Základní problémy v oblasti investičních fondů z hlediska daňové zátěže

Key Issues in Investment Funds in Terms of Tax Burden

Tereza Krček

Politická ekonomie, 2016, vol. 2016, issue 7, 833-850

Abstract: The paper shows the fundamental problems in the area of investment funds in terms of tax burden with special regard to closed-end real estate funds. Based on the characteristics of administrative costs, the study shows that closed-end real estate funds do not behave as investment funds. The study proves that closed-end real estate funds behave more like businesses that are hiding behind investment funds. This conclusion is confirmed on the basis of extensive research, by collecting data from annual reports of independent auditors of all types of funds. More than 51 percent of closed-end real estate funds indicate very high administrative costs and profit reduction by more than half. More than 17 percent of funds decrease their taxable income through higher administrative costs, and thus reduce their tax base to zero or to an absolute minimum. The study points out that if there was a tax-neutral environment in the area of the investment funds in the Czech Republic and investment funds paid 19% tax on corporate income, tax revenues for the state budget would increase by CZK 784 million per year.

Keywords: investment funds; Czech Republic; tax issues; tax law; close-end real estate funds (search for similar items in EconPapers)
JEL-codes: G20 G28 H21 H26 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.18267/j.polek.1097

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