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Financial and Tax System, Risk Identification
Study Course Description
Course Description Statuss:Approved
Course Description Version:6.00
Study Course Accepted:02.02.2024 12:30:34
| Study Course Information | |||||||||
| Course Code: | JF_441 | LQF level: | Level 7 | ||||||
| Credit Points: | 4.00 | ECTS: | 6.00 | ||||||
| Branch of Science: | Law | Target Audience: | Law; Management Science; Business Management | ||||||
| Study Course Supervisor | |||||||||
| Course Supervisor: | Ludmila Aleksejeva | ||||||||
| Study Course Implementer | |||||||||
| Structural Unit: | Faculty of Social Sciences | ||||||||
| The Head of Structural Unit: | |||||||||
| Contacts: | Dzirciema street 16, Rīga, szf rsu[pnkts]lv | ||||||||
| Study Course Planning | |||||||||
| Full-Time - Semester No.1 | |||||||||
| Lectures (count) | 14 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 28 | ||||
| Classes (count) | 10 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 20 | ||||
| Total Contact Hours | 48 | ||||||||
| Part-Time - Semester No.1 | |||||||||
| Lectures (count) | 5 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 10 | ||||
| Classes (count) | 5 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 10 | ||||
| Total Contact Hours | 20 | ||||||||
| Study course description | |||||||||
| Preliminary Knowledge: | Not Required | ||||||||
| Objective: | The objective of the course is to provide structured knowledge of financial systems and instruments, as well as the role of governments in economics. The course will cover costs and tax policy of the government, as well as the impact of this policy on distribution of resources and income. The course includes the analysis of elements of the financial system (pension funds and endowment insurance), as well as in-depth tax (direct and indirect) analysis and its impact on the economy, shadow economy analysis, evaluation of peculiarities of competition, in Latvia and abroad. The course provides knowledge on the Latvian tax system, tax calculation methods and payment procedure, procedure of preparation and submission of tax declarations and shadow economy and risks. Following mastering of the course students have understanding of the Latvian tax administration and regularities in taxation, basic principles and analysis of registration, calculation of taxes, financial instruments and risks, as well as improve skills of preparing and interpreting tax declarations, as well as to evaluate the impact of taxes on the payer. This course provides an extensive and up-to-date assessment of public policy problems and economic analysis of national economic policy restrictions. | ||||||||
| Topic Layout (Full-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Introduction. Financial literacy. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 2 | Financial system and its contents. Nature of financial processes. Nature of financial market. Basic functions of financial markets. | Lectures | 2.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 3 | Financial instruments | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 4 | Role of banks in the financial system and business. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 5 | Nature and significance of insurance. | Lectures | 1.00 | auditorium | |||||
| 6 | Nature and role of pension funds. | Lectures | 1.00 | auditorium | |||||
| 7 | Nature of national finances. Market efficiency and market failures. Public benefits. Public sector management structures | Lectures | 1.00 | auditorium | |||||
| 8 | Fiscal policy. Tax system. Nature of taxes Tax types and their administration. Interactive tools and online resources for analysis of tax and national finances matters. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 9 | Tax policy in Latvia. Analysis of state budget and tax burden in EU countries: structure of income and expenses. Practical examples. Work in teams | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 10 | Shadow economy. Corruption. Nature, types of shadow economy. Illegal market activities. Shadow economy evaluation methods. International comparisons. Corruption perception index | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 11 | Financial risks and management. Risk concept. Classification of risks. Types of financial risks. Main factors determining risks in international currencies, credit and financial operations. