Veidlapa Nr. M-3 (8)
Study Course Description
Financial and Tax System, Risk Identification
Course Code
JF_441
Branch of Science
Law
ECTS
6.00
Target Audience
Business Management; Civil and Military Defense; Law; Management Science
LQF
Level 7
Study Type And Form
Full-Time; Part-Time
Study Course Implementer
Course Supervisor
Aina Čaplinska
Structure Unit Manager
Ieva Puzo
Structural Unit
Faculty of Social Sciences
Contacts
Dzirciema street 16, Rīga, szf@rsu.lv
About Study Course
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.
Preliminary Knowledge
Not Required
Learning Outcomes
Knowledge
1.• 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
1.• 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.
Competences
1.• 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.
Assessment
Individual work
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Title
|
% from total grade
|
Grade
|
|---|---|---|
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1.
Individual 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.
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Examination
|
Title
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% from total grade
|
Grade
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|---|---|---|
|
1.
Examination |
-
|
10 points
|
|
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%. |
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Study Course Theme Plan
FULL-TIME
Part 1
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Introduction. Financial literacy.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Introduction. Financial literacy.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial system and its contents. Nature of financial processes.
Nature of financial market. Basic functions of financial markets.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial system and its contents. Nature of financial processes.
Nature of financial market. Basic functions of financial markets.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial system and its contents. Nature of financial processes.
Nature of financial market. Basic functions of financial markets.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial instruments
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial instruments
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Role of banks in the financial system and business.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Role of banks in the financial system and business.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature and significance of insurance.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature and role of pension funds.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature of national finances. Market efficiency and market failures. Public benefits. Public sector management structures
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Tax policy in Latvia. Analysis of state budget and tax burden in EU countries: structure of income and expenses. Practical examples. Work in teams
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Tax policy in Latvia. Analysis of state budget and tax burden in EU countries: structure of income and expenses. Practical examples. Work in teams
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Shadow economy. Corruption.
Nature, types of shadow economy. Illegal market activities. Shadow economy evaluation methods.
International comparisons. Corruption perception index
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Shadow economy. Corruption.
Nature, types of shadow economy. Illegal market activities. Shadow economy evaluation methods.
International comparisons. Corruption perception index
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial risks and management. Risk concept. Classification of risks. Types of financial risks. Main factors determining risks in international currencies, credit and financial operations.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial risks and management. Risk concept. Classification of risks. Types of financial risks. Main factors determining risks in international currencies, credit and financial operations.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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
|
Total ECTS (Creditpoints):
6.00
Contact hours:
48 Academic Hours
Final Examination:
Exam (Written)
PART-TIME
Part 1
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Introduction. Financial literacy.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial system and its contents. Nature of financial processes.
Nature of financial market. Basic functions of financial markets.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial system and its contents. Nature of financial processes.
Nature of financial market. Basic functions of financial markets.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Financial instruments
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Role of banks in the financial system and business.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature and significance of insurance.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature and role of pension funds.
|
-
Lecture
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Nature of national finances. Market efficiency and market failures. Public benefits. Public sector management structures
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
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.
|
-
Class/Seminar
|
Modality
|
Location
|
Contact hours
|
|---|---|---|
|
On site
|
Auditorium
|
2
|
Topics
|
Tax policy in Latvia. Analysis of state budget and tax burden in EU countries: structure of income and expenses. Practical examples. Work in teams
|
Total ECTS (Creditpoints):
6.00
Contact hours:
20 Academic Hours
Final Examination:
Exam (Written)
Bibliography
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