pp. 547-554. IMF, (1998), International Fiscal Statistics Yearbook. JACK,W. (1996), А The efficiency of VAT implementation: a comparative study of Central and Eastern European countries in transitionа, IMF/WP/96/79. KODRZYCKI, Y. (1998), А Estimating VAT revenues from Tax reform in Transition EconomiesА, chapter 7 in А Tax modelling for Economies in TransitionА pp. 103-117, Edited by Spahn, P. and Pearson, M. (1998). MACKENZIE,G. A. (1991), А Estimating the base of the Value-Added Tax (VAT) in Developing countries: The problems of exemptionsа IMF working paper WP/91/21. KAY, J. (1990), А Tax policy: a surveyа The Economic Journal, Vol. 100, pp. 18-75. OECD (2000), А Revenue statisticsа. OECD/CFA (1998), А Indirect Tax treatment of financial services and instrumentsа. PODDAR, S. AND ENGLISH, M. (1997), А Taxation of financial services under VAT: applying the cash-flow approachа. National Tax Journal, Vol. L, No 1, pp. 89-111. TAMAOKA, M. (1994), А The regressivity of VAT: tax credit method and subtraction method-a Japanese caseа, Fiscal Studies, Vol. 15, pp. 57-73. TESCHE, J. (1998), А A Multi-Sectoral Model for Estimating VAT revenues in HungaryА, chapter 8 in А Tax modelling for Economies in TransitionА pp. 119-132, Edited by Spahn, P. and Pearson, M. (1998). WEIDENBAUM, M., RABOY, D., CHRISTIAN, J. (1989), А The value added tax: orthodoxy and new thinkingа, chapter 8, Garber and Raboy А Value taxation of financial servicesа pp. 163-184. ENH EАВАВHNIKN TPAEZN / 71