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 12 | Intergovernmental fiscal relations and local government finances. Fiscal decentralisation. State and local government sector interventions and finances. Smart governance at state and local government level. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 13 | Global financial market structure and players. GFM institutional structure. GFM market instruments. Global financial centres (GFC). Offshore bank financial centres, Global financial market development peculiarities and risks. Global financial market in conditions of globalisation and digitalisation of global economy | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| Topic Layout (Part-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Introduction. Financial literacy. | Lectures | 0.50 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 2 | Financial system and its contents. Nature of financial processes. Nature of financial market. Basic functions of financial markets. | Lectures | 1.00 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 3 | Financial instruments | Lectures | 0.50 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 4 | Role of banks in the financial system and business. | Lectures | 0.50 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 5 | Nature and significance of insurance. | Lectures | 0.50 | auditorium | |||||
| 6 | Nature and role of pension funds. | Lectures | 0.25 | auditorium | |||||
| 7 | Nature of national finances. Market efficiency and market failures. Public benefits. Public sector management structures | Lectures | 0.25 | auditorium | |||||
| 8 | Fiscal policy. Tax system. Nature of taxes Tax types and their administration. Interactive tools and online resources for analysis of tax and national finances matters. | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 9 | Tax policy in Latvia. Analysis of state budget and tax burden in EU countries: structure of income and expenses. Practical examples. Work in teams | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 10 | Shadow economy. Corruption. Nature, types of shadow economy. Illegal market activities. Shadow economy evaluation methods. International comparisons. Corruption perception index | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 11 | Financial risks and management. Risk concept. Classification of risks. Types of financial risks. Main factors determining risks in international currencies, credit and financial operations. | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 12 | Intergovernmental fiscal relations and local government finances. Fiscal decentralisation. State and local government sector interventions and finances. Smart governance at state and local government level. | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| 13 | Global financial market structure and players. GFM institutional structure. GFM market instruments. Global financial centres (GFC). Offshore bank financial centres, Global financial market development peculiarities and risks. Global financial market in conditions of globalisation and digitalisation of global economy | Lectures | 0.25 | auditorium | |||||
| Classes | 0.50 | auditorium | |||||||
| Assessment | |||||||||
| Unaided Work: | Independent work includes drafting of individual and group work, case analysis, presentations in a group, studies of regulatory enactments and research materials, study of interactive tools, analysis of video materials. Topics of independent work: Analysis of financial market elements Analysis of a financial instrument. Case analysis. Structure of public finance. Public and private partnership: example of good practice. Evaluation of Latvian taxes by tax elements. Analysis of the structure of actual fulfilment of Latvia general budget revenue. Evaluation of the impact of tax payments by economic and financial activity indicators of a company. Studying tax legislation. Tax calculations and fulfilment for declarations. Tax policy in Latvia and EU. Shadow economy analysis and intergovernmental analysis. | ||||||||
| Assessment Criteria: | The assessment of learning outcomes is summative, taking into account group work, independent work, presentation of results of works and commenting on them. Papers to be submitted – 40% Participation in seminars (activity and quality of answers) – 20% Report and presentation – 20% Graduation paper – 20%. | ||||||||
| Final Examination (Full-Time): | Exam (Written) | ||||||||
| Final Examination (Part-Time): | Exam (Written) | ||||||||
| Learning Outcomes | |||||||||
| Knowledge: | • Understands the regularities of financial processes and the nature of public sector economy, its regulation peculiarities, the diversity of the toolkit for implementation of their processes. • Knows about economic policy making, its implementation opportunities and factors affecting efficiency. • Strengthens and deepens the idea of taxes, tax policy and nature of administration. • Understands the financial system, tax policy, its interaction with other areas. • Demonstrates knowledge and understanding of the content and types of financial risks, organisation of management of financial risks, methods of management of financial risks | ||||||||
| Skills: | • Demonstrates the ability to think in economic categories, to study independently and use sources, incl. governing regulatory enactments, carrying out of applied research and solving of professional tasks. Knows the tasks of tax administration institutions and responsibility of tax payers. • Understands the conditions of application of tax types, elements, calculation procedure; shadow economy types and evaluation methods. • Understands and discusses with arguments the system of taxes and duties, pension systems, endowment insurance of the Republic of Latvia and understands regularities in taxation. | ||||||||
| Competencies: | • Is able to organise and carry out an analysis of public finances. • Is able to characterise trends in the public finance and financial market environment. • Finds one’s way and is able to analyse economic developments in the public sector in Latvia, EU. • Is able to prepare and interpret tax and informative declarations, to evaluate risks in the financial market. | ||||||||
| Bibliography | |||||||||
| No. | Reference | ||||||||
| Required Reading | |||||||||
| 1 | Briede, I. Banku finanšu pakalpojumi. Rīga: Biznesa augstskola Turība, 2015. | ||||||||
| 2 | Kavale, L., Joppe, A. Nodokļu politikas un administrēšanas pamati: mācību līdzeklis. Rīga: LU Akadēmiskais apgāds, 2008. (akceptējams izdevums) | ||||||||
| 3 | Ketners, K. Nodokļi un nodokļu plānošanas principi. Rīga: Info Tilts, 2018. | ||||||||
| 4 | Fabozzi, F. J., Jones, F. J., Fabozzi, F. A., Mann, S. V. "Foundations of Global Financial Markets and Institutions". (The MIT Press), 5th Edition, 2019. | ||||||||
| 5 | Praude, V. Finanšu instrumenti: ieguldījumi, darījumi, analīze. Rīga: Burtene, 2009. (akceptējams izdevums) | ||||||||
| 6 | The EU budget at a glance-brochure | ||||||||
| 7 | Jurušs, M. Nodokļi. Rīga, RTU izdevniecība, 2019. | ||||||||
| 8 | The EU budget at a glance. EC, 2019. | ||||||||
| 9 | Five Keys to a Smart Fiscal Policy | ||||||||
| 10 | Transparency International | ||||||||
| 11 | The Shadow Economy in Europe. 2010. (akceptējams izdevums) | ||||||||
| 12 | Mishkin, F. S., Eakins, S. G. Financial Markets and Institutions. 9th Edition, Pearson, 2018. | ||||||||
| 13 | Ārvalstu studentiem/For international students | ||||||||
| 14 | Mishkin, F. S., Eakins, S. G. Financial Markets and Institutions. 9th Edition, Pearson, 2018. | ||||||||
| 15 | Fabozzi, F. J., Jones, F. J., Fabozzi, F. A., Mann, S. V. "Foundations of Global Financial Markets and Institutions". (The MIT Press), 5th Edition, 2019. | ||||||||
| 16 | The EU budget at a glance. EC, 2019. | ||||||||
| 17 | The Shadow Economy in Europe. 2010. (akceptējams izdevums) | ||||||||
| 18 | Five Keys to a Smart Fiscal Policy | ||||||||
| 19 | Transparency International | ||||||||
| Additional Reading | |||||||||
| 1 | Kutuzova, O. Finanses un kredīts: mācību līdzeklis 5. Papildinātais izdevums. Rīga: Biznesa augstskola Turība, 2012. | ||||||||
| 2 | Nodokļu teorijas pamati: mācību grāmata. Rīga: Rīgas Tehniskā universitāte, 2006. | ||||||||
| Other Information Sources | |||||||||
| 1 | Latvijas Investīciju un attīstības aģentūras mājas lapa | ||||||||
| 2 | Latgale biznesam publiskā interneta vietne | ||||||||
| 3 | Valsts ieņēmumu dienesta mājas lapa | ||||||||
| 4 | LR tiesību aktu vietne | ||||||||
| 5 | Korupcijas novēršanas un apkarošanas birojs | ||||||||
| 6 | Latvija Republikas uzņēmumu reģistra Lursoft datu bāze | ||||||||
| 7 | LR Finanšu ministrijas mājas lapa | ||||||||
| 8 | LR Ministru kabineta mājas lapa | ||||||||
| 9 | FKTK klientu skola | ||||||||
| 10 | Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience | ||||||||
| 11 | Taxation and the Sustainable Development Goals | ||||||||
| 12 | Ārvalstu studentiem/For international students | ||||||||
| 13 | Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience | ||||||||
| 14 | Taxation and the Sustainable Development Goals | ||||||||
